SA302 Madness Reply

In order to get a mortgage, brokers and lenders ask employees for payslips and P60’s and for business owners they ask for SA302’s and Tax Overviews (often lenders also want an accountants certificate to certify the clients trading results).

The SA302 shows:

  • Pay from all employments
  • Profits from self employments
  • Property Profits
  • Dividends
  • Tax and National Insurance due

You can get copies of SA302’s from HMRC https://www.gov.uk/sa302-tax-calculation

The Tax Overview shows:

  • Tax Due
  • Tax Paid

You can only get Tax Overviews from your online HMRC account.

Lenders and Brokers are often insisting on HMRC SA302’s (which can take several day or even a couple of weeks to obtain).

On the 25th August HMRC wrote

Agents have told us that not all their client’s lenders will accept the self-serve copy printed from their HMRC online account or the commercial software used to file the SA return, or their commercial software does not print.

We have been working with the Council of Mortgage Lenders to understand their requirements and the changes necessary to accept self-served copies of the tax calculation from the HMRC online account or the commercial software used to file the SA return. We have also liaised with commercial software companies to ensure their software offers a print facility.

A list of lenders who will accept self-serve copies can be found in the HMRC’s guidance, Mortgage providers and lenders who accept a SA302 tax calculation and a tax year overview.

It is always worth checking with the lender or mortgage provider what they require as evidence of income. And should another third party require a copy of the tax calculation, you may wish to ask if they accept a self-serve copy.

Now that we have made all the changes required to allow agents to self-serve online, we will no longer be issuing paper copies of the tax calculations directly to agents from the 5 September 2017.

So basically, clients will have to call HMRC if they need an SA302 with the HMRC logo and the lender won’t accept a self serve or agents copy.

Why are lenders and brokers being so picky! surely if an accountant provides the information that will be sufficient?

steve@bicknells.net