I’m in the process of setting up an IVA. I am self employed and my tax bill for 2018/19 is due on 31st January 2020 - I will have the money to pay for it by then but the insolvency practitioners are saying I must pay it into the IVA and they will forward it on. This will mean it will be late and I will incur penalties. Can I not leave my tax out of the IVA I am not behind on it and don’t want to get in trouble with it.
I have just spoken with them again and have been told that say for arguments sake my IVA is agreed on 18th December my first payment would be due on 18th January so I woukd pay the amount agreed and how ever much I have saved towards my tax bill I pay into the IVA and this is forwarded on to HMRC, the remainder of the amount due on 31st of January is then wiped off and I then pay my payment on account in July as normal and go forward normally - does this sound correct?
I have no idea on this one but I do know HMRC can be awkward with Iva's. Hopefully someone with more knowledge than me will come along..
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
Tax due for the financial year in which you enter the IVA is included as a debt in the IVA. HMRC will set you up with new details going forward from their IVA unit in Worthing. That, ay least, is the theory !
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