Hi everyone
I m currently in IVA, my first year review is next year apr. during this year after our IVA my husband has lost job, doing part time etc. at the moment he is doing courier through agency and have to declare his own tax n NI. We are not sure how and what to do as has not been in situation before. can someone advise?
I m worried because of his employment history our review will not pass! Please help.
Are you still able to afford the IVA repayments? If so then there shouldn't be a problem.
Do let your IP know now though of the change in employment.
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
Are you still able to afford the IVA repayments? If so then there shouldn't be a problem.
Do let your IP know now though of the change in employment.
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
If both of you - are you managing to make the IVA payments ok? It is advisable to report all changes to your IP during your IVA.
I would give them a ring or write to them to tell them of the change and if you can manage ok then there's no harm done.
If it's just yourself in the IVA then your husbands change in income will be picked up on review and it's up to you to tell them if you are now paying more to the household bills etc because of the change.
Hi Happy. Are you in interlocking IVA's or is it just your own ?
The purpose of the review is to make sure of the current situastion and to work out what will happen, payments wise, for the coming year. Basically, as long as you have been making th arequired payments and can continue to do so, it should be OK. However, you will need to run through the figures as your IP will want to make sure you have enough to live on as well as pay the IVA.
It's best to discuss this all, in detail with your provider, and to keep them informed as and when there are any changes.
Who is your company ?
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Echo the above, do keep your IP in the loop of any change in circumstance and all should be fine. IP's work with us as well as with creditors and will be looking for your IVA to conclude satisfactorily. x
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
So long as your payments can be maintained and your husband is in some "kind" of employment your IVA will not fail. You should inform your IP of the change in circumstances so that they know and can support where necessary !
Sharing from experiences of dealing with debt
There is a solution for everyone .... Just need to stay positive !
Hi all, thank you very much,yes we are still able to make payment, just need to be a scroonger. As his employment is self employed, does anyone know how to go about declaring income and tax?
Thank you for all reply...you guys are fab bunch
I've no idea about that one but I know several of our posters are self employed so I'm sure they will be able to help.
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
Hi Happy
He would need to ring the Self Employed helpline at the tax office and get a Unique Tax Reference number and arrange to pay class 2 NI contributions monthly (about £10 per month). When did he start his self employment? This will dictate which year he needs to complete his first tax return. Depending on his profits (turnover less expenses) this will dictate how much tax he needs to pay and class 4 NI contributions. Having said all that if he is a subcontractor he may be having tax deducted at source.hope this helps..
As said above he will need to register with HMRC. And for NIC.
We have a self employed element to our earnings and deduct a 1/3rd from profits for the tax man, which we salt away until we need to pay it over. The eventual assessment for tax and Class 4 should be around this figure, as a rule of thumb, we also pay £2.50 per week Class 2 NIC, by DD.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
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
Hi nepensioner
He started in October this year with an agency and was only told recently he has to do the tax return himself. The first month he has to use his own car but did not kept any receipt for petrol! We said we were gonna wait til the 3rd mth n see how the job goes and find out more but we never seems to have the time with work n stuff. And today he was told they are going to take him as an employee in the courier company hopefully will not have so much hassle.
