Accounts

111beckstar111

I was wondering if somebody could share some advice with me please.

My brother has asked me to do him some acounts as he is applying for a mortgage ith a bank. He is a subconractor with income of around £14k although has little assests.

Would you advise me to do a se of accounts (p and l and balance sheet) or an inome and expenditure account?

Thanks All!!

Miss_HJ

111beckstar111 wrote: »

I was wondering if somebody could share some advice with me please.

My brother has asked me to do him some acounts as he is applying for a mortgage ith a bank. He is a subconractor with income of around £14k although has little assests.

Would you advise me to do a se of accounts (p and l and balance sheet) or an inome and expenditure account?

Thanks All!!

Does he not have his last set of acounts submitted as a subcontractor to use? or his tax return? this would generally be the best option when applying for a mortgage, they will also want to see evidence of his salary, through pay checks, invoices etc he will need to be well prepared, they do not lend easly at the moment!

You need to be confident in what you are preparing, and depending on your experience in preparing accounts would question if you are professionally competent to do this. It is not a case of doing a relative a favour if you are studying, the professional ethics topic is one not to be considered lightly!

111beckstar111

thanks for your help!

Just to clarify I did him a income/expenditure account and presented them very well and they were fine...and to top it he got the mortgage!!