Self Employed Proof Clarification SA302?

AnnaLMLH

Hiya
sorry me yet again Im trying to get my ducks in a row well in advance
I own a ltd company with another person, it is regstered at company house, first years accounts are in, just approaching vat registration fresh hold,
I get a certain ammount as a "wage" and the rest as a dividend
do I need a monthly pay slip for said wage? for a mortgage?
or do I just need a sa302 ?
and if so where do I find information on these to send to my accountant to clarify what I need?
is the sa302 a personal thing or is it for the business?
I know alot of lenders might not take a years accounts as proof which is why I am asking about wage slips for the wage part?
thanks so so much I want to have as much information in order and correct by the time November comes around

Thrugelmir

Employed by a Company you should receive a P60 at the end of every tax year.

AnnaLMLH

i part own it 50/50 so self employed

Mattygroves2

AnnaLMLH wrote: »

i part own it 50/50 so self employed

No you're not you are a Director which is an employee of the Company. You just happen to be a 50% shareholder as well.

You need a SA302 which shows your total taxable income ie. salary plus dividend. Provided you've submitted your tax return for the relevant year this should be available.

You may still have problems with the fact that you've only got one year of trading history. So you'd be best speaking to a good broker.

Thrugelmir

AnnaLMLH wrote: »

i part own it 50/50 so self employed

No, you should receive payslips , P60's and dividend vouchers.

Your shareholding has no direct bearing. You are either a Director or an employee to receive a salary from the business.

Is the Company operating a proper payroll?

Mortgage_Mark_2

Lenders generally classify anyone with more than a 25% shareholding in a company as self employed, and as such will take income proof from either year-end accounts showing salary and dividends, or SA302 documents.

They will not assess a 50% shareholder as employed.

amnblog

Hi Anna


We have a page on our website that tells you all about SA302's. What they are, why lenders want them, what they look like, and how to get them.


PM me if you want a link.