What Is Sa302 Form & How To Get Your Sa302 Tax Calculation?

By Author: Liam Elliot
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Many lenders and mortgage brokers in the UK have made the HMRC SA302 tax calculation and tax review a mandatory part of their application process. Individuals who have submitted their self-assessment tax returns online may need to get copies of these documents from the HMRC if they are looking to get a loan, a mortgage, or in some cases, a visa extension for the UK. This article details all the information you need to get your SA302 and tax overview documents.

What is the SA302 form and Tax Overview?

The SA302 is a brief document containing the summary of your Taxation for the past four years. The information is essentially from your Self-Assessment Tax Returns you have filed online with the HMRC via the SA100 form. This means that any income you have declared out of your PAYE (if you have one) will be summarised in a document issued by the HMRC itself.

On the other hand, Tax Overview shows the amount of tax due to be paid to HMRC or any refundable amount for a particular tax year. The Tax Overview verifies that the information in the SA302 is correct. Mortgage lenders also require this document in addition to the SA302 tax ...
... calculation. The Tax Overview is also provided by the HMRC the same way as SA302.

Uses Of SA302 Form

Typically, the SA302 form is required to prove your income for the purpose of obtaining a mortgage, but there are other similar purposes of this document. Lenders, banks and financial institutions may ask you to provide a copy of your SA302 for a business loan. If you’re looking to settle in the UK or have your spouse or a dependant in the country, you will need to provide your SA302 to the immigration department. Similarly, if your business was affected due to covid and qualities for a grant, you can claim the grant by submitting relevant documents along with your SA302 form with the calculations for the year when your business has incurred losses. Self-employed individuals, limited company owners and employed persons with other sources of income may need the SA302 for the above-discussed reasons.

Why Should You Get An SA302 Form & Tax Overview?

Individuals who are looking to apply for a mortgage or any form of loan may be asked to get an SA302 form and a Tax Overview of the last one or two years. Most lenders deem it mandatory to all applicants as it provides a third-party verification about their affordability for a loan. In this case, the verifying party is the HMRC itself.

The SA302 is a handy tool for self-employed individuals, limited company owners to declare their income to lenders in a relevant way. Employed persons who have other sources of income can also get an SA302 to include those income sources. Unfortunately, though, unreliable or inconsistent income such as capital gains and income from trading stocks and cryptocurrency trading cannot be included in the SA302.

Other Ways To Prove Your Affordability For A Mortgage

In the past, self-employed mortgage applicants could present a declaration of their income through any documents that detailed their income and taxes. These declarations were called "Self-certificates". You can still take this route if your lender accepts such documents. However, self-certifications are open to abuse as mortgage applicants could easily exaggerate their income to improve their chances of getting approval on their application.

In 2008, the UK economy faced a massive financial crisis. The lending market showed a sudden decline in lending activities due to the shortage of funds. The lack of funds pushed many financial institutions towards losses, forcing them to tighten their risk management processes. Subsequently, the SA302 was introduced by the HMRC for individuals who faced difficulty in meeting the requirements of lenders.

How Can I Get My SA302 Tax Calculation?

You can view and print your SA302 Tax calculation and Tax Overview through HMRC online account. Assuming you have already submitted your self-assessment tax returns (online) as a self-employed individual, you will need to log in to your HMRC online account. Once you have signed in, you can follow these steps to get your SA302 form.

1. Click on ‘Self-Assessment’ in the box that appears in the middle.
2. The next screen will show your Unique Tax Reference (UTR) along with 3 links. 3. Click on the third one that reads,“Your SA302 Tax Calculation for the tax year 2019 to 2020’.
4. Click the “Continue to your SA302” button.
5. The next screen will show your tax bill and the amount paid in the selected year.
6. Click on “view your calculation”.

To print the calculation, you can scroll down to the bottom and click “Print your full calculation”.

To get your tax overview, follow these steps;

1. Click on ‘Self-Assessment’ in the box that appears in the middle.
2. Click on ‘Self Assessment Overview’.
3. Click on ‘view account’.
4. Select ‘tax years’.

From the drop-down list, select the year you need the overview for.
Click on ‘print your Tax Year Overview’.

If you can’t access your online account or have lost your password, you request your SA302 calculation and Tax Overview to be posted to you by the HMRC office. To do so, you can contact them by telephone by dialling 0300 200 3310. The HMRC office is open from Monday to Friday, 8 AM to 6 PM.

What Types Of Income Is Included & Excluded From The SA302 Tax Calculation

Capital gains are the profits made when you sell or trade a capital asset at a higher value for money.

The value of a capital asset may increase over time, but it is only considered as gain when the asset is sold. Capital gains can be realised while disposing of an asset, trading stocks and shares, and trading cryptocurrencies as well. The opposite of capital gain is a capital loss.

Although you have to pay tax on capital gains as soon as they are realised (assets sold at a higher price), they cannot be a part of your SA302 due to the nature of income. Most lenders don’t consider occasional gains as solid proof of income. However, if you’re trading as a part of your business and have a consistent income, you can demonstrate that through a self-declaration.