Proof of Income?

cmd:0

Hi all,
Just had a question on what documents the OR will ask for.
I run my own Kleeneze Business(delivering catalogues) from home so its hard for me to show a proof of income as I just earn a commision on the orders I get, this can vary alot!

All I have is my order forms from customers, will the OR need to see them? also as my income varies will this affect my BR?

I have only been self employed since June so not yet done a tax return and its obvious to me that I will of spent more on building this business than I have earned, Its picking up now but also wondered if this affects my BR regarding tax and stuff?

Thanks

Richard_S

Hi cmd:0,

The O.R may want to see some evidence of how much you're earning, and I would have thought the easiest way to show that would be to list the commissions you've been paid.

If you don't have a regular and consistent income then the O.R won't use that to calculate an IPA, unless you're earning between £5k-£10k per month.:D

As for tax, the chances are that you won't earn enough to pay tax, but the O.R will be able to advise you specifically on what you should do.

Don't forget to keep a seperate record of your business expendiure, so you can offset that against your earnings, if you do reach the tax threshold.

Regards

Richard

cmd:0

Thanks Richard. that helps alot.
I have kept copies of all the orders I have placed since starting so I can show that, I keep all my receipts too! not lookinf forward to my first tax return but I will have a go!