SA302 and Tax Year Overview Guide
Caz Blake-Symes • February 15, 2021
Information needed for self employed clients
If you receive any income from being self employed including property rental income, we will need proof of income when preparing your mortgage application. Below is a brief guide about the documentation that we will require.
What is my SA302 and Tax Year Overview?
The SA302 is a summary of the income that has been reported to the HMRC. It is a response from HMRC which is only issued to those who submit a tax return before 31 October (for paper returns) or 31 January (for online returns) following the end of the tax year.
The form shows your income for the year and how much tax you owe. It is effectively a certificate that documents exactly how much income you have declared, therefore the form is an easy way for a lender to verify that the income on a mortgage application is the same as you have shown to HMRC.
An additional document called a Tax Year Overview verifies that the SA302 information is correct. It is produced by HMRC once you have submitted your self-assessment tax return and shows the amount of tax due to be paid direct to HMRC or any available amount for refund for a given tax year.
We recommend if you do not already have your SA302 and Tax Year Overview and intend to submit these as part of your mortgage application, you do so at the start of the application process as they can take a number of weeks to obtain. To ensure the loan is affordable, during the application process we require you to send both documents together.
How to get your SA302 and Tax Year Overview
If you or your accountant submitted your tax return online, you can log into your HMRC online account to obtain your forms.
If you or your accountant submitted a paper tax return, you should automatically be sent these in the post in response to this.
If you have lost your paper forms, or you can’t access your HMRC online account, you will need to contact HMRC. You can do so by calling them on 0300 200 3310. They will ask for your National Insurance number and Self-Assessment Unique Taxpayer Reference (UTR) so it’s best to have them to hand when you phone.
The documents will take up to two weeks to arrive, so we recommend getting this done at the beginning of the application stage, ensuring you have it ready when you need to send it off to your lender.
Accessing your Government Gateway account
HMRC are using the Government Gateway portal for more and more information and all businesses and those filing self-assessments are required to have a Government Gateway account. The process is relatively straightforward and simple to set up.
If you have any queries whatsoever please contact your Adviser or one of our experienced Admin team who will be delighted to help you.
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