Certifiying Sole Traders accounts

[TomB]

Hey All,

An accounting question for lunchtime.

Quick background info, when i bought my flat last august, had a few problems as i didn't have certified accounts for my business.

So i want to make sure that i have certified accounts to prove the income etc.

So a few questions.

What is really involved in this, is it as simple as an accountant looking at them to make sure they are ok and then signing them off?

How much do you think this would cost? I've had a quote for

 

[Scottish Business Owner]

Tom,

I would have thought an accountant could certify them but I would think they would have to have a practicing certificate. I've put a call in to an IFA friend just now. Should have a definite answer for you soon

 

[Scottish Business Owner]

Ok an update. According to what i've been told if you have filed accounts via the self-assessment method then most brokers etc would accept this as proof of earnings without the need for them to be certified. Afterall these are ones that have been filed with HMRC

It will be different if you have a limited company as technically you are an officer and employee of that company. Feel free to asjk any other questions Tom, i'll also pass on my friends number should you need it

 

[TomB]

Thanks .

I'm glad you cleared that up for me i was considering paying

 

[ScottJ]

Indeed I have always filed my own self assessments and my bank has used that along with my own history as a basis for a mortgage offer.

I have always gone by the April to April tax year, so submit my returns by Sept (now end of Oct) and once submitted HMRC calculate the tax for me and send a statement showing my declared earnings & the tax & NI due.

 

[Scottish Business Owner]

Scott got there before I could but he's spot on.

If you do want any help with the return itself feel free to drop me a pm

 

[TomB]

thats good to know Scott.

Do you submit them electornically? or by paper?

Thanks as well , I think i will be taking you up on that offer!!!

T

 

[ScottJ]

I'm a bit old school, for all my online dealings I still prefer to keep everything in Excel and then just submit them in person at my local tax office which will be done this year before end of Oct and then the tax is worked out for me.

 

[Scottish Business Owner]

Tom,

You can register to file online which may be an easier option. The online system is ok, the only thing I would say is dont leave it until the last minute as the site tends to break

The link to register to file online is below


https://online.hmrc.gov.uk/login?GA...ID=Common&URI=https://online.hmrc.gov.uk/home