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

UK takes second spot for tax compliance in G20
12 December 2018

New research from the World Bank has revealed that…
Read more

Unwrapping Christmas tax gifts
12 December 2018

Christmas is a time for giving, but many businesses…
Read more

National Living Wage to rise in April 2019
06 November 2018

In his latest Budget speech to the Commons, Chancellor…
Read more

Entrepreneurs’ Relief rules to be tightened
06 November 2018

Despite rumours that the Chancellor might scrap…
Read more

Research reveals Inheritance Tax hotspots across the UK
06 November 2018

New research has revealed that the affluent area…
Read more

« »

Case Studies