IPA - how does it work if you take on a Business after discharge?

Daisy4567

Hi again,

So, effectively, we're considering options for my taking over the Family Business after discharge? I would effectively be self employed so how would it work with an IPA?

I understand if my wages were to increase now, whilst I am PAYE, I would need to declare it to my OR and likely pay an increased IPA but if I became self employed, would she then take the Business into account as an asset and make me pay more out from the Business? (Say from any profit)

Or would she just take my take home pay into consideration? I would be going into it with another person and I don't want them or their potential earnings to be affect by my being in an IPA?

Tia x

National_Debtline

Hi Daisy

If you’re in an IPA I have a feeling the OR could look at any money from the business which might be considered your income but I’m not 100% sure. I recommend contacting my colleagues at Business Debtline to get a definite answer.

www.businessdebtline.org


James
@natdebtline

Daisy4567

Thanks James