Self Assessment during an IVA

notofthisworld

Hi!

I've recently taken out an IVA - the circumstances of this aren't pertinent however I have a question I was hoping for some help on.
Is it possible to earn additional income on top of current employment through PAYE and declare this using self assessment whilst on an IVA?
Let me be straight - we're not talking massive amounts of money here (maybe £20-40 per month). It would not be done as a business per se, but just a way of earning a bit of extra money and I want to be totally upfront and legitimate in my disclosure to both my IP and the HMRC.
I'm obviously aware that current employment overtime and bonuses have to be disclosed to the insolvency practice but tax and NI are of course handled through PAYE.
However, how does self assessment work with an ordinary IVA (ie not a self employed IVA) if it is even possible?

Appreciate your help in advance!

Thank you

mwarby

As far as I know nothing stopping you from having a second self employed job. You will need to keep accounts, which will have to be suitable for HMRC and your IP. Ideally you'd have a separate business account, but this might be easier said than done.

One issue could be that if you need pro help getting suitable accounts, it would eat into any earnings in a big way. In terms of tax and ni you'd need to talk to your IP, although your earning each month, your self assessment taxes will only be calculated once per yea, so total you owe IP will be partly unknown until tax return time.