If you are applying for a mortgage as a self-employed person or a limited company director, your lender will usually ask for two documents from HMRC: your Tax Calculation (SA302) and your Tax Year Overview. This guide shows you exactly how to download both.
Key takeaway: Lenders ask for these two documents together for a reason. The Tax Calculation shows what you earned and what tax was due, and the Tax Year Overview confirms what has actually been paid. If the two do not match, or tax is outstanding, that can hold up an application.
What are the SA302 and Tax Year Overview?
- Tax Calculation (SA302) - produced by HMRC when you submit your Self Assessment. It shows your total income, your tax liability, and how that tax has been calculated for the year.
- Tax Year Overview (TYO) - shows the tax due for a specific year and confirms what has been paid to HMRC and what is still outstanding.
Lenders request both so they can check the figures against each other, verify your income independently of anything you have told them, and confirm your tax payments are up to date.
How do you get them?
There are two routes: ask your accountant for copies, or download them yourself from the Government Gateway. HMRC's site can be awkward to navigate, so here is each one step by step.
Getting your Tax Calculation (SA302)
[[steps: Log in to your online HMRC account|Go to the HMRC online services login. ;; Select Self Assessment|You may be taken here automatically if it is the only service you are registered for. ;; Select View Your Tax Return|From the Self Assessment menu. ;; Select Tax Return Options|Then choose the year you need from the drop-down and select Go. ;; Select View Return|Then select the link View Your Calculation. ;; Print your full calculation|Select View and Print Your Calculation, then follow the link at the bottom of the page and select Print Your Full Calculation.]]
Most lenders will want your latest two years' Tax Calculations.
Getting your Tax Year Overview (TYO)
[[steps: Log in to your online HMRC account|Go to the HMRC online services login. ;; Select Self Assessment|You may be taken here automatically if it is the only service you are registered for. ;; Select Self Assessment Overview|Then select View Account. ;; Select Tax Years|Choose the year you need from the drop-down and select Go. ;; Print your Tax Year Overview|Select the link Print Your Tax Year Overview.]]
Most lenders will want your latest two years' Tax Year Overviews.
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Common problems with these documents
[[accordion: My accountant filed my return, so I cannot see it in my account|If your accountant submitted through their own software rather than your Government Gateway account, the documents may not appear online. Ask your accountant for the equivalent from their software, or for copies stamped by them. Most lenders accept these, though some insist on the HMRC versions. ;; My figures do not match between the two documents|The Tax Calculation and Tax Year Overview should agree. Where they do not, it is usually because a return was amended after filing. Speak to your accountant before submitting them, since a mismatch will be queried. ;; I have tax outstanding|Outstanding tax showing on the Tax Year Overview can cause problems with some lenders, particularly if it is overdue rather than simply not yet due. It is worth knowing where you stand before you apply. ;; I have only one year of accounts|Some lenders require two years, but not all. A number will consider one year's figures depending on your trade and circumstances, so one year does not necessarily rule you out. ;; My latest year is lower than the year before|Lenders differ here. Many average the two years, while others use the most recent year alone where profits are falling. Which lender you approach can make a material difference in this situation.]]
Why this matters for your mortgage
These documents are how a lender verifies self-employed income, so getting them right matters more than it might seem. How that income is then assessed varies considerably between lenders, and the difference is often the difference between the mortgage you want and the mortgage you settle for. Our guide to getting a mortgage when you are self-employed covers how lenders treat net profit, salary and dividends, and where the flexibility sits.
Frequently asked questions
What is an SA302?
An SA302, also called a Tax Calculation, is HMRC's summary of your income and tax for a given tax year, produced after you submit your Self Assessment. Lenders use it to verify self-employed income.
What is the difference between an SA302 and a Tax Year Overview?
The SA302 shows what you earned and what tax was due. The Tax Year Overview shows what has actually been paid to HMRC and what remains outstanding. Lenders ask for both so the figures can be cross-checked.
How many years of SA302s do lenders need?
Most lenders ask for the latest two years, though some will consider a single year depending on your circumstances and trade. Your adviser can confirm which lenders are flexible on this.
Can I get an SA302 if my accountant filed my tax return?
Not always through your own HMRC account, since returns filed via commercial software may not appear there. Your accountant can usually provide the equivalent document from their software instead, which most lenders accept.
How long does it take to get an SA302 from HMRC?
If it is available in your online account you can download it immediately. If you need HMRC to post a copy, allow around two weeks, so it is worth checking early rather than when a lender asks.
Do lenders accept SA302s from an accountant rather than HMRC?
Many do, particularly where the return was filed through commercial software, though some lenders specify the HMRC version. It is worth confirming which your lender requires before you submit.
Does outstanding tax affect a mortgage application?
It can. Tax that is overdue rather than simply not yet due is more likely to cause difficulty, and lender attitudes vary. Knowing your position before you apply avoids a surprise mid-application.
Can you get a mortgage with only one year of self-employed accounts?
Possibly, depending on your trade, your track record and the lender. Not every lender requires two years, so one year does not automatically rule you out.
Written by Toby Quanstrom CeMAP, Director at Quanstrom Financial, a whole-of-market mortgage broker based in Eastbourne, East Sussex.
Your home may be repossessed if you do not keep up repayments on your mortgage.
This article is for information only and does not constitute personal advice. HMRC processes and lender requirements change, so please get in touch for guidance based on your own circumstances.
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