Redundancy and the future

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lee474

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Post by lee474 » Thu Sep 03, 2020 9:09 pm
Hi everyone.
It looks like I'm going to be made redundant at the end of the month after 5 years of employment. I'm thinking of starting my own business again (I was self-employed before this employment) and was wondering what the implications may be? How would payments be calculated? If it was a limited company and I only paid myself enough to cover my outgoings would the IP be able to use company profits? I'm currently 2 years into my IVA.

Foggy

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Post by Foggy » Fri Sep 04, 2020 7:47 am
The IP would need to see the company accounts. You will have to pay yourself a fair wage and dividend and will only be allowed to keep back a reasonable amount for working capital.
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
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