I was wondering what information i need to supply,if im to go ahead with an IVA, as i am self employed. Do i need to show all my accounts over the last 3 years? Does it have to be just my tax return statements showing what my income was, and the tax calculation? Or/And my actual books? Im bit concerned, as my accounts are all hand written by myself, and are not overly readable!! Plus i think ive lost some receipts of stock i bought for my business!! Help please xx
You need to speak to an IP who is well versed in dealing with the self employed and we have some who post on here.
Otherwise visit the comparison site www.iva.com for a list of companies and reviews and give one or two a ring for some free advice.
I don't know what they would need in the way of paperwork.
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Hi Debbie great link above posted by Kallis to get you started, talk to an IP or two to ensure you get some case specific impartial advice. Make sure they know you're self-employed and I'm sure they'll advise you accordingly. x
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Hi Debbie - welcome to the forum. As Kallis says you will find IPs who are very well experienced with self employed clients on here so you have come to the right place!
You will have to show your accounts for the last two years and projected accounts for the next year. It is a legal requirement that you meet face to face with an IP so don't worry if your accounts appear somewhat illegible as you will be able to talk them through! That meeting is a little further down thel ine - at the first stage you can discuss your situation over the phone to give some basic details.
The idea is to have a good idea of what a realistic net average monthly income is for you - we know no two months are ever the same but to average it out over the year so we can understand realistically what disposable income you would have if you were not paying your creditors. Obviously taking into account provision for your tax and NI after expenses.
Once your disposable income has been calculated it is important to understand details of your circumstances - living arrangements, other income into household, assets etc to see what options are available to you. All options will be discussed with you so you understand the implications of each - then you can make a decision on what is your best way forward.
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I've seen accounts in all shapes and sizes in the 25 years or so I have been working with self-employed persons - so I would not worry to much about the presentation, it is the content that matters. Your IP will want to ensure that you are running a profitable business which can sustain the income you need to pay for your usual household and general expenditure and leave a surplus for creditors - after providing for the taxman's share of course!
Most IPs are also qualified accountants too, so put your hands in the experts and concentrate on running that business.
