Lloyds bank asking for employment information

davethorp

I've just logged into Lloyds internet banking and been asked for the same thing. I updated my details as requested

anna42hmr

davethorp wrote: »

I've just logged into Lloyds internet banking and been asked for the same thing. I updated my details as requested

Me too, this has come up on both lloyds and halifax online banking this afternoon for me.

jonesMUFCforever

Its know your customer - a regulatory requirement.

Debt_Free_Chick

As you're self-employed, your net profit IS your income. If you draw money for yourself regularly eg monthly, then that's the frequency of your income payments.

It looks as though those questions are generic so they don't apply, precisely, to the self-employed in the same way as an employee.

tyllwyd

Debt_Free_Chick wrote: »

As you're self-employed, your net profit IS your income. If you draw money for yourself regularly eg monthly, then that's the frequency of your income payments.

It looks as though those questions are generic so they don't apply, precisely, to the self-employed in the same way as an employee.

That's my problem - I was worried that if I said that my net income was £12K annually, paid monthly, they would expect to see £1000 going into my account per month. What I wanted to say was that my net income was between £10-£20K, paid now and again - maybe £0 some months, maybe £3K others, and that didn't fit any of their boxes!




BTW I've just seen a thread on a forum for other freelancers like me, and it seems very common to use a personal current account rather than a business account in our situation, and nobody has had a problem with it.

rb10

tyllwyd wrote: »

That's my problem - I was worried that if I said that my net income was £12K annually, paid monthly, they would expect to see £1000 going into my account per month.

They shouldn't do - as for all they know, some or all of your income is paid to another account.

They aren't asking how much you'll pay into your Lloyds account, but just what is your total income.

jonesMUFCforever

rb10 wrote: »

They shouldn't do - as for all they know, some or all of your income is paid to another account.

They aren't asking how much you'll pay into your Lloyds account, but just what is your total income.

Another way of looking at it is that if you said you had an annual salary of £12k or approx. £1000 per month and you suddenly started to pay say £5k per month do you think you were acting suspiciously or not?
The bank would need to know where the extra came from.

tyllwyd

jonesMUFCforever wrote: »

Another way of looking at it is that if you said you had an annual salary of £12k or approx. £1000 per month and you suddenly started to pay say £5k per month do you think you were acting suspiciously or not?
The bank would need to know where the extra came from.

But I don't have a fixed annual salary of any amount, so I could quite legitimately get an excellent new client and start paying in £5K per month from now on. As it stands my annual profit has varied by probably £10K if you look at the last five years. That's why I worry that telling them a figure as if it is a fixed amount is potentially misleading.

jonesMUFCforever

........as is running your business takings through a personal account.
I suspect this is the real problem you will have.

tyllwyd

jonesMUFCforever wrote: »

........as is running your business takings through a personal account.
I suspect this is the real problem you will have.

Its really not a big deal. If I had a separate account, all I would do is pay the business cheques into that account then transfer the money straight into my personal account. I'd have exactly the same pattern of money in and almost exactly the same money going out (bar my business expenses of a few hundred a year on printer toner and a few realms of paper). I'm a sole trader working part time from my pc in the spare bedroom, no retail, no stock, no cash, nowhere near the VAT threshold, nothing like that.