- Tuesday, 24 March 2009The Telegraph reports a likely increase in the number of
IVA solutions being arranged by self-employed people who cannot afford to pay their business taxes.
According to the publication, IVAs may be forcibly arranged by HM Revenue & Customs (HMRC) over the coming 12 to 18 months.
Such a step is taken when "there is a likelihood the taxpayer will not be able to repay the debt", the Telegraph explains.
And it could see IVAs enforced on people who expected to be able to pay in instalments through the Business Payment Support service, which was launched in November 2008.
HMRC says that any outstanding tax covered by agreements under this service will not be subject to fees but will still generate interest.
But for people with a number of other debts, more wide-ranging
IVA solutions could help to address their financial footing.
Setting up an IVA may also allow people to write off a portion of their debts, reducing the overall amount to be repaid by up to 70 per cent.
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