Self employed 11m and want to borrow more

MeteredOut

miss_moody12 said:

Hoenir said:

What's the rush?  If the accounts to the 31st May 2024 are going to finalised a few days into June ( a feat few trading companies manage to achieve). Then surely providing up todate financial information can only be beneficial and enhance the application. 

No real rush, we are just in a discussion in regards to the tax years as he has technically only been classed as self employed 11 months of the 22/23 tax year and most lenders want a full 12 months.

As for the companies accounts i will mention this to our broker

When you say "technically self-employed" do you mean that he's registered as self-employed with HMRC?

You said he was promoted to director, so was he an employee but is no longer?

This may sound like an off-topic question, but lenders may differentiate between self-employed and directors.

DullGreyGuy

MeteredOut said:

miss_moody12 said:

Hoenir said:

What's the rush?  If the accounts to the 31st May 2024 are going to finalised a few days into June ( a feat few trading companies manage to achieve). Then surely providing up todate financial information can only be beneficial and enhance the application. 

No real rush, we are just in a discussion in regards to the tax years as he has technically only been classed as self employed 11 months of the 22/23 tax year and most lenders want a full 12 months.

As for the companies accounts i will mention this to our broker

When you say "technically self-employed" do you mean that he's registered as self-employed with HMRC?

You said he was promoted to director, so was he an employee but is no longer?

This may sound like an off-topic question, but lenders may differentiate between self-employed and directors.

When we did our mortgage application with Natwest the form we were given to fill in was titled as Self Employed and Company Directors with the former completing half the form and the later to complete all the form. Whilst they aren't treated identically I can certainly see how it feels very similar and many sole fee earners operating via a PSC incorrectly call themselves self employed. 

miss_moody12

MeteredOut said:

miss_moody12 said:

Hoenir said:

What's the rush?  If the accounts to the 31st May 2024 are going to finalised a few days into June ( a feat few trading companies manage to achieve). Then surely providing up todate financial information can only be beneficial and enhance the application. 

No real rush, we are just in a discussion in regards to the tax years as he has technically only been classed as self employed 11 months of the 22/23 tax year and most lenders want a full 12 months.

As for the companies accounts i will mention this to our broker

When you say "technically self-employed" do you mean that he's registered as self-employed with HMRC?

You said he was promoted to director, so was he an employee but is no longer?

This may sound like an off-topic question, but lenders may differentiate between self-employed and directors.

He is a 25% shareholder, yes still employed and receives a directors salary but his main income comes from dividends. He has to do a self assessment every year and all mortgage lenders ive spoken to so far class a director with 25% or over shares as self employed 🤷🏽‍♀️

miss_moody12

DullGreyGuy said:

MeteredOut said:

miss_moody12 said:

Hoenir said:

What's the rush?  If the accounts to the 31st May 2024 are going to finalised a few days into June ( a feat few trading companies manage to achieve). Then surely providing up todate financial information can only be beneficial and enhance the application. 

No real rush, we are just in a discussion in regards to the tax years as he has technically only been classed as self employed 11 months of the 22/23 tax year and most lenders want a full 12 months.

As for the companies accounts i will mention this to our broker

When you say "technically self-employed" do you mean that he's registered as self-employed with HMRC?

You said he was promoted to director, so was he an employee but is no longer?

This may sound like an off-topic question, but lenders may differentiate between self-employed and directors.

When we did our mortgage application with Natwest the form we were given to fill in was titled as Self Employed and Company Directors with the former completing half the form and the later to complete all the form. Whilst they aren't treated identically I can certainly see how it feels very similar and many sole fee earners operating via a PSC incorrectly call themselves self employed. 

He doesnt actually class himself as self employed and its a pain that mortgage lenders treat him as he is, ive spoken with Natwest and they arent willing to take us on until he has a full years self assessment 😫 which will be April

DullGreyGuy

miss_moody12 said:

DullGreyGuy said:

MeteredOut said:

miss_moody12 said:

Hoenir said:

What's the rush?  If the accounts to the 31st May 2024 are going to finalised a few days into June ( a feat few trading companies manage to achieve). Then surely providing up todate financial information can only be beneficial and enhance the application. 

No real rush, we are just in a discussion in regards to the tax years as he has technically only been classed as self employed 11 months of the 22/23 tax year and most lenders want a full 12 months.

As for the companies accounts i will mention this to our broker

When you say "technically self-employed" do you mean that he's registered as self-employed with HMRC?

You said he was promoted to director, so was he an employee but is no longer?

This may sound like an off-topic question, but lenders may differentiate between self-employed and directors.

When we did our mortgage application with Natwest the form we were given to fill in was titled as Self Employed and Company Directors with the former completing half the form and the later to complete all the form. Whilst they aren't treated identically I can certainly see how it feels very similar and many sole fee earners operating via a PSC incorrectly call themselves self employed. 

He doesnt actually class himself as self employed and its a pain that mortgage lenders treat him as he is, ive spoken with Natwest and they arent willing to take us on until he has a full years self assessment 😫 which will be April

Leave it to a broker to deal, I'm normally a big fan of self service and cutting out the middle man but there are a few things (mainly long term service contracts) where middlemen are very much worth it as they have access to people you cannot speak to etc. 

I'm an insurance person, worked in the industry for most my working life, even still when trying to buy life/PHI I got declines from companies which my broker subsequently not only got quotes from but on highly favourable terms. Our mortgage broker has twice contacted us early about mortgage rate changes and managed to push our renewal through before they took effect, both times getting lower rates than NW were offering us directly (only talking a couple of bps). First time I didnt believe them so spoke to another broker who confirmed it was true, second time trusted them and the saved me from a big step up.