Main site > MoneySavingExpert.com Forums > Essential Money > Mortgages & Endowments > LTD company- SA302 required? (Page 1)

IMPORTANT! This is MoneySavingExpert's open forum - anyone can post

Please exercise caution & report any spam, illegal, offensive, racist, libellous post to forumteam@moneysavingexpert.com

  • Be nice to all MoneySavers
  • All the best tips go in the MoneySavingExpert weekly email

    Plus all the new guides, deals & loopholes

  • No spam/referral links
or Login with Facebook
LTD company- SA302 required?
Reply
Views: 1,896
Thread Tools Search this Thread Display Modes
# 1
Abidermals
Old 03-03-2013, 4:44 PM
MoneySaving Newbie
 
Join Date: Mar 2013
Posts: 3
Default LTD company- SA302 required?

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.
Abidermals is offline
Reply With Quote Report Post
# 2
GMS
Old 03-03-2013, 4:45 PM
Fantastically Fervent MoneySaving Super Fan
 
Join Date: Aug 2010
Location: Merseyside
Posts: 5,138
Default

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?
I am a Mortgage Adviser
You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
GMS is online now
Reply With Quote Report Post
The Following 2 Users Say Thank You to GMS For This Useful Post: Show me >>
# 3
Abidermals
Old 03-03-2013, 5:19 PM
MoneySaving Newbie
 
Join Date: Mar 2013
Posts: 3
Default

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?
Abidermals is offline
Reply With Quote Report Post
# 4
GMS
Old 03-03-2013, 5:25 PM
Fantastically Fervent MoneySaving Super Fan
 
Join Date: Aug 2010
Location: Merseyside
Posts: 5,138
Default

Could be. Has a lender been recommended to you?
I am a Mortgage Adviser
You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
GMS is online now
Reply With Quote Report Post
The Following User Says Thank You to GMS For This Useful Post: Show me >>
# 5
Abidermals
Old 03-03-2013, 5:42 PM
MoneySaving Newbie
 
Join Date: Mar 2013
Posts: 3
Default

No recommendations yet. I'll approach some other brokers, let them know the scenario and see if they say any different. Cheers
Abidermals is offline
Reply With Quote Report Post
# 6
GMS
Old 03-03-2013, 5:43 PM
Fantastically Fervent MoneySaving Super Fan
 
Join Date: Aug 2010
Location: Merseyside
Posts: 5,138
Default

Without knowing the lender then how can they know what they will and won't accept?
I am a Mortgage Adviser
You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
GMS is online now
Reply With Quote Report Post
# 7
Dazed and confused
Old 03-03-2013, 6:41 PM
MoneySaving Stalwart
 
Join Date: Jun 2012
Posts: 275
Default

Quote:
Originally Posted by Abidermals View Post
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?
Dazed and confused is offline
Reply With Quote Report Post
# 8
Dave Ham
Old 03-03-2013, 7:06 PM
Fantastically Fervent MoneySaving Super Fan
 
Join Date: Oct 2009
Location: London & Essex
Posts: 5,620
Default

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
I am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it.
This signature is here as I follow MSE's Mortgage Adviser code of conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
Dave Ham is online now
Reply With Quote Report Post
# 9
Thrugelmir
Old 03-03-2013, 8:05 PM
Deliciously Dedicated Diehard MoneySaving Devotee
 
Join Date: Apr 2005
Posts: 37,573
Default

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.
"Bull-markets are born on pessimism, grow on scepticism, mature on optimism and die on euphoria."
Thrugelmir is online now
Reply With Quote Report Post
# 10
smacky
Old 03-03-2013, 8:12 PM
MoneySaving Stalwart
 
Join Date: Jul 2011
Posts: 219
Default

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
smacky is offline
Reply With Quote Report Post
# 11
holly hobby
Old 03-03-2013, 9:39 PM
Fantastically Fervent MoneySaving Super Fan
 
Join Date: Mar 2011
Location: n west
Posts: 5,316
Default

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

Last edited by holly hobby; 03-03-2013 at 9:51 PM. Reason: added a PS and links
holly hobby is offline
Reply With Quote Report Post
Reply

Bookmarks
 
 




Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off

 Forum Jump  

Contact Us - MoneySavingExpert.com - Archive - Privacy Statement - Top

Powered by vBulletin® Copyright ©2000 - 2014, Jelsoft Enterprises Ltd.

All times are GMT +1. The time now is 1:28 PM.

 Forum Jump  

Free MoneySaving Email

Top deals: Week of 22 October 2014

Get all this & more in MoneySavingExpert's weekly email full of guides, vouchers and Deals

GET THIS FREE WEEKLY EMAIL Full of deals, guides & it's spam free

Latest News & Blogs

Martin's Twitter Feed

profile

Cheap Travel Money

Find the best online rate for holiday cash with MSE's TravelMoneyMax.

Find the best online rate for your holiday cash with MoneySavingExpert's TravelMoneyMax.

TuneChecker Top Albums

  • ED SHEERANX (DELUXE EDITION)
  • STATUS QUOAQUOSTIC (STRIPPED BARE)
  • SAM SMITHIN THE LONELY HOUR (DELUXE EDITION)

MSE's Twitter Feed

profile
Always remember anyone can post on the MSE forums, so it can be very different from our opinion.
We use Skimlinks and other affiliated links in some of our boards, for some of our users.