Can the inland revenue reject an IVA application ?

Get expert opinion. This is the place for new questions to be posted.
5 posts Page 1 of 1
User avatar
gary245
Posts: 1
Joined: Fri Apr 28, 2017 10:04 pm
by gary245 » Fri Apr 28, 2017 10:04 pm
Can the inland revenue reject an IVA application?
I have debts of £70,000 including inland revenue of £50,000 +
My income, as a self-employed hairdresser will support the payments.
I have, approximately, £50,000 of equity in my home but really don't want to have to sell whilst my children are taking their degrees.
User avatar
kallis3
Forum Expert
Posts: 71446
Joined: Mon Mar 17, 2008 4:02 pm
Contact
by kallis3 » Sat Apr 29, 2017 8:11 am
HI,

Unfortunately HMRC can, and do reject applications.

If you have not spoken to anyone yet I suggest you speak to one or two companies for advice. Vincent Bond are amongst those who will give advice free of charge initially.
User avatar
Foggy
Forum Expert
Posts: 22885
Joined: Fri Dec 17, 2010 11:14 am
Contact
by Foggy » Sat Apr 29, 2017 8:32 am
I have to agree with Kallis. Speak to a couple of firms directly -- ask if they are experienced with dealing with self employed and have experience of HMRC as a creditor. Personally I would go to the small or medium sized firms, rather than the "IVA factories!".

Have a read around the forum to see who the good and the bad are.
User avatar
Michael Peoples
Industry Expert
Posts: 14965
Joined: Mon Nov 03, 2008 12:36 pm
Contact
by Michael Peoples » Tue May 02, 2017 8:12 am
HMRC have very strict criteria and substantial equity usually means a requirement to sell. However you can get a grace period of 3-4 years which may help with the children at university so speak to an insolvency firm who have experience of dealing with HMRC. Ask to speak to the IP or a senior manager and do not deal with a sales person or someone with no experience.
User avatar
Lisa Thomas
Industry Expert
Posts: 5750
Joined: Wed Dec 03, 2014 10:26 am
Contact
by Lisa Thomas » Mon May 08, 2017 2:14 pm
One of the big hurdles with HMRC, other than the debt, is whether all your returns have been filed. They don't normally consider an IVA proposal until all overdue returns have been filed.
5 posts Page 1 of 1
Return to “Ask IVA Forum and Industry experts”

Who is online

Users browsing this forum: No registered users and 17 guests