Are we self-employed or employed?

[Sockpuppet]

If you own more than 25% of a company you are usually classed as self employed.

Well thats what it said on my mortgage application.

THey'd treat you as a self employed person. You could always fake your payslips.

[wendigo100]

You're a contractor - you shouldn't need to be borrowing money!

The only loan I have taken out in the last 20 years is a mortgage. I told them I was a contractor and they took divis into account.

[css_jay99]

One question still baffles me whenever I fill out a loan..... aplication form.

It the question where they ask If you are self employed or an employee.

What should us contractors that work via our own limited company put oneself down as.

I am sure if I said I was an employee, then they would probably want a copy of our payslip which will be tulip cos we pay oneself minimum wagfe to get the rest as divi. further original payslip will be A4 papar. so it seems putting one self down as Employeed is no good

If we put oneself down as Self employed, then they most likely classify us a bigger risk unless u have couple of years of company accounts.

I applied for credit card couple of weeks ago just to be turned down cos my income was showing around £1000 p/m. They latter called me up to appologise to say sorry we made a mistake when they later looked at my savings and fat divis ?.

What do most of you guys do in this situation?. do you classify urself as employed / self-employed ?


css_jay99