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Post Info TOPIC: IVA and Self Employed/Company
morgwick


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IVA and Self Employed/Company
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Hi, I was wondering if anyone can advise on the following:

If an individual with an IVA is employed (paying higher rate tax), and wants to setup a business alongside, would there be any implications with the IVA? They have about 12 months left.

1. They want to run the business alongside employment at the moment to test the waters. If they go down the self employed route would they need to advise the IVA of extra income immediately and will it result in higher repayment?

2. If they decide to go limited company route (which I believe the IVA doesn't stop them from becoming directors), does the profit of the company need to be relayed to the IVA? They probably won't pay themselves a salary from the company as still in employment.

3. Given that they are already a higher rate taxpayer, is the limited company better for tax reasons?

Any input would be greatly appreciated.

Thank you



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Gill
haymac


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Posts: 95
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Yes there are implications and strongly suggest you speak with an Accountant AND, IVA practitioner.

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