Hi ..I am self employed (very simple sole trader accounts) and considering an IVA. Does the process involve face to face meetings with the IP ? ..in which case would it be advisable to choose a local firm? Also how does it work with my self assessment filings.. I gather that any tax due for the tax year the IVA is proposed in becomes part of the IVA amount ..but what about the " payments on account already paid for the following year...does HMRC keep them or are they repaid back to the IP ( I am currently in credit with HMRC since I have been paying monthly budget payments to them so that my tax is paid when it comes due on 31/1 and 31/7)....many thanks !
The vast majority of IVA's are drawn up and conducted remotely, with no face to face meeting. However, I would advise the self employed to have a face to face (which, until a few years ago, they were required to do). I would also suggest they seek an IP with experience of self employment as this does alter how many clauses in the IVA are dealt with.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014 http://foggy.blogs.iva.co.uk