Hi I've been in a iva for over five years. 2years ago I became self employed. I've submitted my tax return in oct 19 for 19/20 year the first time I've done it. Is my IVA entitled to all my tax return as they have been asking about it since January and threating me about cancelling my account with them but I have not had my tax return back yet. Thank you for any reply
I assume that you are referring to any tax refund that might be due. Some IPs allow you to keep this, many don't. The arguement being that, if the correct amount of tax was deducted from the outset, then net income, therefore disposable income and the IVA payment would have been more at the time.
As for timing -- I would respectfully point out to your IP that HMRC has been affected by the pandemic in much the same way as everybody else and everything has, as a consequence, been taking longer.
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