Printed SA302 form

Legacy_user

I recently asked on the forum if Online Bank Account print outs from your own printer are generally accepted by Mortgage Lenders.....

The answer was that they were generally accepted....


Is the same true for SA302 forms?


I did read this article by MoneySaving Expert:

[URL="http://www.moneysavingexpert.com/news/banking/2012/12/dont-let-online-statements-wreck-mortgage-and-benefit-chances[/URL]

The article states that your own print-outs can cause problems and that original copies are generally required - but this was written at the end of 2012....


Have things changed now we are in 2015.


Are both bank statements and SA302 print outs from your own desktop printer ok to give to a lender as proof of income / finance?

looknohands

I couldn't even find a printed version of my SA302 online, all I could see was a statement of account, which I printed and sent to mortgage advisor, she then told me I had to have the SA302. You definitely got an SA302 and not a tax statement? I couldn't see it anywhere then ordered mine from HMRC and took a week.

System

looknohands wrote: »

I couldn't even find a printed version of my SA302 online, all I could see was a statement of account, which I printed and sent to mortgage advisor, she then told me I had to have the SA302. You definitely got an SA302 and not a tax statement? I couldn't see it anywhere then ordered mine from HMRC and took a week.

I have not checked yet....but read this on HMRC's website:

You can only print returns that you’ve sent online. HMRC will send you a tax calculation if you sent your return by post or can’t access your online account.

The tax year is from 6 April to 5 April the following year.

Printing your tax calculation and tax year overview:

1. Log in to your HMRC online account.

2. Go to the ‘Important information’ section on ‘At a glance’. You’ll see instructions for printing both documents there.

amnblog

Different Lender accept different formats.

We have blogged about this extensively on our website.

If you want to be sure and you have the time phone, HMRC and ask for last 3 years SA302s and accompanying tax year overviews to be post to you.

(they will fax if they are in a good mood - although some staff will tell you they won't)

If you have not done your 2014/2015 return yet, that can be a problem with some Lenders at this time of year.

looknohands

Yes I followed exactly same instructions you've posted.
Sent those calculations and broker told me to order SA302s instead. There were a bunch of statements online but she wouldn't accept any of them, think it's better to be safe as she knows an SA302 is fine, have you applied for mortgage yet? They take a week to arrive.

A amnblog is right do your tax return in April / May! Never understand why people wait until January.

amnblog

Self employed borrowers are going to have to think about this January self assessment return deadline.

Lenders get sniffy about working on a set of figures that are more than 18 months out of date.

Therefore come October, the 2 tax years years previous year's figures are not sufficient and the previous years are requested.

Jess716

We had to provide printed copies of our self assessment and also the Sa302 from hmrc which you don't get if you file online

looknohands

amnblog wrote: »

Self employed borrowers are going to have to think about this January self assessment return deadline.

Lenders get sniffy about working on a set of figures that are more than 18 months out of date.

Therefore come October, the 2 tax years years previous year's figures are not sufficient and the previous years are requested.

I don't understand how they assess affordability for self employed, as i mentioned in another post. my current 6 months 2015-2016 are already 100% of my profit/income from 2014-2015.
Yet they are then looking at my spending habits (last 3 months bank statements spending 2015-2016 income) against my 2014 - 2015 income! Obviously the two aren't going to match up, someone earning 50k a year does not have the same spending habits as someone on 25k a year!

amnblog

A self employed person with profit of £50,000 over 3 years is earning £50,000.

A person with profits over 3 years of £25,000 with spending of a £50,000 earner would worry the life out of a Lender.

looknohands

Profit increases roughly 100% a year,
12/13 8k
13/14 £21k
14/15 £41.5k
15/16 £40k (6 months)
12 months would be 60k minimum based on contracts

So my spending is assessed on what I have made in 15/16 (bank statements) but my income is assessed on SA302 from 14/15. It will look different, but why can't I spend more?

makeitstop

This may be of interest to those trying to find out whether lenders are accepting "self printed" tax calculations from HMRC website, using HMRC software.

http://nicolsonaccountancy.co.uk/wordpress/sa302-tax-computations/