LLP?

[TheFaQQer]

And hope you don't need a mortgage - research this as a priority because many mortgage providers will only touch normal umbrellas and Ltds.

Don't most accountants and lawyers operate through LLPs? Surely they must be able to get a mortgage.

[craig1]

Don't most accountants and lawyers operate through LLPs? Surely they must be able to get a mortgage.

The Halifax explained this to me a few years ago when we were thinking about moving and applied for a mortgage in principle. They approved us because we could point to more than three years of full business accounts where they could see the P&L figure, also the members' list of the LLP was just us, the two mortgage applicants, meaning that all of the profit was attributable to only us. They were far sharper at working out genuine self-employed status against tax avoidance mechanisms than HMRC at their most efficient!

The alternative they said was us providing at least the last three years of tax returns to prove declared income.