My partner and I have a joint IVA, he is in full time employment and I am newly self employed. We just started the IVA a few months ago up until that time my new business was making a steady £650 a month, this was also the figure quoted for my IVA. In the last few months business has been slow, this month I only made £200.
I am registered with an education recruitment agency and can work/provide cover as a Teaching assistant. My question is am I allowed to work for an agency and do as an when work to cover up the difference of what I am losing?
Do I need permission to do this?
Would I have to pay more into the IVA?
This would be temporary work whenever required, to make ends meet.
Hi Nali, I would think if this was supplementing your income to meet the needs of the IVA payment and to cover what your self employment wasn't providing then the answer would be yes but wait around for a professional opinion.
You would pay over possibly 50% of any monies earnt over what you're allowed to by way of uplift payment.
I would definitely have a chat with your IP about this. x
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
Hi
Sounds a sensible route to take on the extra work to bridge your shortfall. Speak with your IP as they may allow you to retain 50% of any income above your original 650 pounds.
Regards
As you are self employed it is very difficult to amend payments monthly due to fluctuations. I agree with the others that you should speak to your IP but I would be loathe to make extra payments until the tax return has been submitted. This will show exactly how much you will have netted each month taking into account your self employed and PAYE income.
In addition, depending on which tax code you are put on at the agency, there may be tax to be refunded or paid at the year end. This would also have to be taken into account when calculating your net income.
