LTD company- SA302 required?

Abidermals · 3 March 2013 at 5:44PM

Hi guys,

I have a limited company with 3yrs of accounts generated by accountants. I have all previous HMRC tax calculations but was not required to submit self assessment therefore I cannot obtain 'SA302' docs. The forms are essentially the same but in a different format.

I have spoke to mortgage broker who says he simply cannot help me without the SA302 forms. Is this the case?!

Will any lender look at me?

Any advice would be much appreciated.

GMS · 3 March 2013 at 5:45PM

Tell the broker you can get an accountants reference and to find a lender who will accept.

Which lender has been recommended to you if any?

Abidermals · 3 March 2013 at 6:19PM

Hi, thanks for this. I had the mortgage broker speaking directly with accountants to see if he could sort out exactly what he needed for mortgage purposes. He was pretty adamant that lenders will only accept SA302 and not tax calcs... and never recommended anyone.

Would it be worth approaching another broker?

GMS · 3 March 2013 at 6:25PM

Could be. Has a lender been recommended to you?

Abidermals · 3 March 2013 at 6:42PM

No recommendations yet. I'll approach some other brokers, let them know the scenario and see if they say any different. Cheers

GMS · 3 March 2013 at 6:43PM

Without knowing the lender then how can they know what they will and won't accept?

Dazed_and_confused · 3 March 2013 at 7:41PM

Abidermals wrote: »

Hi guys,

I have a limited company with 3yrs of accounts generated by accountants. I have all previous HMRC tax calculations but was not required to submit self assessment therefore I cannot obtain 'SA302' docs. The forms are essentially the same but in a different format.

I have spoke to mortgage broker who says he simply cannot help me without the SA302 forms. Is this the case?!

Will any lender look at me? Any advice would be much appreciated.

Assuming you are a company director then you really should be completing annual tax returns and would then be able to provide SA302 documents. If a lender was aware you "have a limited company" but are not complying with your tax obligations would this be a problem obtaining a mortgage?

Dave_Ham · 3 March 2013 at 8:06PM

I am a bit confused....

You should have SA302's, as these are a reflection of the income you have taken from employment/self employment.

You have to order them from HMRC though.

Good luck

Thrugelmir · 3 March 2013 at 9:05PM

The Company should have issued you with a P60 showing your remuneration. Likewise you should have received dividend coupons for any distributions made by the Company.

More than likely sight of the annual accounts will be required.

smacky · 3 March 2013 at 9:12PM

Hey Guys

To help OP i have some information. Being a director its not necessary to register with HMRC and complete self assessment, however its an option

being director according to HMRC you fall in employee category as you have your salary under PAYE

this has always been a GREY area . Like HMRC considers Directors as employees where as UKBA considers them as self employed

i would still suggest OP to ask his accountant to register him with hmrc and you can always submit details of previous year i think there is a option for that .

all this will mean you have 1 more thing to remember to complete every year and pay little fees to your accountant to do the same

but it will always give you peace of mind as ull have a rock solid proof

regards

holly_hobby · 3 March 2013 at 10:39PM

My accountant submits my Ltd Co accounts, and a personal annual tax return for myself - as all co directors (expect non-profit organisations and those without salary) have to submit an annual self assessment to HMRC - so no its not a voluntary decision or option.

For mge purposes - a contolling director of a ltd co (over 25% shareholding) is classed as self employed. Whilst technically for other purposes you are technically an employee of the ltd co (which is in itself a separate entity to the Co Directors/you) - notwithstanding the above issue re Co Directors and SA.

So, you should be able to obtain SA302s from HMRC - unless of course you haven't submitted any SA re your Ctl Dir position (which I can only think if you have an Accountant and they haven't done this , that they assumed you were completeting these yourself - as I say I just have my accountant do the lot as its less hassel).

Furthermore, if any part of your income is from dividends (equal to investment income) - then non-declaration and completion of annual SA - is essentially equal to tax avoidance.

Lenders do like SA302s, but if your ltd co books are annually completed and submitted by a suitably qualified accountant whom is a member of the accepted professional accountancy bodies - they should suffice in place of SA302s OR at least whilst you await your requested copy SA302s from HMRC.

Hope this helps

Holly

PS ... as an afterthought, thought some HMRC reference links may help ....

Info re whom/when it is reqd to submit an annual SA return - http://www.hmrc.gov.uk/sa/need-tax-return.htm

Info re the provision by HMRC of SA302s themselves - http://www.hmrc.gov.uk/sa/understand-calc.htm

LTD company- SA302 required?

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