IVA FAQ's

If I set up an IVA will anyone interfere with the running of my business?

In principle, as long as you adhere to the terms of your IVA you can carry on operating your business. However, an IVA proposal for a self-employed person is likely to be rather more complex than one for someone who is employed. It may be that you owe significant sums to HM Revenue & Customs, who have their own established acceptance criteria. For example, you will need to regularly prepare proper accounts and forecasts, and to be able to demonstrate that any business problems which contributed to your financial difficulties have been rectified. Also, it will be necessary for proper provision to be made for your ongoing compliance with all your taxation obligations, so as to prevent the accrual of further unpaid Tax liabilities, which would almost certainly mean failure of the arrangement and, most probably, bankruptcy.

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