Proof of income for self-employed mortgages
17 July 2024
Applying for a mortgage requires a little bit of effort from the client. 3 months’ payslips, 3 months' statements or more if you are relying on bonuses or commission to make up your eligible salary.
But what if you own a business or you are self-employed? Access to proof of income for self-employed is not quite as neatly packaged.
Finding the information you need for a self-employed mortgage doesn’t have to be the ordeal you imagine it’s going to be. We have put together this short guide to help you find all the income information your mortgage broker will ask for. It’s a simple, step by step guide, but if you need more information or help please do not hesitate to contact the team.
SA302 tax calculation
The first piece of evidence required is an SA302 tax calculation. It's a bit like a P60 for someone that is self-employed.
The best way to do this is online at HMRC. Start at the same place you submit your self-assessment www.gov.uk
However, if you don’t have access to your account online, then you or your accountant can request paper copies by calling HMRC on 0300 200 3310.
A combination of online and paper versions to evidence a number of years are also acceptable.
For security, please ensure the following details are visible on the online SA302:
- HMRC logo
- Unique Tax Reference (UTR)
- Your name,
- Tax year
How to print from your HMRC online account
- Log into the HMRC online account
- Select ‘Self Assessment’ (if you are only registered for Self Assessment then you will automatically be directed to this screen)
- Follow the link ‘View Your Tax Return’
- Follow the link ‘tax return options’
- Choose the year from the drop-down menu and click the ‘Go’ button
- Click the ‘view return’ button
- Follow the link ‘view calculation’
- Follow the link ‘view and print your calculation
- Follow the link at the bottom of the page to ‘print your full calculation’
Tax Year Overviews
The other document you’ll need when applying for a self-employed mortgage is a ‘Tax Year Overview’. This document is to verify that the SA302 information is correct. You need this whether you’re using online or paper-based SA302s.
The Tax Year Overview is produced by HMRC after the customer has submitted their self-assessment tax return. It shows the amount of tax due to be paid directly to HMRC or any available amount for a refund for a given tax year.
How to print a Tax Year Overview (online):
From your HMRC online account
- Log into the HMRC online account.
- Select ‘Self Assessment’ (if you are only registered for Self Assessment then you will automatically be directed to this screen)
- Follow the link ‘Self Assessment Overview’
- Follow the link ‘view account’
- Follow the link ‘tax years’
- Choose the year from the drop-down menu and click the ‘Go’ button
- Follow the link ‘print your Tax Year Overview’.
We hope this article has been useful and it contains all the information you need to find proof of income for self-employed mortgages. If you have any queries regarding this process or feel you need more help, please do not hesitate to call us on 0203 745 5893.
