Info needed for a self-employed applying for mortgage

flogen

I'm not sure if this is the most suited forum for my query - if not please move. Thanks.

I'm looking at applying for a mortgage in the near future and am self-employed so I want to find out what I need to provide the bank/lender in order to be considered.

I'm looking at the affordable housing scheme also and came across this in the Fingal FAQ:

IF YOU ARE SELF-EMPLOYED, YOU MUST SUBMIT AN AGREED TAX ASSESSMENT FOR THE PREVIOUS TAX YEAR (SIGNED AND STAMPED BY THE INSPECTOR OF TAXES) TOGETHER WITH CERTIFIED AUDITED ACCOUNTS FOR THE TAX YEAR IMMEDIATELY PRECEDING THE DATE OF APPLICATION.

From what I recall the spokesperson in AIB was looking for something similar (audited accounts anyway).

So can anyone help me figure out how I'll go about getting both of these?

Is the Tax Assessment just the letter I get from Revenue every year after I file saying they're happy with my returns?

As for getting accounts audited, what exactly will I need to present to them? Invoices, sales receipts etc.?

Thanks for your help,

Adam.

Bookkeeper09

The Notice off Assessment the Revenue send out after you submit your tax return should be sufficient for the Revenue agreement.
Do you have an accountant that prepares your tax return? If so they should have accounts on which they based the tax return.
Usually a bank has a standard form for self employed people which they request is completed, signed and stamped by an accountant when they are looking for financing.
The bank may also request a letter from your accountant that all of your tax affairs are up to date.

flogen

Bookkeeper09 wrote: »

The Notice off Assessment the Revenue send out after you submit your tax return should be sufficient for the Revenue agreement.
Do you have an accountant that prepares your tax return? If so they should have accounts on which they based the tax return.
Usually a bank has a standard form for self employed people which they request is completed, signed and stamped by an accountant when they are looking for financing.
The bank may also request a letter from your accountant that all of your tax affairs are up to date.

Thanks for that.

At the moment I don't have an accountant as my income has not really been good enough to justify one (I know that doesn't square with applying for a mortgage but things have picked up this year and will hopefully continue to do so).

So I'll start the ball rolling on looking for one soon, I imagine, even if it is just to do an audit of what's gone before (which I still have the various documents for).

mickbyrne

It is extremely difficult at present for self employed people to get mortgages. You will need the notice of assessment as issued by the revenue commissioners along with an accountants report stamped by a qualified accountant.

This will only be the start of a long list, so be prepared for some serious banging of your head against the wall.

Michael
www.perspective.ie

Bookkeeper09

When you are getting an accountant to go through your paperwork from last year, you might be aswell to get them to look at the current years stuff and prepare a set of management accounts for the bank..particularly if your income is increasing!

flogen

mickbyrne wrote: »

It is extremely difficult at present for self employed people to get mortgages. You will need the notice of assessment as issued by the revenue commissioners along with an accountants report stamped by a qualified accountant.

This will only be the start of a long list, so be prepared for some serious banging of your head against the wall.

Michael
www.perspective.ie

Yeah, I know it's not easy for anyone and expect it to be harder still for me - just want to make sure I can do whatever I can to make it work on my end.

Bookkeeper09 wrote: »

When you are getting an accountant to go through your paperwork from last year, you might be aswell to get them to look at the current years stuff and prepare a set of management accounts for the bank..particularly if your income is increasing!

Thanks, will do.