Use statements to do accounts

Mark2788

We've always used statements to do self assessment returns, but now getting a mortgage we require audited accounts which we don't have, is there anyway we can use mixture of receipts and bank statements to do a business account spreadsheet? Thanks

antrobus

Mark2788 wrote: »

We've always used statements to do self assessment returns, but now getting a mortgage we require audited accounts which we don't have, is there anyway we can use mixture of receipts and bank statements to do a business account spreadsheet? Thanks

If you don't have audited accounts, you are just going to have to pay an accountant to carry out an audit and produce some.

realaledrinker

Does the bank actually specify "audited accounts". That only applies to limited companies and, even then, the smallest companies don't require an audit. My personal service company has a t/o of just shy of £100K and doesn't need an audit.

Pennywise

Indeed, in the strict legal sense, "audited" accounts means accounts subject to a statutory audit, which any business can have done, but only legally required by larger companies and non-exempt smaller ones.

But in the looser sense, when the word is used by banks and other lenders, they actually mean proper accounts, being profit & loss account and balance sheet, as prepared by an accountant.

The lender here won't require a statutory audit, they'll just be wanting accounts properly prepared by an accountant to support the mortgage application.