The business must:
- Be registered in the UK
- Have been trading for at least one year and be able to provide appropriate evidence
We generally require businesses to have traded for at least two years. However, we can accept businesses that have been trading for only one year, provided that additional evidence is supplied demonstrating the customer's track record of previous employment at a similar level of income in a related field.
We will take the latest net profit for the affordability assessment where the income is deemed to be sustainable.
Where there have been large increases or decreases in the year-on-year profit or income, please provide us with full details. We may ask for additional documents to ensure income used is sustainable.
Packaging guidance:
Where the business has been trading for 2 years
- The last two years' tax calculations and corresponding Tax Year Overviews (TYOs) - The most recent tax calculation must be dated within the last 18 months
- The last 3 months’ bank statements (business or personal as appropriate) showing income and consistent trading as per their declared income
- If not used for trading, the latest month's personal bank statement showing expenditure
Where the business has been trading for 1 year
- The lastest years’ tax calculations and corresponding tax year overviews (TYOs) - The most recent tax calculation must be dated within the last 18 months
- Evidence of previous track record (P60, previous contracts, period 12/52 payslip from previous financial year etc)
- The last 3 months’ bank statements (business or personal as appropriate) showing income and consistent trading as per their declared income
- If not used for trading, the latest month's personal bank statement showing expenditure