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Mortgage prospects, self employed, AIA etc. Some advice please...
mattgrange
Posts: 6 Forumite
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Have you miss-keyed the figures here?
It appears you are £40,000 in negative equity.
On the other question it depends how you 'buy' the van.I am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
The impact of the van depends on your trading style.
If it is going in personal names you need to evidence to the lender the business is paying for it gross before you take your income - otherwise it is a personal debt.I am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
mattgrange wrote: »[*]The last tax year would have shown an annual company profit of £28,600, but a van purchase (annual investment allowance) reduced this to £7,550 each.
Presumably without the new van the business may not have been so profitable? You didn't buy it simply to reduce your tax liability.0
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