www.iva.co.uk

Shall I tell my accountant I am enering into an IVA

Hi,

I imagine you should as you will have to account for where your payments are going but I could be wrong.

Hopefully one of our experts will be able to.help.

Your accountant should know because any arrears of VAT/PAYE and self assessment will be included in the IVA. You will also need accounts and projections showing future viability of the business and these will need done in conjunction with the accountant.
Your IP should be able to advise on this.

We have a Partnership IVA which started on 2nd March. It includes business account overdrafts and loans (unsecured of course) but we didn`t tell our accountant, mainly because he is local and we didn`t want to risk news of our predicament leaking.
We`ve decided to do our own accounts and self assessment now using software as his fees are something we can economise.
I have always done my own VAT accounting anyway and included this liability in the IVA.
I guess it depends how much your accountant does for you and what legal entity your business is, as with a Sole Trader or Partnership it`s quite straightforward.

Maybe your IP can give case specific advice on this as to whether they will need to know?

Might be a good idea if you don't know them personally or you don't mind him/her knowing x