thinking about iva i owe £53,232.00 on various credit cards and loans i am self employed and my taxable profit last return was £20,462 is iva my best solution my partner brings home £500.00 per month as she is on maternity leave this goes towards shopping and paying bills
The best thing to do would be to take advice directly from an insolvency practitioner who is experienced in self-employed cases. You will need to show that your business is viable, and can trade successfully into the future to generate profits sufficient to firstly cover income tax, then to cover your family household expenditure and latterly to make an ongoing offer of payments into an IVA. The IP will need to see your historic accounts for up to three years, and trading projections into the future.
