www.iva.co.uk

Hi, just looking into options if I'm not able to secure a permanent job in the next 2 - 3 months. Self-employment isn't always the most reliable way of earning a living but I figured that some kind of income would be better than nothing if it came to that!

HMRC are one of my creditors (the smallest, at £150), the only one not to vote in my meeting. I wrote to them to close my old business in June, pre-IVA, they wrote back a few weeks ago saying they couldn't find my details to process, so I sent it off again - at this stage I assume they may still not have properly logged that the business is closed etc.

Would I be able to set up again (new business, not continuing with the old one) as self-employed if I owe them money within the IVA? And are there any business accounts I would be able to open (I only have a Cashminder personal account at the moment).

How are self-employment earnings / calculations dealt with within an IVA? Is it quite complicated?

Sorry for all the questions! Just trying to get my head around everything [:)]

Hi lemsip, good luck with your job hunting. I'm sorry I can't answer your question but will bump it up for someone who can as we do have self-employed posters. x

Hi Lemsip,

You should not have any problems working self employed whilst in an IVA. You will ned to inform your IP as they will probably chase you for payslips to perform an income review. You will now not have that documentation and will have to provide your annual accounts to verify income.

If you can reliably estimate your income it may be worthwhile asking your IP to perform an income review as your circumstances may change and you may need re-assessing.

Good luck with the new venture

Good luck.from me as well lemsip.