20 year old wanting to buy new build 170k - £230k please help

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https://forums.moneysavingexpert.com/discussion/4509421


SBCUK, TrueUnitedFan , Hunterz1, HOMES, hight, kinh, cloud360, FTBSOS, hunterz1, vavaboom, CallMeMaybeBaby, alomiqy, _____,

Dragonista

kinh wrote: »

Ok, so I have to NOW, start paying tax, I earn 3000 a month, how much am I likely to have to pay out of tax for that, each month?

You need to fill in a tax return (you're classed as self-employed) and then you'll receive a bill from the tax office.

Can find the information here: http://www.hmrc.gov.uk/sa/self-emp.htm

jamesd

To get the mortgage you'll normally be required to provide:

1. Three years of accounts certified by an accountant, showing your self employment income via Google. Three years is in part to prove that it's sustainable income.
2. Pass a cross-check from the mortgage lender with HMRC to verify that you are declaring to HMRC and paying tax on the income you're claiming in the accounts.

Given time to get to those three years it should be possible to get a mortgage.

So the next course for someone in the situation you've described is to get a local accountant, get the accounts sorted out and take care of the taxes. Because it's been a year there will be no big trouble with HMRC, just a little routine tax collecting.

The self-assessment taxing will normally be done twice a year based on estimated income, which will normally be based on past income. HMRC can impose penalties if the estimates are obviously wrong and not updated if income increases.

So, easy enough to do, get started with the accountant and let them lead you through things.

kwmlondon

_Andy_ wrote: »

I like turtles

Ooh, do you? I like croissants.

martinsurrey

_Andy_ wrote: »

I like turtles

kwmlondon wrote: »

Ooh, do you? I like croissants.

BEHOLD YOUR GOD

Dan-Dan

why does this poster remind me of the spoilt brats in charlie and the chocolate factory?

must be lunchtime

kinh

nathand wrote: »

I don't buy the OPs story. £3k/pm through AdSense is huge. I'm not saying it's not possible but presumably someone building a site / network of sites capable of earning that has some common sense whereas the OP isn't intelligent enough to recognise that as income.

Think what you want, I couldn't really give two hoots.

My website get's 3 millions views a month, you work it out.

jamesd wrote: »

To get the mortgage you'll normally be required to provide:

1. Three years of accounts certified by an accountant, showing your self employment income via Google. Three years is in part to prove that it's sustainable income.
2. Pass a cross-check from the mortgage lender with HMRC to verify that you are declaring to HMRC and paying tax on the income you're claiming in the accounts.

Given time to get to those three years it should be possible to get a mortgage.

So the next course for someone in the situation you've described is to get a local accountant, get the accounts sorted out and take care of the taxes. Because it's been a year there will be no big trouble with HMRC, just a little routine tax collecting.

The self-assessment taxing will normally be done twice a year based on estimated income, which will normally be based on past income. HMRC can impose penalties if the estimates are obviously wrong and not updated if income increases.

So, easy enough to do, get started with the accountant and let them lead you through things.

Thank you, thank you! Someone with intelliegence, atlast! The human race has some hope! All I wanted was info such as the above, I don't know why idiots in this thread have come in and post with their small minded baboon likeness attitude.

Thank you very much for this, I'll sort it out by visiting an accountant and get this sorted. It's gonna be a bug if I have to provide 3 years worth of info because I've only got a year and a halfs.

I want to get on the ladder this time next year.

I might see if I can get the property I want on a shared ownership? and then also see if I can get the new buy scheme from the government also.

So house cost £200,000, shared ownership, £100,000, plus 15 percent of government help?

Anyways, many thanks for this, will look into it, I will not give up my dream. To the rest of the idiots in this thread, let me tell you this know, I hope you're enjoying ya day jobs. Being bitter, jealous and envious in life, will get you no where! :beer: :money:

Lokolo

kinh wrote: »

Anyways, many thanks for this, will look into it, I will not give up my dream. To the rest of the idiots in this thread, let me tell you this know, I hope you're enjoying ya day jobs. Being bitter, jealous and envious in life, will get you no where! :beer: :money:

With that attitude you won't get anywhere in life.

No-one on this thread has shown bitterness, jealously or envy, but you have clearly shown you have the maturity of a toddler, throwing all toys out of the pram for not getting what you would have liked to hear.

I for one, told you in the second post that you couldn't have got a mortgage and that you should have been paying taxes. You never asked HOW you can get a mortgage, or what you needed to do to get one, you just asked whether you could get one.

I did reply saying you would be unable to get one in your circumstances. I then made another post stating about your tax position and why banks wouldn't accept some transactions going into your account as proof that you have income.

In the future, I would sort out your massive attitude problem before posting on this forum, otherwise you will find that not even James will bother replying to any of your quesions.

martinsurrey

kinh wrote: »

Thank you very much for this, I'll sort it out by visiting an accountant and get this sorted. It's gonna be a bug if I have to provide 3 years worth of info because I've only got a year and a halfs.

I want to get on the ladder this time next year.

First job will be sorting out your tax bill and penalties, which will run into the tens of thousands (£15k at least if you've had £3k a month for 18 months).

You currently have no accounts, and a large undeclared tax bill (sole trader accounts are based on tax records most of the time for mortgage applications).

So no offence but you’ve no chance of getting a mortgage based on your “Google” income for quite some time (2 years maybe).

And with £11k of income properly declared, you'll get a mortgage of around £40k max, so no chance of getting the house you want that way either, even with shared equity.


Edit*

by the way a lot of the posters on here are a lot older and wiser than you, you think you’re the business because you earn a bit of cash, but trust me, it’s nothing compared to a lot of the posters on here, who are very successful in a lot of high powered walks of life, show a bit of respect and you might become one of them, carry on with an attitude like you've got and someone a lot smarter than you will ruin you...

kinh

Lokolo wrote: »

With that attitude you won't get anywhere in life.

No-one on this thread has shown bitterness, jealously or envy, but you have clearly shown you have the maturity of a toddler, throwing all toys out of the pram for not getting what you would have liked to hear.

I for one, told you in the second post that you couldn't have got a mortgage and that you should have been paying taxes. You never asked HOW you can get a mortgage, or what you needed to do to get one, you just asked whether you could get one.

I did reply saying you would be unable to get one in your circumstances. I then made another post stating about your tax position and why banks wouldn't accept some transactions going into your account as proof that you have income.

In the future, I would sort out your massive attitude problem before posting on this forum, otherwise you will find that not even James will bother replying to any of your quesions.

What can I say, I am sorry you feel that way! I am not immature at all, I'll be immature and have an 'attitude' when people be nasty to me.

Ok, so I need to pay tax, just say that then, why do people have to respond in a nasty way and make a big deal about it? No need is there?