A self-employed applicant may be a sole trader, a partner in a business or a director who owns more than 25% of a company.

• The standard assessment of income is average of the last three years net profit. However, if an increase of 25% or more the latest years figures can be used providing a satisfactory explanation.
• A Director who owns more than 25% of a limited company, we will use the remuneration for the Director plus their share of regular dividends based on an examination of dividends paid in the last 3 years.
• We accept SA302's or, Tax Calculations with corresponding Tax Overviews as proof of income.
• Where a day rate is available, the Society will annualise income based upon an assumed 48 week working year. A 5-day working week is usual unless proof is received to the contrary.
• If applicant has less than 12 months in new contracted role but has previous experience in this field then an average of the contracted and the earned income stated from the most recent P60, to arrive at a 12 month figure.

Accounts or Accountant's letters must be prepared and signed by a professionally qualified Associate or Fellow of one of the following bodies (including overseas professionals):

• Institute of Chartered Accountants of England and Wales (ICAEW)
• Institute of Chartered Accountant of Scotland (ICAS)
• Chartered Accountants Ireland (CAI)
• Association of Chartered Certified Accountants (ACCA)
• Chartered Institute of Public Finance and Accountancy (CIPFA)
• Association of International Accountants (AIA)
• Association of Authorised Public Accountants (AAPA)
• The Chartered Institute of Management Accountants (CIMA)
• The Chartered Institute of Taxation (CIOT)
• Association of Accounting Technicians (AAT)
• Institute of Financial Accountants (IFA)
• Association of Taxation Technicians (ATT)

If the accountant is not so qualified, the accounts must be supported by the corresponding years’ Tax Returns and tax assessments/self-assessments issued by the HM Revenue & Customs. Normally we would expect the Accountant to have acted for the borrower for a minimum of 2 years.

The end of the latest financial year/tax period covered must be no older than 18 months.

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