mortgage refused....help please :(

welshsheep

Hello guys,

I am hoping someone can shed some light on my situaition, my mortgage has been refused as YBS do not understand what and EBT is...in a nutshell it was a way of not paying so much tax......so we took the money out of our account on and EBT, which makes our net profits lower, the YBS have said no mortgage cos your business is showing less profits....well dur mun, we took out a chunk, if that was still in there then it would shouw better......any ideas what I can do ?

CloudCuckooLand

Choose to pay more tax and make your mortgageable income larger ?

WellKnownSid

EBTs have been exploited for tax avoidance and tax evasion purposes for years - and as such have been targeted by the government with legislation that comes in force today I think, along with anti-forestalling measures. It's not surprising that YBS are ignoring it, it's no longer a legitimate modus operandi.

Still, look on the bright side - you've probably saved a lot of tax and NI over the years!

Thrugelmir

Why start another thread?

https://forums.moneysavingexpert.com/discussion/3145502

welshsheep

Thrugelmir wrote: »

Why start another thread?

https://forums.moneysavingexpert.com/discussion/3145502

Thanks for you input ...not! I was updating the last message, did not realise that there were forum police on here,......I was told it was a friendly place!

welshsheep

WellKnownSid wrote: »

EBTs have been exploited for tax avoidance and tax evasion purposes for years - and as such have been targeted by the government with legislation that comes in force today I think, along with anti-forestalling measures. It's not surprising that YBS are ignoring it, it's no longer a legitimate modus operandi.

Still, look on the bright side - you've probably saved a lot of tax and NI over the years!

Well considering that this was done at the start of 2010 when they were legal I dont think I have an issue....the only issue is that the stupid finanicial compnaies have never heard of it....thickos!!!!!:mad:

Thrugelmir

welshsheep wrote: »

Thanks for you input ...not! I was updating the last message, did not realise that there were forum police on here,......I was told it was a friendly place!

Seems as if you have the issues.

I merely drew attention to the fact that this had been discussed not so long ago. Saving regular forum posters from repeating what had already been written.

welshsheep

CloudCuckooLand wrote: »

Choose to pay more tax and make your mortgageable income larger ?

Thanks but it does not help me out right now, and it was not our idea to do it that way and regret it...... the bank gave us some advice we followed it and have not come up against this ...

welshsheep

Thrugelmir wrote: »

Seems as if you have the issues.

I merely drew attention to the fact that this had been discussed not so long ago. Saving regular forum posters from repeating what had already been written.

I am sorry but I did not come on here to be insulted....I do not have issues, I am a person seeking advise and not nasty comments

kingstreet

Ah. If only there was a mortgage product where you tell your lender one income and the Revenue another...
Let's see who bites... here fishy, fishy!

welshsheep

kingstreet wrote: »

Ah. If only there was a mortgage product where you tell your lender one income and the Revenue another...
Let's see who bites... here fishy, fishy!

Yeah...that would be good LOL x