What is it called when you are self employed and you pay your self wages?
I have just applied for a loan and I have been accepted but they have asked me for proof of my earnings
What do I have to send them
Thankyou.
P.s I am self employed but am sort of not legit if you know what I mean
2006-11-13 01:47:08 · 12 answers · asked by Homer Baby 3 in Business & Finance ➔ Careers & Employment
give a copy of your tax statement or reciepts of earnings. If you dont have either ones due to being "not legit" I would sugguest you get a legit job.
2006-11-13 01:52:06 · answer #1 · answered by D.C 4 · 0⤊ 0⤋
If you are self employed properly then the loan company would like to see a copy of your accounts showing income, expenditure and profit. They would need to know your NI number which will prove to them that you are actually self employed as they will know the type of number you should have. They will need to know your tax liability as you may have an outstanding debt for tax.
If you cannot do all these things then they will know that you are not legit and are likely to inform the Inland Revenue as they cannot be seen to be condoning a crime.
I suggest you go legit, work properly and regularly and you will find that a loan is unnecessary. Further, you are actually getting away with a crime and you could go to prison if the Inland Revenue catch up with you. Not really worth it.
2006-11-13 01:59:41 · answer #2 · answered by Anonymous · 0⤊ 0⤋
It is called PAYE Pay As You Earn and from the sound of it you may not have been paying your tax and national insurance if you have you will need proof of that for a start.
If self employed they like to see at least three years of bookwork before you can apply or get anything.
You need to speak to you accountant if you have one who will be able to draw up the nessasary documents to send them.
There is a way round it but not sure what it is.
2006-11-13 01:58:45 · answer #3 · answered by momof3 7 · 0⤊ 0⤋
Probably your best bet is to give them a copy of your financial statements.
If what you mean by " I am self employed but am sort of not legit if you know what I mean " that your income is cash and that you do not report it for tax purposes then in the "legit" world you are unemployed and satisfying the lender will be an onerous task.
2006-11-13 01:56:08 · answer #4 · answered by Jack 6 · 0⤊ 0⤋
If you are in the UK you will need to send them at least 2 years audited accounts, and a copy of your latest self assessment calculation.
As you are not PAYE then you will not have a P60, and this is the only proof they will accept.
2006-11-13 01:53:15 · answer #5 · answered by Dogs'r'us 4 · 0⤊ 0⤋
Yes I know what you mean and that will not help with a loan. The proof is in your past year IRS return. Hope you declared everything!!!!
2006-11-13 01:54:48 · answer #6 · answered by antiekmama 6 · 0⤊ 0⤋
I would say they are wanting your W2's...That is the only official proof of your earnings.
When in doubt, ask them what all documents they are wanting or what they will accept as proof of income.
2006-11-13 01:51:02 · answer #7 · answered by babiefox1 3 · 1⤊ 0⤋
Phone up the Inland Revenue, ask them about SI rules
2006-11-13 01:51:52 · answer #8 · answered by alec c 4 · 0⤊ 1⤋
Usually, they ask you for your tax returns for 3 years.
2006-11-13 01:55:01 · answer #9 · answered by Anonymous · 0⤊ 0⤋
I used to be in the same boat,
this should sort you right out ...........
http://cgi.ebay.co.uk/Best-Quality-Replacement-Payslips-Wage-slips-Payslip_W0QQitemZ260048772749QQihZ016QQcategoryZ40001QQssPageNameZWDVWQQrdZ1QQcmdZViewItem.
2006-11-13 01:51:20 · answer #10 · answered by Dark_Mushroom 4 · 0⤊ 0⤋