P60 Question

I would expect a lender to be more interested in the profits of your company than your P60 if you are a director of your own company. After all, you can pay yourself what you like but it doesn't mean the company can stand it. In other words, they would treat you like a self-employed person for the purpose of a loan.

Rob Graham

To be fair it is the mortgage broker who has asked for the P60 and payslip. The application form asks for the profit and what % I get. Strangely it doesn't ask anything about the salary from my own company but it does ask about other income. I take more in salary than dividend. I remember having a similar arguement with Barclays bank when I tried to open an account many years ago. I used to never take any dividend at all, taking all the profit as salary (as you would be expected to now with IR35). They refused to open an account as in their words I was technically bankrupt. Since the only person that money was owed to was the IR for PAYE I wasn't sure who was going to call in the liquidators. I was hardly likely to default on my own IR payments.

Kevin

Why not?

Seems obvious to me. Would you default on your payments to the IR for a few thousand pounds.

Kevin

People do. I suspect you're thinking the same as me, ie it's definitely not worth trying, but remember there are others out there who don't see it that way.

cheers, clive

Exactly. It you lie, it's fraud (or similar).

Strange but true. There are many that think that once they have deducted tax and NI from their employees, this money is theirs to help subsidise their business. The first 14 years of my career where spent chasing after these businesses up to an including the removal of their goods and chattells to be sold at auction.

No. But then I wouldnt default on payments to ANYBODY. I don't know why you emphasised the Inland Revenue.

HM Revenue and Customs now please :-)

True.

I have updated the start page on my computer but I was keeping it relevant to Kevin's posting.

Because the IR is or was the only people that money was owed to. This was a one man band contractor company. Who else would it owe money to other than myself. The point about Barclays refusing and account was that they did it on the basis of looking at the balance sheet in the accounts and with no knowlegde what so ever of what the company did. One man company, only owes money to the IR in the form of PAYE. Is it not reasonable to pay all the profit as salary. Not tax efficient I agree but I am talking the early 80's here.

Kevin

P60s don't come from the Inland Revenue. They come from your employer. If you are your employer, they come from you.

The OP is meaning the stock of black P60's.

BLANK!!!!

Oh Peter, you beat me to it!

Peter, please rush me my stock of black P60s - how funky. :)

Do you have any other colours or styles? :)

In message , Doug Ramage writes

I am reminded of the story about a couple of America's finest who visited Scotland Yard on an exchange trip.

Having viewed the 'Black Museum' their guide - a rather cynical old DS - took them to witness a 'charge'.. the arrested was of African origin and was about to be fingerprinted.

"Of course" explained the DS to his guests "we use white ink and black forms in these circumstances.."

The Yanks were most impressed...