SA302 for mortgage....

fabh17

Hi there, not sure this is the right place for this to go but it is kind of mortgage related!!

I need to file last 3 years of tax returns for self employment, yes i am aware this has gotton out of hand and it needs sorting asap but i have sort of buried my head in the sand. So fortunately we are in a good position in having the money to pay the HMRC back in full. It will however have to come out of our deposit money and will have to increase our mortgage due to this. Done some rough calculations and its roughly 20 - 25k in tax not inc any penalties :eek: i am seeing an accountant tomorrow.
What i want to ask is how long do you have to wait for your sa302s after you call up the HMRC - is it straight away once they have been paid up or is it before or much later? We need a timescale as found a house now we need to arrange the mortgage but obviously need the SA302s beforehand.

star02

Hi

Once your tax return has been filed your tax year overview will appear online within 48 hours. If the accountant uses software, The SA302 can then be requested but these can take a few days. Your mortgage provider may accept an accountants report confirming the earnings that have been reported.

I would suggest, in terms of payment, making a lump sum now to HMRC so when returns are filed the outstanding amounts may be offset against the lump sum.

You will also need to consider penalties for late filing and also late payment surcharges unless you are able to appeal these (speak with your local accountant.

kingstreet

Once you have completed your tax returns online, the SA Online Tax Calculation sheets accepted by many lenders are available immediately for download.

However, the Tax year Overviews you will also have to provide, which can also be downloaded from the SA Online site may take a few days to appear once payment has been made.

Lenders do not normally accept where income tax remains due, so your target is a TYO which shows amount due = amount paid and outstanding = £0.

fabh17

Thank you!