Mortgage paperwork when sole trader

bylromarha

Any tips please?

OH is self employed, does his own accounts, has a tax advisor to fill in his tax return for him. Tax advisor uses his accounts to calculate the totals and percentages etc.

Abbey are refusing to accept the accounts as they aren't "signed accounts"...our tax advisor isn't an accountant, so she doesn't do signed accounts. The only other thing abbey will accept are the tax returns. OH only has a receipt from IR saying the bill is paid each year and tax advisor only has the form she fills in to send the tax office...neither of which appears to be what they want.

We've left it that the tax advisor is going to ring abbey to clarify what they need, but what can I do to speed it up? We're buying a new house and this should have been sorted weeks ago...but Abbey didn't tell us until recently what they wanted.:mad:

However, they were happy to take our money using the same documentation when they set the mortgage up in September, but not now for the excess mortgage on the new house...apparently Abbey decided to self cert us back in Sept when we remortgaged over to them.

So any tips on getting this to move faster as I hate relying on someone else to do this...especially when the tax advisor is going to be charging us for the chasing she's doing (and shouldn't have to do)....and my baby is due in 4 weeks.:eek:

payless

You can request a copy of the tax calculation from your inland rev office

AndrewSmith

Is the new mortgage going to be in excess of 75% of the new property value?

If so then this is the reason why Abbey require proof of income as they will only offer 'fast track self cert' under 75%.

The best thing you can do is to call the Abbey (yes I know they are a nightmare and can keep you holding for hours) and ask them to explain in plain english exactly what they are looking for from you. I suspect it will be the IR copy of your self assesment return.

Unfortunately when you are looking at a 'full status' mortgage the lender reserves the right to request and form of income proof that it feels necessary to verify your income. They have no obligation to agree to lend on a new property even though you are an existing borrower, as the mortgage you took last year was based on the property you are now in.

I would make the calls and chase yourself instead of paying a 'tax advisor' to speak with the lender. The other thing you should consider is whether the Abbey mortgage is the most suitable for you taking onto account what they are asking for.

Hope this helps

Andy

bylromarha

Thanks Andy

The mortgage is well below the 75% threshold.

We've tried chasing the abbey and repeating word for word what they've said to the tax advisor, but she doesn't have a clue what they want. I'm not happy leaving it in her hands, but as we aren't experts in the land of the IR and she is, it seems best she discusses the matter with them, else we're playing a game of chinese whispers.

We spoke to our mortgage broker and it is best we stick with the Abbey by about £5k...with a mortgage of £80k total, that's a huge percentage to pay in penalties.

bylromarha

:mad: :mad: :mad: Argh.

Just rung IR and they can't speak to me or send me documents about this as it would be breaking the data protection law.:mad: :mad: :mad:

AndrewSmith

Why not post here 'word for word' what they have asked for?

I have a friend (and a client) who lives a few doors down who is actually an accountant. I could ask him what it is for you?

Also I expect that there are some accountants on here who would be happy to give some help.

Andy

HelpWhereIcan

The last customer I had in a similar situation needed to produce the SA302 which is the form that the Inland Revenue send to you once they have received your return setting out the figures used to calculate the tax you owe/are due back.

Is it possible that this is the form they are asking for?

payless

Thats the one if was referring to inm post #2 .... But think they only send it out automatically if you ask tax office to do the tax calculation ( ie usually before end of sept)- if you do it yourself ( or tax adviser does it) then they don't usually send one unless requested.

AndrewSmith

I think it could well be HWIC

bylromarha

"2 years self assessment Inland revenue forms"

When questioned, Abbey can't tell me what the forms should contain or any more information than that.

the tax advisor does do the tax calculation, IR don't, so it's probably the form you're all referring to...we've never needed to request it before.

OH has now rung IR and they are sending out 2 years of tax calculation...hope this is what they want. I'm really grateful for all your responses, but it's so annoying that you guys can translate and tell me what Abbey can't...how on earth were we supposed to know what form Abbey wanted us to ask IR for? :mad:

We still don't know if it's the right thing we've asked for, but at least it'll be in the system if it is the correct doc rather than waiting for Abbey to decide what they want.

And what is HWIC please?

AndrewSmith

HWIC is an abbreviation for my learned collegue Help Where I Can



By the way,

I totally agree with your signature. The JLC totally rocks.