Implications of starting business while in IVA

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ivan116
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by ivan116 » Tue Oct 10, 2017 9:15 am
I am thinking about starting a new business and wondered what the implications are asI am in an IVA and have 2.5 years to go.
My question is if I was taking a wage but then had profits at the end of the year would I need to give the IVA my profits?
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Michael Peoples
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by Michael Peoples » Tue Oct 10, 2017 10:24 am
This depends on a number of things. If you are going self employed then your profits would be reviewed to see whether you could an increase once the returns are submitted. If however you form a limited company then any review would be based on salary and dividends. You would be expected to draw from any business what it could afford and not leave large retained profits to withdraw when the IVA was over.
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Foggy
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by Foggy » Tue Oct 10, 2017 11:27 am
You would also need to consider the day to day finances -- will you need credit accounts with suppliers, etc ? Your credit record is shot and could prove problematical.
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