Signed Trading Accounts - help!

[sandytoes84]

Currently applying for mortgage - both of us work and are also self-employed sole traders. We have our SA302s and also need signed trading accounts.

How easy is it to go about getting these? Do we have to provide more info than just our tax returns and will an accountant charge much for them?

Thanks in advance!

Your "accounts" are the bridge between your book-keeping and the figures you've put on your tax return.

Have you checked the mortgage provider won't simply accept the SA302 forms - it's pretty normal these days, so worth double checking with them.

As for getting an accountant to do them, first thing is whether you'd find someone to prepare accounts as a one off, and secondly whether they'd come up with the same figures you've already put on your tax returns. There may well be judgement calls to comply with accounting standards and tax law, so you could risk ending up with different figures. You'd also need to check what qualifications the mortgage firm require - literally anyone can call themselves an accountant and people unwittingly use unqualified/unregulated accountants whose "signed" accounts then get rejected by the lender. As for costs, it's anyone's guess. Depends on the quality and accuracy of your book-keeping - for a one off, my guess would be a few hundred as it's going to be more expensive that if it were for an ongoing yearly relationship due to the upfront set up costs of doing money laundering reg checks, "know my client" checklists etc.

Oh that’s great, thank you @Kazzyhoward! Really appreciate you answering in such detail.

Accounts were for Barclays, but think we’ll speak to a broker and see if we can get one just with SA.

Thanks again!