Implications of starting business while in IVA

Get expert opinion. This is the place for new questions to be posted.
3 posts Page 1 of 1
User avatar
Posts: 1
by ivan116 » Tue Oct 10, 2017 9:15 am
I am thinking about starting a new business and wondered what the implications are asI am in an IVA and have 2.5 years to go.
My question is if I was taking a wage but then had profits at the end of the year would I need to give the IVA my profits?
User avatar
Michael Peoples
Industry Expert
Posts: 15189
by Michael Peoples » Tue Oct 10, 2017 10:24 am
This depends on a number of things. If you are going self employed then your profits would be reviewed to see whether you could an increase once the returns are submitted. If however you form a limited company then any review would be based on salary and dividends. You would be expected to draw from any business what it could afford and not leave large retained profits to withdraw when the IVA was over.
User avatar
Forum Expert
Posts: 26872
by Foggy » Tue Oct 10, 2017 11:27 am
You would also need to consider the day to day finances -- will you need credit accounts with suppliers, etc ? Your credit record is shot and could prove problematical.
3 posts Page 1 of 1
Return to “Ask IVA Forum and Industry experts”

Who is online

Users browsing this forum: No registered users and 22 guests