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Source of funds - AML checks - question
I am planning to buy my first property, either Cash Purchase if I go for a flat for around £140k or a Freehold house with high deposit and mortgage. Currently I am checking Rightmove but I like to be prepared, so I checked a couple of sites to know what do I need to prepare in order to get things moving smoothly once I have found a property I like.
I am bit concern around “Source of funds” (I believe it is called AML?). Now just asking about that might sound dodgy already but let me explain first what I mean. I am usually over thinking but I just like to be prepared for the worst case scenario to avoid problems. I earned every penny honestly and legally, however I am not a typical 9-5 guy, so I wanted to clarify a couple of issues:
I am working as a LTD Contractor (director of my own company) in Construction, sort of self-employed. As every LTD Contractor, I pay some of earnings to myself as Salary and some as Dividend. I file SA302 along with Corporation Tax each year. The first question is whether working as LTD will be a problem?
Over the last 10 years I was working a bit on and off, as I am working on contracts. I get a 12-18 months contract and then can get another one, or take 6 months break if I want. So over the last 10 years I had 2 gaps of 1 year each (I wasn’t in the UK during that period and was not working either). Is something like that a problem?
Over the first couple of years of employment I had 2 different accountants but they were totally useless. Had to check them nonstop and I was picking up their errors constantly so I lost trust in accountants and since 2018-19 tax year I decided to do this myself, especially that my accounts and expenses are dead simple. Is doing your accounts yourself a problem?
In 2020 I transferred a large sum of money from my UK account to my account in a country in the EU (it was exchanged to a different currency). Both accounts are mine on my name and obviously I can show bank-statements confirming it from both banks. Now I transferred some of this sum back to the UK (from the same account to the same account in the UK). Is something like that a problem?
I think that is everything I can think of. As usual, I am probably over-thinking, but I just want to avoid problems / delays for some BS reasons.
Thanks in advance.
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