Many providers offer IVAs only for people on PAYE and straightforward financial affairs. Our practise specialises in complex cases for the self-employed and people in business partnerships.
When you’re self-employed, An IVA can be a particularly effective debt solution, especially as an alternative to bankruptcy. It’s easier for you to continue to trade, without the restrictions imposed by bankruptcy as well as retain your assets.
Combine personal and business debts
You will need to keep to a budget, your business and personal debts will all be combined into one solution and taken care of. You’ll still have enough money left over to run your home and business, and for all your essential outgoings.
Seasonal payments possible
These payments can be flexible, taking into account any seasonal fluctuations in income. For example, if you’re a gardener and receive most of your income in the summer months and not as much in the winter months, then you can make payments to your IVA as and when you receive your income, providing you pay in the agreed amount over the course of a year.
HMRC tax debts and IVAs
HMRC are often the largest creditor in many of IVAs. Tax arrears can be included in an IVA as a creditor. This means the debt is treated as would one owed to any other unsecured creditor.
Your tax returns (not necessarily payments) must but be up to date before an IVA can be considered.