After agonising and chatting with my hubby for what feels like a hundred years I have finally plucked up the courage & confidence and decided to go ahead and start my own business; Only problem is that we are in an IVA (Nearly 3x years completed so far!).
I am absolutely bricking myself with regards to informing my IVA practitioner in case they tell me I can't do it...(They have been excellent up so far anyway but we only liaise with them once a year for the dreaded annual review!) Are my fears misplaced or will the be fine? ooph!
For the record I will be opening as a sole trader with no need for credit etc.
Thanks Andy that's great. I will inform my IP this week, I just get SOOOO nervous when I have to deal with the IVA even though my practitioner has been great with us.
One of our fundamental provisions involves the fact that we MUST keep up the IVA payments.
I must say it's all very scary and exciting; getting to this point where we I will soon be ready to be open has been a real roller coaster and hard work due to the IVA. This forum has been a blessing!!
Thanks
It is not for your IP to dictate how you earn your living, toughtimes, however they will be concerned to understand your business plan and how you anticipate being able to draw an income.
Don't forget to register for tax, and pay this over as it is earned. What type of business are you going to set up?
