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T O P I C    R E V I E W
RJones Posted - 21 Jan 2019 : 17:51:21
Hi - i need some help please. I took out my IVA in Nov 2017. My tax bill for 2016-2017 had not been paid yet and therefore was included in the IVA creditors list. I have just had my annual review statement and there are 2 HMRC amounts on there. One matches the 2016 - 2017 tax bill and the other amount has the same reference and is for roughly half the tax bill for 2017-2018. Does this mean that my tax up until I took the IVA was included in my debts? Do I deduct this amount from the full years tax bill and then pay the remainder direct to HMRC? I have been trying to contact my IP for 2 weeks and not getting a response!
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IVA Adviser Posted - 21 Jan 2019 : 19:12:56
Hi Spook.

We're not saying that your tax would be split 50:50. For personal advice that you can rely on you'll need to get an answer from the firm dealing with your IVA.

If that firm isn't yet appointed, you might want to speak with one or two more before you commit. An IVA is a long-term commitment and you'll want to feel confident that you'll receive a level of service that you are happy with. We'd be pleased to talk with you and potentially introduce you to a partner that we recommend if that would be useful.

IVA Adviser Posted - 21 Jan 2019 : 19:09:17
Hi RJones.

This is quite complex and we can only provide general information.

It's possible that your income tax and NI tax liability for the whole year in which you signed the IVA would be included as a claim in the IVA. The usual payments that you would make to HMRC (after your IVA began) would be paid instead to your IVA provider.

This is why you're going to need a detailed response from your IP to know where you stand and what you should now do.
RJones Posted - 21 Jan 2019 : 18:17:58
When you say tax owing you mean right up until the point that the IVA was taken out? Not just previous tax years. It is frustrating I obviously don't want to get in bother with the Revenue but I don't want to be paying money that's included in the debt already!
Spook Posted - 21 Jan 2019 : 18:07:22
Hi. On the topic of self assessment - I never before had to do one. This year I had 2 months as sole trader. There might be a tax return - it will be 50/50?

Also - can one change IP mind IVA life? I didn't take out IVA yet and already it's a task to get any questions answered... It's rather anxiety inducing situation If it's how affairs gonna go for 5 years...
IVA Adviser Posted - 21 Jan 2019 : 17:59:12
Hi RJones.

It is correct that tax owing when you begin an IVA will be included as a creditor in the arrangement.

We'd feel uncomfortable advising you what to do with your 2017/18 bill I'm afraid. You may be correct, but this information will need to come from your insolvency practitioner who has a detailed understanding of your case. I appreciate that this might be frustrating if you're trying and failing to get an answer from them already.

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