I am thinking of opening a karate club. How can I work this with my IVA?

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Littleblue
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by Littleblue » Sun Feb 11, 2018 10:11 am
Hi I am thinking of opening a karate club. I love teaching and want my own students. How can I work this with my IVA? I don't think I'll make much money when opening up and it will never really be stable. It's there any way I could look at what I get every 3 months and pay something retrospectively? I will not be paying tax until the end of the year so will I be able to take that off before I say what my profit is? Will I have to give them all my profit? If I even make a profit. I don't think it'll be much!
Thanks
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kallis3
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by kallis3 » Sun Feb 11, 2018 10:41 am
Great idea but you will need premises, and, most importantly, public liability insurance and possible health and safety certificates. None of these come cheap and I imagine you would need to run it by your IP.
Littleblue
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by Littleblue » Sun Feb 11, 2018 10:44 am
Hi I've looked into all that and it's fine no where near as expensive as I thought. I just want to know how I will go about paying any profit I make into my IVA as it will not be the same constantly.
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Foggy
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by Foggy » Sun Feb 11, 2018 10:48 am
PLI is hard to come by, for some reason, in an IVA as will be a rental / lease agreement for premises. To be honest, if you are thinking of running this instead of your current employment it would be a step too far and might see the IVA fail. If you are running this evenings only, as well as the PAYE job then you should chat with your IP and maybe do as I did ( I ran a small business as well as PAYE during my IVA) .... at the end of each month we simply split the profit from that month 3 ways (my overtime agreement was straight 50 / 50 with no 10%) --- I got a 3rd, the IVA got a 3rd and a 3rd was set aside for tax and NIC.
Littleblue
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by Littleblue » Sun Feb 11, 2018 10:53 am
Brill thank you, it will be in an evening. Is never do it as a full time job for many reasons!
I already have insurance as I teach for someone else and don't get paid. I just wanted my own club instead of teaching for someone else!
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Radish
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by Radish » Sun Feb 11, 2018 12:33 pm
You may be able to add your laundry bill too into your expense's? Those big white suits are not cheap to keep clean.
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kallis3
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by kallis3 » Sun Feb 11, 2018 12:52 pm
When my daughter did martial arts we had to buy her kit and wash it ourselves.
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Radish
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by Radish » Sun Feb 11, 2018 1:53 pm
You and me both - certainly a good feeling once you manage to get the suits white again :lol:
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