Here's All You Need To Know About SA302 Form - Business Media Group

Here’s All You Need To Know About SA302 Form

When it comes to applying for a mortgage, you will need to produce your SA302 form in front of your lender.

What is an SA302 Form?

It is the official document that states your taxes are sorted and you have a stable income. It can be downloaded online or acquired easily on your phone.

It has two parts –

  • Tax calculation – it contains all the generic calculated information pertaining to the tax that rises against your income.
  • Tax overview – it contains all the generic information pertaining to your tax history such as the total amount you have paid, had paid, and should pay.

It has been made available online which is why formalities for mortgages these days conclude so quickly.

Why is it so Important?

lenders always ask an applicant to produce their sa302 form as it is one of the –

  • fastest
  • seamless and
  • trustworthy official documents hold the summary of the applicant’s total income thus allowing the lender to ascertain the fact that whether or not the applicant will be able to pay the lent money back after buying a home.

important Notes

In case you file your tax returns online, you would need to download the document or procure the right set of documents from the HMRC.

This is the only way you can ensure your mortgage application won’t be rejected by the lender. You should also keep in mind that the lender may or may not want to see the SA302 forms from the last three years as a precautionary measure to ensure that you have a stable income.

On that note, even if your preferred lender has not asked for the forms from the last three years, you should acquire them beforehand and produce the same in a bid to decrease the chances of your mortgage application getting rejected.

Things you Can do to Get Acquire it Quickly

If you are experiencing issues with obtaining this form then you can always call the officials at HMRC on 0300 200 3300. Then you will need to provide them with your national insurance number as well as your UTR number. This will allow you to get past the security.

If this seems a bit of a trying process then you can always get online and follow the steps mentioned below –

  • Sign in to your HMRC tax account.
  • Click on the ‘More Self Assessment Details’ button
  • Click on the ‘Get Your Tax Calculation’ button. After this, you will be taken to your SA302 form.
  • Now, click on the ‘Print Your Full Calculation’ button.
  • In case you want to print the details for forms containing details about previous years then you would need to click on the ‘Tax Return Options’ button on the menu located on the left side of your screen. Then you would need to select the year against which you need the form. Then you would need to click on the ‘View Your Calculation’ button.
  • The last step in this process is to click on the ‘View and Print Your Calculation’ button.

Apart from keeping the information shared in the sections above in your mind, you should also remember that you would need to ensure that the information provided by you with the HMRC is always updated as soon as new developments in the said information occur.

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