| Author |
 Topic  |
|
|
sunshine
Starting Member
41 Posts |
 Posted - 19 October 2011 : 16:33:20
|
Hi,
My Husband and I were discharged from bankruptcy in January this year, although my husband has an IPA until August 2013.
I don't work at the moment but am a Beauty therapist by trade and am considering setting up a salon within our home.
My parents will fund the set up (products, equipment etc), and I would pay them back with any monies taken.
My thoughts are that if I can get set up and build some clients, when the IPA is lifted I should be in a position to have a profitable business.
I know I have to declare any extra income...but if the money is going back to my parents to pay for the set up and there isn't any income as such...how would this work???
As I wouldn't have any tax returns for at least 12 months, how do I prove there is no profit?
Can anyone advise please....maybe it would just be less complicated to wait until the ipa is lifted?
Many thanks,
Sunshine x
|
|
|
Richard P
Senior Member
United Kingdom
1701 Posts |
Posted - 19 October 2011 : 22:38:36
|
Hi Sunshine
if you are discharged bankrupt you do not have to declare your income.
your husband is on an IPA so must declare all income.
Good Luck Richard,
|
 |
|
|
sunshine
Starting Member
41 Posts |
Posted - 20 October 2011 : 08:30:14
|
Thanks Richard,
So does that mean that until I become profitable and start taking a wage (therefore adding to the total household income) that I don't have to inform Moonbever ot the OR?
Many thanks,
Sunshine x |
|
|
|
Melanie.n
forum expert
United Kingdom
1282 Posts |
Posted - 20 October 2011 : 09:30:12
|
Once you have obtained your discharge and are not subject to an IPO you have no obligation to inform the OR/Moon Beaver of your income.
Your husband however, may have to declare your new income upon assessment of his IPO should your business enable you to take a wage as you would be expected to contribute to the household expenditure, which may affect his IPO
Hope this helps, Melanie
Melanie Nicholas CertDR
30 years insolvency experience - 23 of which in the Insolvency Service
- Insolvency Manager
Jones Giles
|
|
|
|
sunshine
Starting Member
41 Posts |
Posted - 20 October 2011 : 10:59:17
|
| That's brillant, thank you Melanie...all systems go then!!! xxx |
|
|
| |
Topic |
|
Setting up a business after discharge ?
