Do you need to submit expenses in your tax return/ getting a mortgage
Hi,
I'm just submitting my tax return for 2014/15. I also am looking to apply for a mortgage on a self employed basis in the next year or so and I understand that my profitable income will be used to determine the level of mortgage I can get.
As I haven't earned enough to pay taxes I'm actually wondering whether to bother submitting my expenses as I understand that my profitable income is what is used to calculate what mortgage I can get. I realise its negligible but also its going to be quite a lot of work to accurately calculate all my expenses!
My questions are-
1) is it fraudulent in any way to not submit your expenses
2) is it correct that its the profitable income that's used to work out how much mortgage you can get
3) are there any other disadvantages to not submitting them
For info- I won't come out as a loss so can't carry it over to the next financial year.
Please feel free to comment on any questions- I realise many people won't know the answer to qu 2) if you haven't had to do it!
Many thanks!!
Lucy