www.iva.co.uk

hi all brand new here, about to enter into an i.v.a.. as a self employed person how do i save to pay my tax bill? am i alowed to biuld up a saving fund just for this purpose ?

Hi alisskint & a warm welcome to the forum,

I'm sorry your question is unfamiliar ground for me to answer but we do gave some wonderful knowledgeable posters whom will be able to help.

Your IP is going to be the best person to ask, but please do bare with the forum, as we have posters in IVAs whom are also self employed, whom will be able to offer you advise & support.

I'm sorry, I can't be much help either. One of our experts should be able to advise or your own IP. Generally, there isn't a problem with having savings accounts - I have a couple for things like car allowances which are too tempting to leave in my current account x

I would assume you would be given an allowance based on previous years earnings to enable you to save up. Clarify with your chosen ip though.

Oh and welcome to the forum.

Paul

Im not self employed, but have a saving a/c so I can put money away for any bills that are paid yearly.
its not saving(if only)but there for road tax,buliding insurance, mortgage saved up weekly that I moved back to my other a/c when payment due.

There is no problem with you opening a savings account to put anything away to pay your bills etc.

Your tax bill should be part of your allowances, after all it's not an option to pay tax. As you know it's not easy to know how much tax you are going to pay but you should have an approx idea.

It will be allowed for but a savings account to squirrel the money away until the appropriate time for payment is a good idea.

Hi i am self employed and i have to pay so much a month for seven months to cover my tax, as i was told the tax people want to be sure to get their money. I then need to pay again in 2014, Hope this helps.

As well as our PAYE earnings, upon which our IVA is based, we have a self-employed element which is treated in the same way as overtime by our IP ( at the moment). What we do is basically split the income, after expenses, three ways between us, the IVA and HMRC. The HMRC element we save for when the Revenue asks for it.

thanks for all your replies, and help.
alun.