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debtrascal
New Member

4 Posts

Posted - 20 Jun 2011 :  16:09:49  Show Profile  Reply with Quote
Whats the score with tax debts and being able to do an IVA please?



Im self employed and work has dipped which has made it impossible to keep up with saving for the tax bill. Im probably owing fifteen thousand in tax alone plus some credit card debts as well.



Is it ok to be self employed and in an IVA as well? Can I keep trading

Mike Sloper
IVA Expert



107 Posts

Posted - 21 Jun 2011 :  09:55:29  Show Profile  Reply with Quote
Hi debtrascal



Your tax bill can be included in an IVA. It's fine to be self employed and continue trading, in fact this is a big advantage of an IVA over bankruptcy.

I am a Insolvency Practitioner handling IVA cases.
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debtrascal
New Member

4 Posts

Posted - 22 Jun 2011 :  15:30:10  Show Profile  Reply with Quote
Just reading around I think that I am going to need the tax people to agree to the IVA as it is about three quarters of the debts (roughly ?6000 on credit cards on top of the tax bill).



Does HMRC accept an IVA normally?
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Mike Sloper
IVA Expert



107 Posts

Posted - 23 Jun 2011 :  10:11:25  Show Profile  Reply with Quote
Hi debtrascal



HMRC regularly accept IVAs, but like all creditors they do reject some. They place quite a lot of importance on whether you have submitted your tax assessments on time, so it's important that you do this. However, if they did reject, a good IVA provider will find out their reasons for the rejection and often a compromise can be found.

I am a Insolvency Practitioner handling IVA cases.
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debtrascal
New Member

4 Posts

Posted - 24 Jun 2011 :  09:13:29  Show Profile  Reply with Quote
One of the returns did go in about a month late. Do you think its best to give up on the idea of an IVA and just go bankrupt?
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IVA Adviser
IVA Expert



737 Posts

Posted - 27 Jun 2011 :  09:28:28  Show Profile  Reply with Quote
Hi debtrascal.



I wouldn't advise giving up. I think the thing to do will be to contact an IVA provider that you have reason to trust and run through your full circumstances with them. They'll be able to guide you in terms of the chances of IVA success.



As you are self-employed and have a tax debt I'd suggest that you choose an IVA firm at the "professional" end of the market rather than one of the larger firms you see advertising all over the place.

I am a professionally qualified debt adviser. To contact me about starting a IVA please:?      

Edited by - IVA Adviser on 27 Jun 2011 09:29:38
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Mike Sloper
IVA Expert



107 Posts

Posted - 27 Jun 2011 :  16:44:46  Show Profile  Reply with Quote
Hi debtrascal



I agree with IVA Advisor, but wanted to add that the late submission of just one tax return by a month is unlikely to be a problem.

I am a Insolvency Practitioner handling IVA cases.
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debtrascal
New Member

4 Posts

Posted - 29 Jun 2011 :  09:08:28  Show Profile  Reply with Quote
That is a relief to hear. How do I go about working out which of the IVA companies are "at the professional end of the market" please?
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IVA Adviser
IVA Expert



737 Posts

Posted - 29 Jun 2011 :  16:04:38  Show Profile  Reply with Quote
Hi debtrascal.



That's a fair question! Sorry I didn't explain it more fully.



As with many industries, there are different types of IVA providers.



Amongst them are a few very large debt-help companies. They're often found advertising heavily in newspapers, on the TV, in phonebooks and so on. They have their place, but we don't feel they necessarily provide a sufficiently personal or individual service (considering the seriousness of the issue for many people). They gear-up to the mass-market as well, and your needs as a self-employed person may require more detailed and personal advice.



There are some very well thought-of and well-known general accountancy firms that have divisions that handle IVA's as well as the other traditional accountancy areas of tax, audit and so on. These professional services firms have reputations to protect and work hard to deliver a professional service to all types of clients. Mike's firm would be an good example of this type of professional services based IVA provider.



There are also some specialist IVA/insolvency businesses that are small enough to retain good standards of individual attention and care, while being big and spoecialist enough to have the resources to deliver a professional and prompt service. Beverley's company would be a good example.



Some local Insolvency Practitioners handle a small volume of IVA's as well. Most of their work might be business insolvency. While many of these businesses might be very professional and client-focussed, the thing to watch out for is whether they lack sufficient exposure to the IVA process to be fully up to date with creditor requirements and expectations.



Hope this helps.

I am a professionally qualified debt adviser. To contact me about starting a IVA please:?      

Edited by - IVA Adviser on 29 Jun 2011 16:08:01
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Mike Sloper
IVA Expert



107 Posts

Posted - 30 Jun 2011 :  12:43:34  Show Profile  Reply with Quote
Hi debtrascal,



IVA Advisor sums it up brilliantly. Almost all IVA firms (including those featured on this site) offer an initial consultation, and advice based upon it, without any charge. Best of luck which whatever you choose to do.

I am a Insolvency Practitioner handling IVA cases.
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