Tax with Job and self employed

Nut97

Hi all,


I currently have a salaried job and with bonus OT I take home around £29k PA, however I now have a self employed job (Sole trader) which I will earn around £16-20k PA however 35% gross is straight cash back out of the account as 'rebates' other than that I have very little out goings.
I'm pretty lost on where to go and what to do (good at making money just the books allude me) Am I best to see an accountant?
Would like to add Im looking at a mortgage in a year or so, and I would like to be able to list as additional income?


Thanks for reading!


Nut

poggles

Nut97 wrote: »

Hi all,


I currently have a salaried job and with bonus OT I take home around £29k PA, however I now have a self employed job (Sole trader) which I will earn around £16-20k PA however 35% gross is straight cash back out of the account as 'rebates' other than that I have very little out goings.
I'm pretty lost on where to go and what to do (good at making money just the books allude me) Am I best to see an accountant?
Would like to add Im looking at a mortgage in a year or so, and I would like to be able to list as additional income?


Thanks for reading!


Nut

Yes, it would be a good idea to get yourself a good accountant, especially as you don't understand how to do the books yourself.

As regards a mortgage, I think most mortgage providers today will require at least 3 years self employed accounts before allowing any of that income to be included in their calculation of how much to lend you. If these are compiled and agreed by a qualified accountant that will probably help too, so another reason to get yourself an accountant

[Deleted User]

I'm sorry, but with a DRO as well as other possible defaults on your credit file in 2011, I think you'll have to be giving it more than a year or so to get a mortgage in this economic climate.

Nut97

darkfield wrote: »

I'm sorry, but with a DRO as well as other possible defaults on your credit file in 2011, I think you'll have to be giving it more than a year or so to get a mortgage in this economic climate.

Or so would be 1-3 years (they come off the file in 18 months-2 years) :cool: