Nowadays, almost every lender will demand the SA302 form to find out your income and tax you have submitted in the past years. In this blog, we’d be exploring why lenders are asking for an SA302 form, and how to get SA302 from HMRC while applying for a mortgage. But before moving forward, you should first understand what is SA302?
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What is the SA302 form?
It is also called Tax calculation form. It is an official statement provided by HMRC that acts as evidence of your earning and tax for the last four years. It is issued after sending your self-assessment tax returns and shows how much tax you have overpaid or owe. It also shows the summary of your self-assessment. You might need this form as a self-employed person for availing mortgage.
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Why lenders need this form?
Lenders need this form to verify the earning of the person who’s asking for a loan. As in past, people used to declare more income than they earn, this practice is known as mortgage fraud. This statement shows the accurate income of a person. So it is advisable to ask for this form from HMRC during the initial stage of a mortgage application.
How to get SA302 from HMRC?
If you registered to HMRC as self-employed and submitted your (or your accountant) self-assessment tax returns. The SA302 form can be easily received online. Through this form, you get the calculation details of the tax and SA302 details, which are sufficient to satisfy your lender.
If you’re unable to get the SA302 form, just ask our accountant to solve your issue.
How to get SA302 form online?
- Log in to HMRC online account
- Open Self Assessment
- Go to more Self Assessment details
- Select get your SA302 tax calculation
- Print your full calculation
- Choose the year you need from the menu of tax return
- Open view your calculation
- See and print your calculations
After 2017, HMRC no longer issues this form. Now you have to ask or call HMRC for getting the SA302 form.
How we can help?
Hopefully, now, you have got a clear idea of how to get the SA302 form while applying for a mortgage. Still, if SA302 is troubling you, your accountant can do this task on your behalf.
If you’re looking for an accountant, just let us know to avail the cheap accounting services in the UK. Our accountants use the best accounting software whereby they can generate an SA302 form. Therefore, it’s worth investing to take help of an accountant.
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Disclaimer: This blog provides basic guidelines to get the SA302 form.