IVA self employed questions

ld54336

Hello

Still in the process of setting up an IVA with Payplan - very slow going- they're apparently very busy!

Anyway, at the start we had to do a "cash flow" summary for my hubby's business. He doesn't use an accountant to do tax returns etc as its a new business & the money isn't there to pay accountancy fees.

They said this "cash flow summary" was sufficient as it's all they'd show the creditors- they said the creditors never see actual accounts so it didn't matter.

Anyway- i emailed yesterday to ask what the proceedure would be at annual reviews- i got an email back to say that they'd review our I&E over the phone & then we'd have to send in payslips/accounts. I emailed back to ask if another "cashflow summary" would suffice but as yet i've had no answer.

Bubby is trying to build the business (which was badly recession hit) but i can't see the money being available for accountants for a good few years- he's always done his own tax return when he's been self employed.

So- does anyone here have any experience of being self employed in an IVA? I did , quite bluntly, say that i don't want to enter into an IVA if it fails after 1 year due to us not have the right paperwork. Personally, i think that if the cash flow thing is sufficient to actually get the IVA set up- surely it will be ok at annual reviews?

Sorry for rambling on! Payplan have been dealing with our stuff since Jan & i'm starting to get fed up with everything now- i just want it all sorted

xxx

scouselad1974

Hi

I hope you don't mind me joining your thread, I to would be very interested in the answers provided.
I'm also Self Employed and have always done my own accounting, as my business is very small and TBH i quite enjoy doing it myself