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extra money while in IVA
If i was to enter into a joint IVA with my partner, there's one question i've had on my mind. my partner makes jewellery from home in her spare time (in addition to working part-time and being a mum to our little treasures/monsters). she sells the jewellery to small local markets stalls from time to time and friends and family often buy it too. would we have to claim this income? it's not taxed and is more just a hobby that she's started getting serious about in order to pay off some of our debt whilst at home looking after the children.
First of all do you report
First of all do you report this income to the inland revenue? If not you need to start doing this by self assesment.
There may not be any tac etc to pay on it but only then can it be classed as official income.
You are best to speak to Debt advice trust about this as they will be able to give you advice on doing this and look into whether or not an IVA is best suited to your situation.
Extra Money
I would think if it wasn't taxed then it would be officially income. On our taxes each year my husband has a bonus that is not taxed. It is reported on a slip from his employer. Then we add it to our income tax return as extra income. To start out it isn't taxed, but we put it as income.