Mortgage and loan applications

19 Nov Mortgage and loan applications

HMRC has been working with the Council of Mortgage Lenders to develop the SA302 tax calculation and tax year overview document. The documents are commonly used as evidence of income for loan or mortgage purposes for the self-employed. The forms have become more commonplace since the mortgage rules have been tightened up in order to provide proper evidence of income.

The tax calculation (SA302) shows the breakdown of the income returned on the taxpayers tax return, including commercial versions. The tax year overview confirms the tax due from the return submitted to HMRC and shows any payments made, cross referencing the Tax Calculation with HMRC records.

Since earlier this year, self assessment taxpayers can use HMRC’s online service to request a tax year overview or a tax calculation (SA302) for the last three years. It takes 72 hours after an online tax return has been submitted before the documents are available to print. Taxpayers who submit paper tax returns have to contact HMRC to request a paper copy of the documents which can take up to 2 weeks to arrive.  Some lenders will only accept paper copies of the documents.

No Comments

Sorry, the comment form is closed at this time.

Share with your friends










Submit
Share with your friends










Submit