Employment Status for Loan Application

JanieR

Bit of a technical issue - I work through a limited company, of which I am the sole Director. I am an employee of that company and receive a salary plus dividends. The salary is very low £8k, but with dividends & other income, total income is around £52k.
I need to apply for a personal loan of £10k, but unsure of what to put as my employment status. As I am employed by the company, my thoughts are that I should put 'employed', but my employer's address is the same as my own & I don't get wage slips. I have a decent credit history.
Has anyone else faced this issue? Thanks

PeacefulWaters

How can a limited company only have one director?

marleyboy

You are aware OP that technically, you SHOULD be producing your own wage slips, for tax purposes.

JanieR

How can a limited company only have one director?

It's perfectly lawful to only have one director, but you also need a company secretary. There are thousands of micro-businesses set up in this format. Useful guidance on web - tried to post a link, but as a newbie I'm unable to!

You are aware OP that technically, you SHOULD be producing your own wage slips, for tax purposes

My accountant deals with the payroll records and doesn't automatically issue wage slips, however, I daresay that if I needed them I could request. (My accountant used to work for HMRC so keeps great records!)

Guess the best thing to do is have a word with the loan provider :-)

Pixie5740

I had a limited company, of which I was the only director receiving salary and dividends. I put my status down as self employed because that's what I was, a self employed contractor, hence the limited company.