If I have an IVA can I go self-employed

[Leeah.]

If I have an IVA can I go self-employed and set up a limited company

[ray_a]

Hi Leeah and welcome to the forum.

Basically there will be no problem from a legal point of view!

However you will have a problem getting a limited company bank account as these are difficult to obtail whilst in an IVA as the banks reject people who are under an IVA.

Do you need to have a limited company and could you be self employed or is there a good reason for trading as a limited liability company.

[pbeck]

I suggest that you set up your limited company and bank account before you enter into an IVA.

[Leeah.]

I was advised that going self-employed and setting up a limited company would minimise the amount of tax to be paid.

[MelanieGiles]

Ray is a probably a better expert than me at tax, but I fell that there is little tax advantage these days if the limited company is going to have one director, one shareholder and one employee - ie you. With corporation tax rates going up and personal tax rates coming down, is there much difference now Ray?

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp