Whether you’re applying for a loan, a mortgage or even a visa there are many situations where you may need to prove your income and you may want to consider obtaining a SA302 form.
For employees who are paid via PAYE this doesn’t tend to cause any issues as they can simply use payslips and the corresponding bank statements to demonstrate their level of income. Most lenders are happy with this as the payslips are from a third party, contain the details of the employee (such as name and national insurance number) and also show that tax has been paid on that income.
But what about self employed individuals? What about those who have income from renting property? Or even those who are in employment but have other sources of income they want lenders to consider as well? In these situations It is more difficult to verify that income as a lot of it tends to be self declared and therefore more subject to manipulation.
The SA302 form is HMRC’s solution to this problem. It provides taxpayers with an official document that demonstrates their income from different sources in a recognised format that is accepted by third parties. In this article we will take a closer look at the SA302 form and how to obtain it.
What Is SA302 Form
The SA302 form is a summary of income that has been declared on your self assessment tax return. It includes income from sources such as employment, self employment, dividends and property rentals. It is useful in situations where you need to prove your income to lenders and other interested parties.
The SA302 form is an official form from HMRC so and contains their logo so acts as a third party verification of your income.
The SA302 form is usually available for the last 4 tax years (assuming that a tax return was submitted to cover each period). The tax year runs from 6th April to 5th April of the following year.
What Does The SA302 Form Actually Show?
- Income from employments
- Self employment profits
- Profit from UK land & property
- Dividends received
- Interest from banks, building societies etc
- Calculation of income tax liability on the above
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Is It The Same As A Tax Return?
Tax Year Overview v SA302 Example
Who Might Need An SA302 Form?
The SA302 form is useful for anyone who needs to prove their income in an officially accepted format. Although the most common seeker of the SA302 are self employed individuals it can be useful for employed individuals with additional income sources as well. Some of the most common examples of when you might need to produce an SA302 are:
- Applying for a mortgage
- Taking out a loan
- Demonstrating income for a visa application
- Applying for grants
How Can I Obtain My SA302 Form?
Previously this was done by a written or verbal request to HMRC which as we all know can be very time consuming. Thankfully the digitalisation of HMRC taxes means that if you have access to self assessment via a government gateway login then you can download and print it yourself very easily. Just follow these simple steps:
- Login to your government gateway account
- Proceed to the self assessment section
- Click on “more self assessment details”
- Select “get your SA302 tax calculation”
- Click “print your full calculation”
- Select the year you require from the tax return options menu
- Click “view your calculation”
- Click “view and print your calculation”
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Adam Hill
Practice based accountant with over 10 years experience, specialising in SME's, Freelancers and Personal Tax. "I take pride in proactively recognising tax planning opportunities on behalf of clients to help them operate more efficiently."
