Tax returns

Are you self employed and wanting a mortgage in the next few months?

It is almost that time again, when the HMRC tax year comes to an end on the 5th April. If you want to have the best options available for your mortgage, and be able to borrow the maximum amount required, then you need to finalise your tax return soon.

You may feel you have until next January to file the return for the HMRC, which is certainly true, but this won’t help if you want to maximise your borrowings, especially if you have had a better financial trading year than last year. With most lenders averaging your last 2 years figures, and one of the previous year’s likely to be affected by Covid, you should get onto your accountant now, and ask them to prepare to file the return as soon after 5th April as possible.

Therefore, you may need to make sure your income and expenditure and paperwork is prepared, so your accountant can get on with the final return.

You will find they are delighted as well, as they prefer not to have their January ruined by doing 12 months’ work in one month!