Help with SA302 tax calculations for self-employed & contractor mortgages.
As a self-employed mortgage applicant, you will need to complete an SA302 form which is a summary of the income you have declared to HMRC.
What's an SA302 form?
An SA302 certifies the income you have declared to HMRC. It is issued to individuals who file a proper tax return by 31 October after the end of a tax year, and clearly states your earnings for the year and the tax owed.
Once you have submitted your accounts to HMRC you will be sent an SA302 form stating how much tax you owe or have overpaid by. This form is not always automatically sent, and so you may have to request that the form, this is particularly the case for those individuals who file their accounts online.
Why do mortgage lenders what to see form SA302?
Form SA302 is a simple way for lenders to check that the earnings you have declared on your application match the earnings declared to HMRC.
It is usual for lenders to ask to see copies covering up to three tax years. You are advised to request a copy of your SA302 from HMRC as soon as you begin your application. You can either do this by phone or you can print your own copy from the HMRC site.
Requesting form SA302 by phone.
If you make an online tax return you can request a copy of the form by calling - HMRC Self-Assessment helpline - 0300 200 3300. Forms are posted to the address listed in HMRC records so make sure yours' is up to date and current.
Be clear about which years you require copy SA302 forms for, and explain it’s for a mortgage application and it needs to be send as a matter of urgency, as the process can take up to 10 days.
You will need to provide:
- Full name
- Date of birth
- Current Address
- National Insurance number
- Unique Tax Reference
Printing form SA302 after making an online tax declaration.
If you have made an online declaration you can print a copy yourself:
- Go to www.online.hmrc.gov.uk to log into the HMRC online account
- Select ‘Self Assessment’
- Follow the link ‘View Your Tax Return’
- Follow the link ‘tax return options’
- Choose a year from the drop down box then click ‘Go’
- Select ‘view return’
- Follow the link ‘view calculation’
- Follow the link ‘view and print your calculation’
- Follow the link at the bottom of the page to 'print your full calculation'
Printing your Tax Year Overview.
- Go to www.online.hmrc.gov.uk to log into the HMRC online account
- Select ‘Self Assessment’
- Follow the link ‘Self Assessment Overview’
- Follow the link ‘view account’
- Follow the link ‘tax years’
- Choose a year from the drop down menu then click ‘Go’
- Follow the link ‘print your Tax Year Overview’
Please note: You must wait for a period of 72 hours after submitting your return to print your documents.
If you can't access your account online or have any problems printing your documents contact HMRC on 0300 200 3300.
If you are looking to make a self-employed mortgage application contact us at Deal Direct on 0800 048 8828. We can guide you through the mortgage maze and advise you on all the documentation you need.
Speak to one of our specialist advisers to discuss your mortgage needs and to find out your mortgage options. By contacting us you can be sure you will gain access to all mortgage lenders willing to consider your self-employed status in a favourable light.
