If your going self employed it would be a good idea to draft a basic income / expenditure / cash flow spreadsheet for your new business to show the IP how you will be making your new income, how much this is anticipated to be and that you will have enough work coming in to service your basic overheads and give you a wage, don't forget you will have to account for tax and NI..
I know it sounds like a lot of work but it isn't really and I think your IP will ask for something similar anyway so better to be prepared.
I was hoping that the initial startup costs would be approx 12k and I was planning to keep about 3-4k for my initial outgoings for about 3 months ie rent, maintenance payments, IVA payments etc.
I am expecting about 19k redundancy pay (16 years as a teacher)
The costs would be for a relatively new van, courier insurance, public liability insurance, road tax, breakdown cover, satnav, advertising, rental of equipment (if I sub contract), fees for joining a work exchange scheme.
The costs would be for a relatively new van, courier insurance, public liability insurance, road tax, breakdown cover, satnav, advertising, rental of equipment (if I sub contract), fees for joining a work exchange scheme.
I guess you are going to have to convince your IP that this is the best way to preserve your ongoing contributions to creditors. This will most likely need the agreement of your creditors as well.
