3 September 2015 | Taxation
If you need a SA302 for a mortgage then this tells you how to get a suitable form. The following is the update from HMRC contained in the Agent Update 48, at pages 11 and 12. It is dry, but very important if you are seeking a mortgage.
As we move into a more digital world, we have been working with the Council of Mortgage Lenders to improve our online documents. In particular, we have improved the Tax Calculation (SA302) and Tax Year Overview so that lenders can consider accepting them as evidence of income returned to HMRC for loan or mortgage purposes. Adding the Tax Year Overview as evidence addresses the Financial Conduct Authority’s concerns about the robustness of the Tax Calculation.
The new process is still embedding. Some lenders will accept copies of the online documents while others will ask for original paper copies. For now, it’s probably best to check with the lender what they accept to avoid any unnecessary delay or confusion.
If the lender asks for copies of online documents, you (your client) will be able to print them from the online account without having to contact us.
To access and print the Tax Calculation (SA302) and Tax Year Overview, you (your client) need to be registered for HMRC Online services. If you send tax returns using:
If you can’t access and print online documents or the lender asks for paper copies, contact HMRC Self Assessment Helpline and we will send them to you.
You can currently view and print up to 3 years Tax Calculations, but this will increase to 4 years from April 2016.
You must wait 72 hours after fully sending a tax return until you can print your documents.
At 3 September 2015, the following lenders had signed up to the new processes:
The information provided is for general information purposes only.
Legislation and details may have changed since this was written. The text may not include all matters that are relevant to your individual situation.
You should not make decisions, or refrain from making decisions, without taking further professional advice about your specific circumstances.
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