10 Chartered Accountants
Book a call... we'd like to hear from you...

News

Self-employed workers may miss out on mortgages due to changes in delivery of SA302 forms
15 September 2017

Self-employed workers in the UK have reported their struggles to acquire a mortgage, after HM Revenue & Customs (HMRC) changed the way it issues details of tax calculations and tax year overviews for submission with mortgage applications.

Until recently accountants and workers themselves have been able to obtain a paper copy of form SA302 that lenders require in order to complete the mortgage application process.

However, from 4 September 2017 HMRC has confirmed that it will no longer issue paper copies and will instead provide digital versions.

This will make the process of securing a mortgage more difficult for self-employed workers and may even further restrict the number of lenders that will offer a mortgage, with reports already coming in of lenders insisting on original paper copies rather than electronic printouts.

Self-employed individuals and their advisers will be required to supply the relevant year’s tax computation, printed from the adviser’s software, along with the tax year overview that advisers can print from HMRC’s online services website, in order to act as a self-serve SA302 that will satisfy lenders.

HMRC has already undertaken discussions with UK Finance, formerly the Council of Mortgage Lenders, about lenders’ requirements. However, the list of lenders who will accept self-serve SA302 forms omits some big high street names.

Many accountants are therefore reminding self-employed individuals to check their lender’s requirements early on in the mortgage application process.

LINK: SA302 Tax Calculation

Other recent news

Working 9 to 5? It’s an unusual way to make a living
17 September 2018

The archetypal 9am to 5pm working day might be so…
Read more

Documents reveal HMRC plans to secretly access bank account information
10 August 2018

Documents published online have revealed HM Revenue…
Read more

Tens of thousands of fake HMRC websites taken down
10 August 2018

Figures published by HM Revenue & Customs (HMRC)…
Read more

HMRC collects more than £30 billion worth of extra tax in last financial year
10 August 2018

New figures from HM Revenue & Customs (HMRC)…
Read more

MTD for VAT clarified in new communication from HMRC
10 August 2018

HM Revenue & Customs (HMRC) has finally issued…
Read more

« »

Case Studies