What is SA302?
SA302 is a Self Assessment tax calculation produced by HMRC. Sometimes known as a self assessment statement form SA302 is important for sole trades and self employed individuals.
The SA302 form offers a straightforward and reliable method to demonstrate your earnings as a self-employed individual and officially validates the income you have delcared through self assessment in a recognised document.
The SA302 form is created after you have submitted your self assessment tax return and is available online usually 72 hours after HMRC has received and processed your tax return.
What is on SA302?
The SA302 tax calculation will reflect the figures you have put on your self assessment tax return. It includes multiple types of income sources for example:
- PAYE employment income.
- Dividends from companies.
- Self-employment profit.
- Rental income profit.
- Pension income.
Your SA302 essentially provides a detailed breakdown of all taxable income sources including your total income tax liability and any sums owed to HMRC.
If you have earned income that isn’t from self employment like employed income through pay as you earn this will be shown on your SA302.
What is an SA302 form used for?
Your SA302 should always be kept because it is an important way to provide proof of the income you have declared through the self assessment system. HMRC can provide an SA302 calculation for the last four tax years.
An example of when you may need an SA302 is when you apply for a mortgage and the mortgage provider asks you for proof of your income received outside of PAYE.
Lenders will then use the SA302 as part of their assessment criteria before agreeing to provide you with a mortgage or other type of loan.
SA302 for a mortgage or loan application
When applying for a mortgage or other type of loan the lender will request your SA302. Not all lenders are the same so it is best to check with them what they require as evidence and the format they want the evidence provided.
HMRC has produced a helpful list of providers and lenders that will accept SA302 calculations and tax year overviews that have been printed by individuals or their accountants.
SA302 and tax year overview
It is normal for a tax year overview to be requested at the same time as your SA302. The tax year overview is different to the SA302 and effectively shows less information. A tax year overview only details your tax return totals and payments received by HMRC.
You can get a copy of your tax year overview from your HMRC online account or third party accountancy software.
How to get your SA302 from HMRC
SA302 online download:
The most common way to get your SA302 is from your HMRC online account or third party accountancy software.
It is normally available to print and or download online after 72 hours from when HMRC receives your return. The option to get a copy of your SA302 is available when you select the relevant tax year in your HMRC online account.
The SA302 is generally only available for the past four tax years so it is best to always keep a copy with each tax return.
If you have an accountant you will be automatically given a copy of your SA302 for your records.
SA302 by post:
For self assessment tax returns submitted by post a copy of your SA302 can be requested by phoning HMRC on 0300 200 3310. HMRC will be ask you for your ten digit UTR number and national insurance number when you contact them as part of their security checks.
Always keep your SA302 and tax year overview
It is best practice to keep a hard and digital copy of both your SA302 and tax year overview. When you need them it is usually for a crucial reason like applying for a mortgage or business loan.
To help you through a difficult process in the quickest time having all of the information that your lender asks you to hand is advantageous.
