I am just entering into an IVA and my Husband is self employed. Each year when he does his tax return he normally gets a tax rebate. Is he able to keep this?
If the IVA is just yours, then I am sure the tax rebate is his to keep.
One of the professinals will confirm this.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
As your husband also has an IVA, then I think he will have to hand some of his tax rebate over.
Speak to your IP to see what they say.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
The tax rebate is bound to be included in your husband's trading projections, which the IP will have asked to be produced, and therefore will need to be retained for working capital purposes.
Is he a contractor and paying tax by deduction then it is refunded once his accounts have been done? Presumably all of this was taken into account when proposing the 2 IVA's!
Regards, David Mond, Insolvency Practitioner for over 46 years. Personal Insolvency Practitioner of the year 2012, Personal Insolvency Practitioner of the year finalist 2013 & 2014 awarded by Insolvency & Rescue Magazine and 2015 finalist for Personal Insolvency Firm of the Year.
Yes he is a contractor and paying tax by deduction each week.
We have just been approved for a joint iva. As its year end soon i was just wondering if he could keep any tax rebate he gets.
I guess i will have to ask our IP when we set it all up?
Any advice please as its all getting confusing.
Also are we allowed to have savings?
David Mond wrote:
Is he a contractor and paying tax by deduction then it is refunded once his accounts have been done? Presumably all of this was taken into account when proposing the 2 IVA's!
Speak to your IP. He will be setting up probably 2 IVA's which might be interlocking. He will advise you.
Regards, David Mond, Insolvency Practitioner for over 46 years. Personal Insolvency Practitioner of the year 2012, Personal Insolvency Practitioner of the year finalist 2013 & 2014 awarded by Insolvency & Rescue Magazine and 2015 finalist for Personal Insolvency Firm of the Year.
Yes you will be allowed to operate a savings account during the IVA - so long as this is just for modest amounts which are saved from your usual allowances.
