Annual Income

Firsttimebuyer2021

Hi i am looking for some help, I have a question regarding the annual income section on the credit club/clear score sections. 

I am in both paid employment and i am also self-employed. Do i take the employment figure and the 19/20 self assessment accounts figure and input it as a total income or do i take the employment figure and also how much i have earned so far this year 20/21 and input it? 

I am sure i am just complicating things but just want to make sure i am doing everything correct!

[Deleted User]

Put your combined income in, the CRA just want that data to try and promote you with loans etc. It's a novelty thing, doesn't really matter if if it's not 100%, it's not like applying for credit when you should be accurate and honest

MalMonroe

Doesn't it say to just input your annual income? So just add the figures together for last year. There's also a place where you can put any extra annual income you receive, if necessary. If you don't know exactly how much you'll be getting this year it doesn't really matter because you're just trying to generate an idea of whether or not you'll be accepted. It doesn't have to be exact to the last £ but I'd do it for a twelve month period rather than what you've earned to date as that won't be  the annual figure.

Firsttimebuyer2021

@Deleted_User and @MalMonroe Thank you for your replies, ill use the combined totals as you say and just put down a roughly accurate figure since it isn't as important as income when applying for credit, on the subject of applying for credit would you then do the employment earnings and also the earnings to date from self employment or the 19/20 amount or does this differ from lender to lender and i would need to see what they each say?

finalfantasist

Firsttimebuyer2021 said:

@Deleted_User and @MalMonroe Thank you for your replies, ill use the combined totals as you say and just put down a roughly accurate figure since it isn't as important as income when applying for credit, on the subject of applying for credit would you then do the employment earnings and also the earnings to date from self employment or the 19/20 amount or does this differ from lender to lender and i would need to see what they each say?

You should do it for the previous tax year.  If they ask for records, at least for self-employment, they'll almost certainly want to see something like an SA302.  Obviously, you can't give them that for a tax year that isn't over yet.

[Deleted User]

Firsttimebuyer2021 said:

@ Farfetch and @ MalMonroe Thank you for your replies, ill use the combined totals as you say and just put down a roughly accurate figure since it isn't as important as income when applying for credit, on the subject of applying for credit would you then do the employment earnings and also the earnings to date from self employment or the 19/20 amount or does this differ from lender to lender and i would need to see what they each say?

With credit you want to make sure you're 100% honest, to avoid the perils of stuff like CIFAS markers etc - if in doubt, check with the firm. You should be able to show what you earn if questioned so if you earned, reliably, £20k from one job and £10k from the other, put £30k. If your second job fluctuates use the tax record that you can prove.