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self employed, no tax returns - mortgage, are we stuffed?!!

nenil
nenil Posts: 4 Newbie
in Mortgages & endowments
Bravely adding this here!

We have applied for a mortgage and we both are self employed
We have a good deposit - approx half of what the property is on the market for so we need to mortgage the remaining amount.
However we have no accounts.
Broker wants to see the following:
Tax overviews for 3 years
sa302 for 3 years
Here's the thing!
I have been trading for 2 years - i have proof of trading and income via my business bank as does my partner.
So can i file my tax return for 2015 - 2016 now and would they except a projected one for the year 2017 - 2018? we both earn in the region of 50k and take home approx 25 - 30k each.

What do you advise? or are we stuffed?!!

Comments

  • ACG
    ACG Posts: 24,973 Forumite
    Part of the Furniture 10,000 Posts Name Dropper I've helped Parliament
    When you spoke to your broker, did they ask how long you have been trading for?

    Why would someone ask for 3 years SA302s if you have not even been trading that long? You only need to provide 2 years SA302 where SA302s are needed.

    HMRC are probably going to fine you for a late submission, so prepare yourself for that one.
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • nenil
    nenil Posts: 4 Newbie
    My partner has been trading 4 yrs, me 2 years.
    Would a 2016 - 17 one be okay and a projected one or does it need to be a 2015 - 16 one too?
  • ACG
    ACG Posts: 24,973 Forumite
    Part of the Furniture 10,000 Posts Name Dropper I've helped Parliament
    Lenders do not work off projections.
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • Thrugelmir
    Thrugelmir Posts: 89,546 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    nenil wrote: »
    My partner has been trading 4 yrs, me 2 years.

    Suggest you find yourselves an accountant tomorrow. You need to get your affairs into order.
  • horseymchorseface
    horseymchorseface Posts: 71 Forumite
    Fourth Anniversary 10 Posts Combo Breaker
    best case scenario you submit your return for 2015-6, it will still take a few weeks to get the paper copy calculations from the HMRC, some lenders don't accept the electronic print out you can access.
  • Oakdene
    Oakdene Posts: 2,560 Forumite
    1,000 Posts Combo Breaker
    I would suggest getting an accountant sharpish as you need to file you 15-16 return as soon as possible as it was due on the 31st January 2017!!
    Dwy galon, un dyhead,
    Dwy dafod ond un iaith,
    Dwy raff yn cydio’n ddolen,
    Dau enaid ond un taith.
  • Auntie-Dolly
    Auntie-Dolly Posts: 1,008 Forumite
    Have you got the money to pay all the overdue tax & NI?
  • Tammykitty
    Tammykitty Posts: 1,005 Forumite
    Fifth Anniversary 500 Posts Name Dropper Combo Breaker
    Auntie-Dolly wrote: »
    Have you got the money to pay all the overdue tax & NI?



    Maybe there is nothing due - the op and partner could be working via CIS.
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