Hi all, does anyone know if you are allowed to keep any tax rebate from the previous year. I knew I was owed money because before the iva I tried working weekends to try and pay off some debts on top of my week job. Even though I shouldn’t have been paying tax as I didn’t earn enough I still had to pay it and wait for it to get refunded. Any ideas?
As far as I am aware, most IPs will want this paid into the IVA -- on the premise that, if you didn't pay it to HMRC at the time, it would have formed part of your income and therefore increased your disposable income. Some have, I believe, treated it as a windfall, even though it is, technically, earned income.
Only your own IP can tell you which way they will jump.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Thu Oct 24, 2019 10:41 amDebtbuster wrote:
Even though it was income before the iva even started?
There are different ways of looking at it, depending on your point of view. Income from before the IVA could be looked on as 'savings' or an asset due to the IVA. I suppose that much will depend on the amounts involved, but it will boil down to your IPs line of thought.
I tend to look on the bleak side, then, if you keep it, it is a bonus.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
