Some sound advice from Ashmole & Co on getting that mortgage
If you’re one of the UK’s nearly five million self employed people, you may know how tricky it can be to get a mortgage. ‘All borrowers are jumping through hoops more than ever, but self-employed will have to leap far higher’, said a spokesperson at analyst, Moneyfacts.
Unlike employees with a steady salary stream, the self employed can be faced with ups and downs in income – good years and bad years. There can also be problems providing evidence of income, especially if you have only recently started trading and haven’t accounts going back for two years or three years.
You will need to ask your lender or mortgage provider what they will accept as evidence of income, but the good news is that there are increasing numbers of mortgage providers and lenders accepting a SA302 self assessment tax calculation printed from their tax return software we use, as your Agents. Also needed is a tax year overview from your online tax account.
You can find the list of lenders on the gov.uk site at goo.gl/w4ygRJ.
The timely preparation of accounts and submission of tax returns will help any application and we are always pleased to be of service.
NATIONAL MINIMUM WAGE: New rates from 1 April 2018
In the biggest rise in National Minimum Wage (NMW) rates for those under 25 for over a decade, new rates apply from 1 April 2018.
18-20 and 20-24 year-olds see an increase of 4.7% and 5.4% respectively. There is also a 4.4% increase in the National Living Wage (NLW) for those aged 25 and over.
NMW and NLW vary depending on age and whether or not a worker is an apprentice.
*for an apprentice under 19, or 19 or over and in the first year of their apprenticeship.
There are no exemptions from paying NMW on the grounds of the size of the business.
Offices at: Abergavenny, Ammonford, Cardigan, Carmarthen, Haverfordwest, Llandeilo,
Llandovery, Newcastle Emlyn, Pontarddulais, St Clears, Swansea, Tenby. www.ashmole.co.uk