An SA302 is a document issued by HMRC which many Lenders need as part of the mortgage application process. Each SA302 form covers an individual for a specific tax year in question. For example the 2015/16 tax year would cover the period from 6th April 2015 to 5th April 2016.
What is an SA302 and why do I need one
An SA302 form is a response from HMRC confirming your income, taxable income and how much tax you have paid or owe for each tax year.
Lenders and mortgage brokers will usually need HMRC SA302 forms for the past two or three years.
What is included on an SA302 form and what does it look like?
An SA302 form includes 3 important pieces of information:
- Income received – Income for the tax year. Usually these are from employments, director’s salaries and dividends.
- Taxable Income – This is income on which you actually pay tax on. Some items can be taken off from (1) to get to this, notably deductible expenses, capital allowances and any annual investment allowances
- Income tax charged and due – Equal to income tax due on (2) less tax credits and any taxation deduction at source
Below is an example of what an SA302 form looks like for the 2014/15 financial year. It is important to note SA302 forms will look different for different individuals depending on your sources of income.
Click on the thumbnail below to enlarge the picture.
How to get an SA302 form
You will only be able to get SA302 forms for tax returns you or your accountant have filed with HMRC. This important as often Lenders want the latest SA302 form but this can only be given once their tax return for that tax year requested has been completed.
To get an SA302 form or forms for each financial year, you can ask your accountant to request them from HMRC. You can request it yourself from HMRC using their helpline: 0300 200 3310
If you request your own SA302 form(s) you will need to provide your personal details (name, date of birth and address) as well as providing your Unique Tax Reference (known as UTR and 10 digits long).
How long does it take to get an SA302 form
It usually takes up to 10 working days to receive an SA302 form(s) in the post from HMRC. HMRC can post your SA302 forms(s) requested either to:
- Your accountant
- Your home address they have registered for you
- Some large lenders directly
Note for (c) above – HMRC normally ask you which lender you are getting your mortgage with when you request an SA302 but you do not need to disclose this information if you prefer not to.
You can also inform your accountant where you want the forms posted to (their address or your registered home address) if they are requesting the forms.
If you have any further questions please Contact Us at Excel Accountants and we would be happy to help.