I all.
HAvent been on for a while as everything has been ticking along nice and smooth until now.
My partner has left work and is thinking of going self employed - what are the implications regarding this while still in an IVA - i understand the no overdraft, finance etc ( we wont need that) - we are on the verge of completion of our IVA as wellwith a F&F.
Any answers/guidance would be appreciated
Being a SE IVA customer myself, I can tell you that the scope of your request is enormous, and cannot be quickly answered with the minimal detail provided at this stage.
However, there is nothing stopping your partner going SE. Just make sure you use an accountant is my personal best bit of advice.
You should let your accountant know about your IVA, and instruct them to advise you on the most tax-efficient way to keep as much of your income as possible.
One significant issue is that you might have difficulty opening a business bank account before your credit rating recovers.
There are 2 card-based accounts that offer business accounts to IVA customers (assuming you have no luck with your existing banks/the high street): 'Cash Plus' and 'Card One Banking'.
If you can expand a little on any other specific areas/concerns of self-employment, I might be able to provide some insight.
Good luck.
Last edited by UpToMyNeckInIt on Sun Jun 22, 2014 11:04 am, edited 1 time in total.
My opinions are just that: Based on my experience and being a self-employed IVA customer.
THanks UTMNIT!
Sounds promising - she wants to go into avery small enterprise which does not need any finance for set up.
We would need a bank account thoiugh and appreciate your advise about the accountant - she woudlnt have any other staff either just her self.
Other than that i cant say much more.
She should draw up some projections for herself and estimates of profits. She will want to make sure that any tax bill that falls due can be paid as she will not have access to credit for a while.
I often suggest that clients who start businesses put away up to 20% of turnover[depending on the business] which would cover any future tax. One way to do this is buy premium bonds as the interest earned in banks is rubbish and there is a chance of a big win. No windfall clause post IVA!
