How To Download SA302, Tax Year Overview & SA100

Getting a mortgage as a self-employed individual can be more complex than for those with regular employment. However, with proper preparation and documentation, you can increase your chances of mortgage approval. Here are some key elements to consider when applying for a mortgage as a self-employed person:

Years of Accounts:

Lenders typically require at least two years of accounts or tax returns and tax year overviews to verify your income stability. Some lenders may request three years of financial records. Demonstrating a steady and consistent income over this period enhances your chances of mortgage approval.

What are your tax documents:

An SA302 is a tax calculation that provides an overview of your taxable income for a specific tax year. It shows tax owed, tax paid, and the balance due.

A tax year overview summarises your income, deductions, reliefs, allowances, and tax calculations for a specific tax year.

An SA100 is a self-assessment tax return form used to report self-employed income, rental income, and other taxable income. Submitting SA100 to HM Revenue and Customs (HMRC) yields an SA302.

How Lenders Assess Borrowing Capacity:

Lenders evaluate your financial records to determine how much you can borrow. They assess your income, expenses, and debts to ascertain your ability to repay the mortgage. The lender considers your business’s stability and the likelihood of sustained income generation.

Net income, the amount left after deducting expenses, is a crucial factor in determining affordability. Lenders often use a multiple of your net income to calculate the borrowing amount. Accurate records of debts and expenses are essential in determining your monthly repayment capacity.

Written in August 2023 by:

Sam Chester

How to Download

SA302

Log into your HMRC Account using your Government Gateway login details.

Go to self-assessment*

Follow the link ‘view account’.

Follow the link ‘tax years’.

Choose the year from the drop-down menu and select the ‘Go’ button.

Follow the link ‘Print your tax year overview’.

Select ‘Save as PDF’ and ‘Save’.

Repeat for any other years you require.

*if you’re only registered for Self Assessment, you might be redirected there automatically.

TYO

Log into your HMRC Account using your Government Gateway login details.

Go to self-assessment*

Click on ‘Tax Years’.

Choose the year from the drop down menu and click Go

Follow the link ‘print your tax year overview’

Select save as PDF and then save the document

Repeat the process for as may other years as you need.

*if you’re only registered for Self Assessment, you might be redirected there automatically

SA100

Log into your HMRC Account using your Government Gateway login details.

Go to self-assessment*

Follow the link ‘view account’.

Follow the link ‘tax years’.

Choose the year from the drop-down menu and select the ‘Go’ button.

Follow the link ‘Print your tax year overview’.

Select ‘Save as PDF’ and ‘Save’.

Repeat for any other years you require.

*if you’re only registered for Self Assessment, you might be redirected there automatically.

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Attention Please!!!

The content within this article is as accurate as the date it was written. To ensure the most up to date information, you should consult with one of the experts that we work with as every lender and their polices are different and can be changed or amended without notice.

This website is for information only and does not constitute financial advice. Our mortgage advisers are all fully qualified to provide mortgage advice in accordance with the Financial Conduct Authority (FCA) regulations. We only exclusively operate with businesses that are authorised and regulated by the FCA. All advice offered will be unique to your individual circumstances.

Some Buy to Let mortgages are not regulated by the FCA. You should carefully consider securing other debts against your home. If you do not keep up your mortgage repayments, your home may be repossessed. Equity released from your home will also be secured against it.