SA302 Form - What is it used for?
If you are self-employed or a director of your own company you will need a confirmation of earnings in order to successfully apply for a mortgage. Most lenders will now request a copy of Form SA302 from HM Revenue & Customs. Basically the form is a tax calculation based on the Self Assessment Tax Return that you have previously submitted. The purpose of the form is to reduce the volume of mortgage fraud. Previously an accountant's letter would be sufficient but not nowadays.
SA302 Form - How do I get a copy for my mortgage application?
Form SA302 can only be retrieved from HM Revenue & Customs and CANNOT be downloaded from their website. The only way to retrieve a copy is by writing to HMRC and requesting a copy for the relevant years. The letter should include your full name & address, national insurance number and UTR number.
SA302 Form - How long does it take to get a copy?
At Gordon Ferguson & Co we have typically found it can take individuals up to 8 weeks to receive a copy from HMRC. We also tend to find that when we request the information we can receive a response within 3 weeks. For all clients who regularly purchase property we as matter of course request a copy of Form SA302 from HMRC as soon as we have submitted their tax return. This means that should our client require a copy we can instantly provide a copy from our files.