Self employed/ lots of overtime

leveller2911

Gaz83 wrote: »

Am I the only one wondering how you get £2,500 tax credits per year for a household income of over £50,000?

No your not the only one wondering that. I'm happy to be corrected but I was under the impression that the cut off point for tax credits was far lower than the OP's and partner income.


Or is someone not telling TC they are living together?. The fact that the OP is unwilling to clarify the valied question on a public forum may tell its own story.

The OP earns £45k and his partner earns £1,000 a month net (after tax) so a combined income of at least £60k a year so someone is telling large porkies here.

Davidoff

Yes she will be on the mortgage. However, self employment is a complicated thing and I'm wondering if my income alone is enough to cover it.

Also, I know I need to prove my overtime. I'd like to know if lenders will accept my total income when calculating affordability.

Davidoff

Leveller; Troll off.

suziqqq

I wondered the same thing when I read the OP

Davidoff

Can we stick to the subject matter? I have openly disclosed income to obtain advice without wasting a professional's business hours as we are not yet ready to purchase. I am not married, nor do I live with anyone. Do we have any Independent Mortgage Advisors that are willing to comment?

leveller2911

Davidoff wrote: »

Leveller; Troll off.

Trolls don't receive 4,000 or so "thanks", so that won't wash.

Why not just answer the question previously asked. You have nothing to hide and after all its only an internet forum.


Elaborate some more and you may even get the advice your looking for. Looking at your previous thread regarding a business set up with credit cards,defaults etc etc I'm wondering if your trolling.


You even mention you have little to no outgoings so how come?.

Any self employed business even working from home will still pay the usual bills such as gas,electric,council tax,rent,food etc etc etc purely because you can only offset a percentage of the bills for tax purposes.


EDIT: As soon as you do buy a house together the tax credits will stop so best not to include those in the affordability.

Davidoff

Ok, leveller, you've a valid point; You've been heavily thanked.

Yes, an combined gross income in excess of £60k. We do not live together.

Regarding expenditure, the business absorbs most, as previously stated.

Davidoff

Yes, I know these payments to my other half will cease but I considered it best to disclose all income. We try to be savvy and in the grand scale we're kids.

We are merely trying to determine how much of a house we can purchase. A shed or a farm? At the same time I am trying to find out if I need to gamble by getting my company to switch me to a "all in" salary.

Davidoff

leveller2911 wrote: »

Any self employed business even working from home will still pay the usual bills such as gas,electric,council tax,rent,food etc etc etc purely because you can only offset a percentage of the bills .

Yes, the business pays these bills. Infact, the business pays ALL of our bills, hence such a low net profit. It is not about tax efficiency but more a question of controlling income in order to never ever earn more than £16,910 each year (today's market)

Edi81

You don't live together but your partners business pays all the bills.

That in addition to the tax credits....me smells something fishy!!