Ltd and Self employed.

Dace2020

My partner is self employed and is due to file his tax return in April. He will then have 7 years worth of returns in a sole trading company. He opened a Ltd. business in January and was going to close the sole trading company down in Jan but we were advised against this for our mortgage. So I guess my question is how complicated has he now made this for us? We wanted to start the process in April for the mortgage but I am now worried he will not have a full years of Ltd trading accounts? Will this create issues for us?

Thanks in advance.

lspell1

This shouldn't be a problem the lender will just wanted to see your partners last 2 or 3 tax calculations and corresponding tax overviews.

Thrugelmir

You may find little appetite from lenders in the short term to underwrite mortgage business. 

csgohan4

lspell1 said:

This shouldn't be a problem the lender will just wanted to see your partners last 2 or 3 tax calculations and corresponding tax overviews.

depends if main income is from sole trader or limited company,  if limited company then you will have a problem, with not even a years accounts