Proof of income when self employed

mistermix

Hello

I'm self employed and will be buying my first property some time this year. My status is as a sole trader.

What document do I need from HMRC to show as proof of income to a bank when getting a mortgage?

Many thanks for any help offered

atilla

They send you a statement of earnings. This is based on your Self Assessment form. It's a formal document with HMRC headers etc so should suffice.

kingstreet

Depending on the lender, you may be required to produce accounts, an accountant's certificate or SA302s which are the items Atilla is referring to.

Check the lender's requirement before making an application as all are different.

mistermix

atilla wrote: »

They send you a statement of earnings. This is based on your Self Assessment form. It's a formal document with HMRC headers etc so should suffice.

Thanks for your reply. I don't recall getting this last year, so I;ll give them a ring.

If I submit my SA tax return online this month, when does the statement of earnings come from HMRC? Is it within a few weeks or much much later in the year?

Thanks

kingstreet

You don't get an SA302 if you file online. The system works out your income and tax at the point of filing, giving you a tax calculation summary, a SA110, at the end of your online return.

SA302s have to ordered from HMRC. You'll need three years.