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Sam
Sam, Accountant
Category: Tax
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Hello, I am self- employed and my partner is self-employed. On

Resolved Question:

Hello,
I am self- employed and my partner is self-employed.
On top of that we have joint limited company.
We would like to apply for a mortgage.
Can we use our self assessment income plus the income from our limited company in order to apply for a mortgage?
Submitted: 3 years ago.
Category: Tax
Expert:  Sam replied 3 years ago.
Hi

Thanks for your question, I am Sam and am one of the UK tax experts here on Just Answer.

The mortgage company will take into account each of your actual incomes.
So, each of your net self employment and each of your income you actually receive from the limited company.

You do this by supplying accounts (for your self employment and self assessment statements (as provided by HMRC) usually for the last 2 or 3 years, and from the limited company P60s for any salary drawn along with details of any dividend payments as shown within the company accounts, and again backed up with the self assessment statement (SA302)
So its not the actual profits from the limited company, but the income you have actually taken from it as an individual.


Sa302s are only automatically issued to those individuals that file the self assessment paper return, so you will be best to phone HMRC and ask them to send copies of these to you (or fax them directly to the lender in question)

Let me know if you have any follow up questions

Thanks

Sam
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