If you work as a contractor, are a sole trader, work under a partnership, are a director/owner of a limited company or are a member of a limited liability partnership you are still able to apply for a loan providing you are 18+ and a UK resident with a NatWest current account (held for 3+ months).
As a responsible lender we will need to ensure that you are able to afford the monthly loan repayments. To do this we will need to see evidence of your income and review the on-going performance of your business.
To do this you will need to provide the below:
Last 2 years finalised accounts
Where the latest accounts are more than 12 months old, then confirmation of performance, in the intervening period should be obtained from an independent source e.g. accountant, auditor
If you own more than one business please provide the accounts for all of these
If accounts are not available, please provide the last 2 years Self-employment SA302 Tax Returns
In some circumstances we may require additional information.
If you are a contractor you will also need to provide:
Evidence of a history of employment over the past year
Evidence that a contract for further work is in place
When you complete your loan application form, the income figure you provide must match that on your Tax Return Form, SA302 or detailed in your finalised accounts. If you haven’t received a paper copy of your SA302 from HMRC it can be printed online.