Do I have to declare all income in an IVA?

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adrian444

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Post by adrian444 » Mon Sep 27, 2021 4:12 pm
Hi, I have an IVA , I pay regular payments and declare any overtime or bounds payments.

However I do receive cash deposits from family , I’m also a hobby breeder of kittens , and can receive around £700 per litter, can I keep this or have to declare.

I have sent off 6 months bank statements fir my first years review , is this normal practice . Thank you

kallis3

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Post by kallis3 » Mon Sep 27, 2021 4:32 pm
Your income from the kittens will have to be declared and you should also inform HMRC. Why is your family giving you cash deposits and what sort of figures are we lookingat.

As to statements, it differs from company to company as to what they require.
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Foggy

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Post by Foggy » Mon Sep 27, 2021 4:49 pm
As Kallis says the kitten income will have to be declared, but net of related expenses, as per your income tax return. As for review requirements, some firms actually scrutinize every payslip and want the whole years statements. Whatever they require is what has to be provided.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
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