Hi all. I am in an IVA,which is linked to my partner's. He is the only wage earner and I simply get child benefit and tax credits.
I am a qualified holistic therapist and have been toying with the idea of actually charging now, rather than simply offering treatments and teahcing for free to people I know.
So...if i did do this, obviously I would have to register with the lovely tax people, get insurance all the good stuff like that. But what would I need to do re IVA?
I can't guarantee I would make much at all..I could go a month or so maybe without a teaching job (where the money is!) or having clients in for a treatment. I have two small children so anything I did do would be part time and around them..so not many hours at all.
It all sounds as if it might be very complicated and confusing to sort out to me...what do the experts think?
Hi
Go for it,as long as it's low risk[and it does sound it].
If you earn any extra then part of it will have to go into the IVA "pot" but you could use the IVA years to establish your business so that once your IVA is finished you will enjoy the full fruits of your labour.
Have a chat with your IP and see what percentage of your earnings they would expect.
They may say all,less expenses,but there would be no incentive for you so that would be crazy.
Thanks Andy..It is low risk, I am fully trained, have the massage bed already, and everything I need apart from consumable stuff! I even have people willing and offering to pay, but I have been putting them off as I don't want to get into trouble!
Will chat it over with the IP and see what they have to say.
It does make sense to use this time to get established, by the time the IVA is finished the children will both be school age so I would have more time and hopefully a well established client base.
I agree with the others angelrainbow. It's obviously something you enjoy doing and the fact that you have all that experience and the Equipment, it would be a shame not to use it.
Good Luck in discussing it with your IP [:)]
IVA accepted 13/11/2008..17 payments down,55 to go..
On a similar note I have just started taking in ironing on a small part time self employed basis. This is in addition to my normal part time employed job.
My IP said to give it 6 months or so and then get back in touch with them so they could get a feel for how much i would earn - some weeks it will be nothing - others it will be £70 max! Then it will be that some months have nothing at all - just depends on demand.
They will then apply the overtime rule i.e. I keep first 10% over my normal day job wage and then 50/50 split of the rest after tax. Gonna be tricky to work out so just gonna try to keep back around 65% of it - part for tax and part for IVA - not sure if my rough guesstimate will be too little or too much but figure its in the ball park - then I can use the rest for treats!
I am also subsidising a recent loss of overtime for my hubby from it too - this comes out first before the overtime rule applies.
All very complicated but figure no matter what I will still have a little bit of extra for me so gotta be worth it [8D]
Goo dluck with your new venture! xx
"Hope is the feeling you have that the feeling you have isn't permanent." - Jean Kerr
IVA approved Aug 2008 - 6 year term - last payment made 6 Oct 2014. CC received 14 Nov 2014.
