Self employed

Supply teachers should provide 6 months proof of income.

For loans more than 75% LTV, the affordability calculator will use the average of the most recent 2 years income.

For loans up to 75%, it will use the most recent year’s income. 

Applicants who are:

• Limited Company Directors i.e. they have a 33% or greater shareholding should provide 2 years accounts or an accountants certificate prepared by an appropriately qualified accountant*. The most recent accounts must not be older than 18 months. We will accept salary and dividend income. 
• Sole Traders should provide 2 years HM Revenue & Customs (HMRC) tax calculations, SA302 or online tax assessments supported by the corresponding tax year overviews. The SA302 and assessments must show the customer’s name, tax year, unique tax reference (UTR) and HMRC logo.**
• Partners in a large firm with multiple partners should provide written confirmation of income from the company accountant, finance manager or managing director. **
• Labour only contractors should provide 1 years accounts. They should have been contracted to no more than 2 employers over the last 12 months.**
• Construction Industry Scheme (CIS) contractors will be treated as self-employed. Affordability is assessed using the most recent set of accounts. We will require 1 years self assessment, SA302 etc.**

**We will use net profit for affordability purposes.

*Accountants must have one of these qualifications from the relevant professional body. 

AAPA - Association of Authorised Public Accountants 
ACA - Association of the Institute of Chartered Accountants in England and Wales 
ACCA - Association of Chartered Certified Accountants 
ACMA - Association of Chartered Institute Management Accountants 
AIA - The Association of International Accountants 
CA - Institute of Chartered Accountants of Scotland 
CIMA - Chartered Institute of Management Accountants 
CIPFA - Chartered Institute of Public Finance Accountancy 
FCA - Fellow of Association of the Institute of Chartered Accountants 
FCCA - Fellow of Association of Chartered Certified Accountants 
FCMA - Fellow of the Chartered Institute of Management Accountants 
ICA - Institute of Chartered Accountants 

Day rate contractors should provide a copy of the latest contract which must show a minimum annual income of £50,000. 

Applicants must have a minimum of 2 years in the industry they currently work in.

To calculate the income, we use the day rate x number of days worked x 48 weeks.

Bank nurses should provide 6 months proof of income e.g. invoices, remittance or pay slips with corresponding bank statements. 

We average and annualise the income shown.