Part of the problem may lie with your accountant who will see it as part of their job to minimise your tax bill by using perfectly legitimate methods to reduce your taxable income. While this may serve its purpose by saving you money on your annual tax bill it can also go against you when trying to prove affordability to a lender.
Some of the documents a lender may ask to see include but are not limited to.
- Accountants Reference
- Business Bank Statements
Your SA302 will include your tax reference number, year of reference, name, income received before tax is deducted, income on which tax is due, any tax credits received and total income tax due.
If you complete your own tax returns you should be able to download a copy of your SA302’s from the HMRC’s website or you can request them directly yourself. If you use an accountant they should be able to provide you with a copy.
Business Bank Statements
These statements will be assessed by an underwriter to confirm that your business is both sustainable and profitable.
Should you need any more information on proving your income please contact a mortgage broker today. Mortgage Adviser NI will never charge a fee for our services and we deal with self-employed applicants on a daily basis.