Tax repayment & IVA

Carosel_2

Hi - I've been reading some the threads but they aren't specific to what I want to know.
We have been in an IVA a few months - we run 2 businesses but I also work full time. Since one of the business which is only 16 months old hasn't really taken off when I sent in the accounts to our accountant she has told me that I am entitled to a tax rebate because of my ft job. The repayment will be just over £2K - will I have to let my IP know? We have several outstanding bills to settle (including 2 for the accountant!) & owe our son money so the extra will be really helpful.:)

FoggyBrain_2

I could be completely off the wall here -- but the repayment is to the business, therefore is income to the business. The accountants bills are expenses due from the business, and so can be deducted, along with any other legitimate business expense you have. The net figure you end up with could be very small.

Carosel_2

Thank you - the money will actually be used to pay bills relating to the business so we will probably end up with around £300 at the end so you are right. Obviously I will have receipts and settled invoices as proof for our annual review. I just want to do the right thing because it was a big decision to go for the IVA in the first place.