Ltd. company profits

Get expert opinion. This is the place for new questions to be posted.
2 posts Page 1 of 1

james377

User avatar
Posts: 3
Joined: Sun Nov 22, 2020 8:22 am

Post by james377 » Tue Dec 08, 2020 8:39 pm
Hi All,

Currently within an iva , taking payment from my working salary.

I also run a business and work self employed ... will any profits i make from these business have to be paid into the iva.
I understand that as self employed a portion of my profit maybe due in but im lead to believe that my business (LTD) i do not have to contribute any profits to the iva.

thanks ,

lifenoteasy

User avatar
Posts: 3197
Joined: Thu Feb 05, 2015 2:26 pm
Location: United Kingdom

Post by lifenoteasy » Wed Dec 09, 2020 8:40 am
It depends on the IVA company and their approach - it is likely that they may do a review at the end and assess whether there is sufficient funds in the Ltd company for a final contribution to the IVA.

If you went into the IVA to protect the Ltd company, any charges linked to the IVA can be potentially offset by the Ltd company (but I did not tell you that and it also depends on your accountant).
IVA started March 2011, Completed March 2016 and certificate issued 11 days after final payment. It was not always easy but then some of the best decisions aren't.
2 posts Page 1 of 1
Return to “Ask IVA Forum and Industry experts”