You may have heard of a document called the SA302 when applying for a mortgage, but if you’re not familiar with it, don’t worry – This guide will explain all you need to know.

In simple terms, an SA302 is a summary of your income for a tax year, as declared to HM Revenue and Customs (HMRC). It’s an important document that mortgage lenders may ask for when assessing your affordability for a mortgage.

Who must send a tax return?

  • Self-employed individuals earning more than £1,000 per year
  • Individuals with income from abroad
  • People with rental income from property or land
  • Individuals with income from dividends or savings interest over a certain level
  • High earners whose income exceeds the tax-free personal allowance threshold
  • Directors of limited companies or those who are part of a partnership
  • People who have received income from trusts or settlements
  • Individuals who have sold assets or investments, such as shares or property, and made a profit
  • Individuals who have received income from tips or gratuities
  • Those who have received redundancy pay or termination payments exceeding a certain level.

What’s the difference between SA100 and SA302?

The SA100 form is the main tax return form used by individuals to report their income and outgoings to HMRC. It is a detailed document that provides a breakdown of an individual’s income and expenses, including employment income, self-employment income, rental income, and other sources of income.

On the other hand, the SA302 is a summary document that is generated by HMRC based on the information provided on the SA100 form. It provides a summary of an individual’s taxable income and the tax they have paid in a particular tax year.

The SA302 is a simplified summary that can be used as proof of income for mortgage or loan applications.

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What does an SA302 include?

An SA302 is a document that provides a summary of an individual’s income and tax paid for a specific tax year.

Here are some bullet points of what an SA302 typically includes:

  • Total income earned from all sources during the tax year
  • Salary and PAYE from employment
  • Dividend income received from shares
  • Rental income from land and property
  • Pension income received from both occupational and personal schemes
  • Income from shares, including gains or losses from the sale of shares
  • Interest earned from savings accounts and other financial products
  • Foreign income earned during the tax year, including any tax paid in the country of origin or any applicable foreign tax credit relief

What is a tax year overview?

The Tax Year Overview (TYO) provides information about an individual’s tax payments and should match the details included in their SA302 for the same tax year. It is essentially a summary statement that shows the amount of tax owed, the amount that has been paid, and any outstanding tax balance.

Why is an SA302 needed for a mortgage application?

An SA302 is a concise document that summarises an individual’s income from various sources, including self-employment income, dividend income, rental income, and other forms of income. It is typically required by mortgage lenders as proof of income, and it is comparable to an employed person’s P60.

Many mortgage lenders prefer the straightforward format of an SA302 over analyzing multiple pages of company accounts to assess an individual’s income.

This is because the SA302 provides a clear and easy-to-understand summary of an individual’s income and tax paid for a particular tax year, making it a convenient document for lenders to review.

Can I get a mortgage without an SA302?

While an SA302 form is often required by mortgage lenders as proof of income, it is not the only option available to those seeking a mortgage. In some cases, lenders may accept other forms of evidence of income, such as company accounts or an accountant’s reference or certificate.

How do I get a copy of my SA302 form?

In the past, mortgage lenders would typically receive SA302s via postal mail, but nowadays, they can be easily downloaded from an individual’s online HMRC gateway, providing a more efficient and convenient process.

If your tax returns are handled by an accountant, they may need to obtain the SA302s on behalf of their clients. However, for those who file their own tax returns, they can access and download the SA302s themselves by logging in to their online HMRC account.

  • Phone: Self Assessment General Enquiries – Tel: 0300 200 3310
  • Online: The most quickest and straightforward method to acquire your SA302 form is by retrieving it from your online account with HMRC.

How many SA302’s and tax years overviews will I need to provide?

Most mortgage lenders require at least 2 years of SA302 forms as part of their application process. This means that you will need to have filed their Self Assessment tax return for the previous two tax years and have received their corresponding SA302 forms. However, some lenders may require 3 years’ worth of SA302 forms, while a few may consider just 1 year’s accounts.

What types of mortgage need an SA302?

  • Secured loans
  • Holiday let mortgages

Most mortgage applications require proof of income, and an SA302 form is one type of evidence that may be requested by lenders. However, it is worth noting that if you have sufficient income from both employment and self-employment, you may not necessarily need to provide SA302 forms.

For more info on SA302’s and mortgages, please contact a member of the Strive team, by emailing [email protected] or call us on 01273 002697.

Frequently asked questions about SA302’s and mortgages

Does everyone have a SA302?

An SA302 form is only required for individuals who submit a Self Assessment tax return. Those who do not submit a tax return will not have an SA302 form.

When are SA302 issued?

SA302 forms are no longer issued in hard copy by HMRC. Instead, they are now available to download online through the HMRC Government Gateway. Individuals can access their SA302 forms via their online tax account, usually within 72 hours after their tax return has been submitted

What are SA302’s now called?

An SA302 form is sometimes referred to as a tax calculation. This is because the form provides a summary of an individual’s taxable income and the tax they have paid or owe for a particular tax year.

Can my Accountant get my SA302?

If you use an accountant or tax adviser to file your Self Assessment tax return on your behalf, they will have access to your SA302 and tax year overview. This is because they are registered agents with HMRC and can access their clients’ tax information through the Government Gateway online account.