DRO whilst living with a partner

daz103

fatbelly wrote: »

Hi Daz

Who are you using for your DRO?

Have you contacted CABCornwall?

Yes I am using CABcornwall. They have been quite helpful.

One thing I am wondering about is that I am also Self-Employed as a photographer. How do business costs and income work? My advisor said that it would just be classed as income and offset against my bills as and when money comes in.

Obviously I wouldn't ordinarily pay myself all of the money that comes in from my business and re invest it into marketing etc. Obviously if I cannot invest in marketing etc then I won't be getting too much work.

National_Debtline

daz103 wrote: »

Yes I am using CABcornwall. They have been quite helpful.

One thing I am wondering about is that I am also Self-Employed as a photographer. How do business costs and income work? My advisor said that it would just be classed as income and offset against my bills as and when money comes in.

Obviously I wouldn't ordinarily pay myself all of the money that comes in from my business and re invest it into marketing etc. Obviously if I cannot invest in marketing etc then I won't be getting too much work.

Hi Daz

The DRO should not prevent you from reinvesting some of your income in marketing your business (within reason).

I can't speak for Cornwall CAB's methods, but here we would get our colleagues at Business Debtline (www.bdl.org.uk) to work out a business budget - setting aside appropriate amounts to budget for tax, National Insurance and other legitimate overheads, and then use that to determine how much net income you actually draw to pay household bills.

A separate question arises from this:

Is any of your photography equipment particularly valuable?

I ask because there could be a risk that the equipment is not classed as exempt tools of trade, if the Insolvency Service feel that the photography work is not regular enough to be classed as a main job.

Regards

Dennis
Twitter: @natdebtline