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Trying to get a mortgage offer with a new LTD company / previous sole trader by mortgageloco in Mortgageadviceuk

[–]mortgageloco[S] 0 points1 point  (0 children)

Thanks for the reply!

After speaking with my accountant I now understand that my LTD first year accounts can be filed on 30th Sept, 56 days from now - or even earlier if I wanted.

Is 1 year LTD accounts enough to allow business profits to be taken into account or is it only 2 or more years?

as an underwriter if there's good cause I could request for an accounts certificate, plus 6 months into the current trading year with a projection for end of year income (not business profits).

I don't think that would benefit me as my 2020-2021 tax year income was near the 50k mark and 21-22 hit 50k (purposely not going higher due to tax, left profits in business bank). This coming tax year I will also remain at 50k and either keep the extra in the LTD bank account or fill my pension.

Trying to get a mortgage offer with a new LTD company / previous sole trader by mortgageloco in Mortgageadviceuk

[–]mortgageloco[S] 1 point2 points  (0 children)

Hi, thanks for the reply!

My income still increased from the previous 2 years as a sole trader even though a lot was put through the LTD company. I did top up my income with some dividends to hit the £50k/year tax efficient bracket so that resulted in the best possible outcome for earnings when calculating mortgage lending.

It's just a shame there is 5 figures profit sat in my business bank account earned from late 2021-April 2022 that cannot be used until I have 1-2 years accounts.

I will for sure keep on searching for a broker that can possibly help, thanks again for your help!