Here are the most frequently asked questions we've received from self-employed contractors in July 2021, with answers from the experts at Orange Genie Accountancy:

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Is there a 5th grant (SEISS) available for the self-employed?

Yes, there is, and the same eligibility criteria apply. When claiming you must declare that you intend to continue to trade and that you reasonably believe there will be a significant reduction in your trading profits due to reduced business activity, demand or inability to trade due to coronavirus from May 2021 to September 2021 when the scheme is due to end.

How long do I have to be self-employed to apply for a mortgage?

Traditionally lenders prefer 2-3 years of accounts (with relevant tax overviews etc. to support) when considering you for a mortgage, however there are a small number of lenders that will accept just one year.

In some cases, accounts are not even needed. Specialist mortgage advisor CMME (Contractor Mortgages Made Easy) have worked with freelancers and contractors for a number of years and have access to a network of mortgage providers who can base their offer solely on the value of your contract. If you would like to find out more, we can make the introduction.