Being self employed can bring all sorts of freedoms but when it comes to lending you need to be sure your accounts are up to date. When applying for credit make sure you have all the necessary documents needed for the application process.
• statement of two to three years accounts from an accountant if self-employed
• tax return form SA302 if you have earnings from more than one source or are self-employed
• self-employed people should look to provide information alongside their tax return, which supports what the SA302 says about their income, such as bank statements.
• utility bills
• proof of benefits received
• passport or driving license (to prove your identity)
• bank statements of your current account for the last three to six months
Be accurate. Make sure the information on the application form matches the documents you supply. For example, don’t round up your salary if the amount on the payslips differ from this figure
Printouts of online statements of your current account and utility bills might not be acceptable. You may need hard copies or to have copies certified by your solicitor, your bank or your utility provider.
These are the basics but some lenders might ask for more paperwork. If you think you need help with getting your accounts up to date speak to CWR Accountants