self employed forecast-mortgage application HEEELP :-)

Scoual

HI Guys !
I ve been self employed for just a couple of months now. No business, no Vat number, I am just invoicing freelance guys that don't want to employ somebody. I ve been enquiring about a mortgage application and I was told I would need to give them a forecast for this year...I don't have any accountants and I intend to try to do it myself...
Would somebody know what form it should have, like the kind of categories and the kind of layout etc?

Any help will be so so welcome !:)
Thanks

vanban

i cant believe you have no accountant. have you submitted a tax return?

Scoual

Well, no I haven't:D
See, 1. i only started contracting since end of September and revenue said I d only have to do my declaration next year 2. My earnings are not much, as I am working part time.

So do I understand by your answer that hiring an accountant is really a must?
Sorry for my naivity:p

Mr. Presentable

Scoual wrote: »

My earnings are not much, as I am working part time.

How would you pay a mortgage then?

Usually self employed need 2 years audited accounts and bank records to even get considered.

Scoual

Well, I spoke to a few brokers and once I have the proper paperwork and a letter from the freelance guys who are contracting me, they were confident that it would not be a prob because my partner has a very secure position with a decent salary.
My part of the play is very small and yet necessary.

Well, you are only trading a couple of months, so 2 years of audited accounts would be a no-no for you.

I guess your financial institution appear happy to accept forecasts as a means of assessing your capacity to repay. In this case, cash flow forecasts are the way to go, imo. I would agree that you should perhaps bite the bullet though and get a professional involved. Any costs can be written off against tax too, don't forget!

Scoual

Cheers, ND 1978