Year end accounts

[Contractor Stu]

Hi,

Got a quick question. Tried to find the answer somewhere else, but I was wondering..

I started contacting last year and my first year end was 31sy may this year.

Is it unreasonable for me to expect my accountants to have done my year end stuff yet? Just wondering as I'm looking at new mortgages and expect to be asked about income etc.

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!

Thanks in advan

Stu

[northernladuk]

I think you are confusing your business year ends and your personal tax year ends. A mistake you need to rectify quickly.

For your income for mortgages etc you'll want your Self Assessment doing and they've got up until Midnight 31 January 2019 to file them online. Some accountants keep it all until January and kind of disappear while they do all their customers. Others will do it on request. I remember SJD charging for it being done early at one point.

Really comes down to your accountant so best option is to ask them.

[Maslins]

It's not unreasonable, no...but have you given them a prod? If not, the deadline won't be for another ~4 months, so whilst I don't condone leaving it to the last minute, there's plenty of time if they're not aware of any particular reason to do quickly.

[Maslins]

I think you are confusing your business year ends and your personal tax year ends. A mistake you need to rectify quickly.

Not necessarily. Yes some lenders will want to see SA302s, but many still have forms requesting company turnover/profit etc.

[Contractor Stu]

Okay, thanks everyone. I've already poked them a couple of times (and let them know why). They responded by saying they've flagged them as an urgent set of accounts on the 21st August.

[northernladuk]

Not necessarily. Yes some lenders will want to see SA302s, but many still have forms requesting company turnover/profit etc.

Oh, interesting. I can't remember having to supply any of that one for the contractor specialist ones I've applied for but OK, fair point.

OP. Mortgages as a contractor can be a bit of a minefield as some lenders won't accept the money in the company or the fact you are in contract and have earning potential etc so can be difficult for people staying under the tax thresholds to prove their income. There are a number of offerings that are related to contracting that (I guess) do look for what Maslins say but also need x months of a contract left and other criteria.
Have a chat to a contractor specialist who will look through these offerings for you. I'd recommend John Yerou at Freelancer Financials. They've done a few for me.

If you do have questions about contractor mortgages you know how to use the search function now

[jmo21]

I was in a similar position this year (End March EOF, end June, looking to change mortgage)

Emailed my accountant, and they had the accounts ready in 2 weeks.

[Spoiler]

I was in a similar position this year (End March EOF, end June, looking to change mortgage)

Emailed my accountant, and they had the accounts ready in 2 weeks.

^ Similar thing last year. End August was company FY end, applying for a mortgage (bank wanted to see Ltds accounts) - spoke to my accountant, they had it ready in a week. All good !

[Maslins]

Okay, thanks everyone. I've already poked them a couple of times (and let them know why). They responded by saying they've flagged them as an urgent set of accounts on the 21st August.

That's not great TBH. In my opinion ignore any time before your first poke (as until that they'd likely be on the firm's to do list, but quite far down). From then, a couple of weeks should be perfectly achievable.

Depending upon how messy the figures are, staffing levels, how many other clients are desperate for their stuff, I'd suggest anywhere from a couple of days to a couple of weeks is reasonable.

[Contractor Stu]

That's not great TBH. In my opinion ignore any time before your first poke (as until that they'd likely be on the firm's to do list, but quite far down). From then, a couple of weeks should be perfectly achievable.

Depending upon how messy the figures are, staffing levels, how many other clients are desperate for their stuff, I'd suggest anywhere from a couple of days to a couple of weeks is reasonable.

Yeah, this my feeling too which is why I asked the question. I get they have a several months to do it, but the accounts are really straightforward. One man band with a ltd company, no other employees, directors or shareholders.

Also, thanks for mortgage pointers northernlad, appreciate the input