Thread: 2010 Budget - Who's looking at emmigration?

Sounds like fun AL!! Good Luck with it all.

Originally Posted by auntylady

It's 'the family business' LOL just a property company, we own a couple of commercial properties at the moment, but considering moving into residential too. Am learning as I go!

Fantastic! You'll have to change your name from Auntylady to Businesslady

DH is self employed as he is an equity partner where he is, so owns the business with 8 or 9 others. But he doesn't get it as dividends and still pays tax, etc. There were talks of making changes but not listened enough, lol, to know whatm when, how, etc.

There are benefits to taking a smaller salary and higher divvies..... or so I am told

Oh yes! Dh is on minimum wage

Originally Posted by Ginnygin

Oh yes! Dh is on minimum wage

So... tell me how that works when applying for a new mortgage then? A friend who shall remain nameless has high aspirations bless her and her hubby runs his own company and takes a low salary and big divvies and she says it's why they haven't moved. I personally think its cos they can't afford it but thats just my speculation She would never admit to not being able to afford to!!

"The indications are that you will be £57.04 better off."
Just worked out budget costs - and surprisingly despite losing tax credits and paying more NI. We gain from me paying less income tax.

FTA - Dh might be a victim of the 25% cuts in public sector budgets though.

The mortgage thing is hard though whe salary is officiallu low especially when self employed. Mortgages are based on income and dividends won't count always.

DH became self employed not that long ago really and despite earning a lot more now than ever before we find it hardr to get loans, etc.

Originally Posted by auntylady

So... tell me how that works when applying for a new mortgage then? A friend who shall remain nameless has high aspirations bless her and her hubby runs his own company and takes a low salary and big divvies and she says it's why they haven't moved. I personally think its cos they can't afford it but thats just my speculation She would never admit to not being able to afford to!!

Some lenders take dividends into account when calculating the amount you can borrow (e.g. The One Account - used to be Virgin One), unfortunately many don't so you have to do your research. Some expect to see 2 or 3 years worth of accounts to assess the profitability & stability of the company if the lions share of income is divvies. So, either they can't afford it or they haven't asked the right lenders

Originally Posted by Ginnygin

So, either they can't afford it or they haven't asked the right lenders

I am going to stick with 'they can't afford it' and she's too proud to say so