Year end accounts

[northernladuk]

Are you on Freeagent?

[MrButton]

To add to everyone’s responses Which are all good advice.

I’d also recommend contacting a broker and your existing lender (if you have one) to gauge exactly what you will need.

Some will require 2+ years of accounts. Some won’t require much at all apart from a current contract.

So worth at least finding out.

I’ve not been through the process yet but that’s just based on reading and convos with other contractors. Their advice has always been to talk to brokers who deal with these lenders day in day out.

[Contractor Stu]

No, not on free agent. Using cleveraccounts via JSA accountancy. It will calculate corp tax, but can't figure out how to get it to tell me how much I've taken as dividends.. I'd have to go through it manually and it's..... clunky.

On the mortgage front it does sound like I need a specialist broker though. I spoke to Halifax earlier though (my current mortgage people) and they reckon should be okay with them as long as I have current work and been in the same industry for the last two years which I have. But, sounds like I still need specialist advice to get the best deal, but it sounds doable.. if they ever sort my accounts

[northernladuk]

I'd seriously think about swapping accountants with that service and FA as well. Double bonus. You will wonder how your managed without it.

Halifax was offering the best contractor mortgage when I got mine a year or so ago but just depends on meeting their criteria. They differ between lenders.

[Contractor Stu]

Yeah, been thinking about binning then off.. they've also been late with a vat return too (gave me -2 days to pay it!). is it a right hassle to swap out accountants though?

[northernladuk]

Yeah, been thinking about binning then off.. they've also been late with a vat return too (gave me -2 days to pay it!). is it a right hassle to swap out accountants though?

Shouldn't be. Probably less than staying and getting messed about. If you can get your year end out your old outfit you don't have much of the year to backtrack and it's very easy in Freeagent.

Freeagent offers a free trial so you can have a play and see what you think.

[Lance]

I've got a rough idea of income, turnover and personal tax due etc., but guessing mortgage lenders won't want fag packet calculations by the applicant for a mortgage!

I think a mortgage lender would be happy with a "summary set of accounts that's not been finalised yet".
If you offer them that and avoid phrases like "fag packet calculations" then they'll be fine as it sounds like you're only applying for a mortgage in principle at the moment. They're interested in your ability to pay, which is judged by a combination of factors.