hi all this is my 1st post after finding this forum couple months ago
ive just been reading posts to see how i would find life on iva
ive just had my proposal in post and been told it will be end of jan before i get told if its been accpeted
ive got my own small ltd company and at min things are tight how do they work out for your food etc as it goes up every time i go shopping and at min im not travelling much to work but some works i do between 500 /600 miles a week is this all took in to account
and how is monthly income worked out as ive looked at my income and cant get figures to match ???????
Hello and welcome. If you are self employed you should have a face to face meeting with your IP to go over all of these things, as, as you say, they vary so much each month.
Food allowances, etc, are based upon what you spend, within certain guidelines, this, again, should have been gone through with your IP.
Who are you with ?
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Being self employed or running and being an employee of a ltd company you own, sort of ever so different
If your company does well over the term your accountant can advise you on the treatment of the company’s income and how to make it best work for you and the company, so hang on to it.
Michael Peoples is always good for business related topics and I'm not bad either,I figured out some stuff along the way! Jan will pass quickly enough and most proposals offerd up get accepted it's in the IP interest that it does
Sponge, I appreciate that the status is different twixt the two, however, the cashflow problems / projections and how the IVA allowances and payments are calculated are similar, unless the company has sufficient reserves to be able to guarantee a stable PAYE income to the Directors --- which, in this case, I assume not.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
I would always recommend that directors of small limited companies arrange to meet their IP on a face to face basis. Foggy is quite correct in confirming that the principles between the IP understanding how the business operates, whether it is incorporated or not are exactly the same.
If the limited company's profits increase your IP will not allow them to be hidden in reservesx - no matter how clever the accountant is, most IPs are pretty clever as well. Not suggesting that the original poster would be even contemplating doing this - my post is really responding to sponge's.
I know nothing about self-employed and limited companies, however I was a little concerned that the original poster has received his/her proposal, yet these issues have not yet been either discussed or clarified. Surely this all should have been discussed prior to the proposal being written, so that the correct course of action is written within the proposal. I would be tempted not to sign the proposal until all this is sorted out and I was in full understanding of what my responsibilities/committments were. I stand to be corrected of course.
From what i can remember, our I&E was done over the phone for proposal purposes. One item spring to mind, when asked how much we spent on food i replied with a figure i thought we could scrape by on. I was then told this was not high enough and they put it up considerably. They also included a contingency and allowance for car repairs among others. All in all they got my expenditure much higher then we had. The point i am trying to make is our IP was very fair and set out a proposal that would give us every chance of completing nothing was excluded from our expenditure and nothing left chance
Self employed don't have to have a face-to-face meeting with their IP's if my experience is anything to go by.
I'm self-employed (or employed by my own Ltd Company - whichever way you want to refer to it), and I did not have a face-to-face meeting with my IP either.
Whilst I appreciate that some people would find a face-to-face reassuring, in my case I didn't consider its absence as some sort of impediment. (With the ability to talk over the phone and email documents etc. surely it's not always necessary). That said, I was offered a home visit by one of the company advisers (I declined), but not my IP.
I believe I have a good understanding of my accounts, and emailed copies of my latest personal tax return and CT600. Those figures were used to calculate my income. (To be fair in my case, it has remained fairly consistent over the last few years). I would suggest therefore that the OP asks his IP to base his income figures on these documents as well - at least as a starting point.
In my case, I felt the advice given to me was very good, and the company agent I was allocated went through expenditure very thoroughly. Ultimately, my IVA payment was set at a quite affordable level.
My opinions are just that: Based on my experience and being a self-employed IVA customer.
hi all
ive now spoke to my ip and explained about travelling etc and he said he took it in to account on doing propsal and my accountant has given them some projection figures but like ive told them both troublr is in building trade one min you can have that much work you dont know what to do with it the next you on one day a week
we got one days work next week then its busy again but that can all change if money gets tighter
im happy with amount said to be paid each month as its manageable
in someways be glad when get call to say yes its been accepted
and ive not had a face to face spoke on phone e mailed etc and they speak to my accountant which is easier for all partys
