Employed to self employed

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lee603

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Post by lee603 » Sun Aug 26, 2018 9:36 am
If I start a IVA while employed but then go self employed what will happen?

Foggy

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Post by Foggy » Sun Aug 26, 2018 10:18 am
lee603 wrote:
If I start a IVA while employed but then go self employed what will happen?
Your IP can do another I&E based on projected earnings. If there is insufficient to service the IVA it will fail. If you can continue with the agreed payments it will endure. But, going forward, your IP will need to take a closer interest in your earnings, as they fluctuate, to capture any extra income into the IVA.
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

UpToMyNeckInIt

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Post by UpToMyNeckInIt » Sun Aug 26, 2018 12:45 pm
I was self employed throughout my IVA, and, because your income may now fluctuate, you may find that your reviews are calculated based on your most recent annual accounts. If you have a good accountant, these may be able to be, (legally of course) presented in such a way as to disguise any significant increase in net income, so as to minimise the likelihood of increased IVA repayments.
My opinions are just that: Based on my experience and being a self-employed IVA customer.

lee603

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Post by lee603 » Sun Aug 26, 2018 12:52 pm
UpToMyNeckInIt wrote:
I was self employed throughout my IVA, and, because your income may now fluctuate, you may find that your reviews are calculated based on your most recent annual accounts. If you have a good accountant, these may be able to be, (legally of course) presented in such a way as to disguise any significant increase in net income, so as to minimise the likelihood of increased IVA repayments.
Nice one cheers for that response mate

watzki

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Post by watzki » Mon Aug 27, 2018 1:51 pm
UpToMyNeckInIt wrote:
I was self employed throughout my IVA, and, because your income may now fluctuate, you may find that your reviews are calculated based on your most recent annual accounts. If you have a good accountant, these may be able to be, (legally of course) presented in such a way as to disguise any significant increase in net income, so as to minimise the likelihood of increased IVA repayments.
Yes a good accountant can save you hundreds in payments.
Today 1st of December 2016 the vultures finally flew away
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