Not only are the banks gearing up to make it easier for contractors and freelancers to obtain a mortgage, HMRC are on your side to make it easier too.
HMRC have recently teamed up with the Council of Mortgage Lenders to improve online documents. Both the Tax Calculation (SA302) and the Tax Year Overview have become a priority for improvement as lenders could consider these as evidence of income for loan and mortgage purposes.
If a lender does ask you to provide these you will be able to access them electronically without having to contact HMRC. So if you submit your self-assessment tax returns yourself, then you will need to have registered for HMRC online services. You will be able to submit your tax return on your online services as well as access both the SA302’s and the Tax Year Overview. If you use third party software or your accountant completes these for you, then the SA302’s will need to be printed directly from the software.
Currently, you are able to print up to 3 years Tax Calculations but as of April 2016 this will increase to 4 years. You will be able to print your documents after waiting just 72 hours from submitting your self-assessment tax return.
Here at Gorilla Accounting, our contractor specialist accountants will contact HMRC on your behalf, so you don’t need to worry about talking to automated services or being on hold for hours. Our all-inclusive accountancy package for contractors and freelancers is just £85 + VAT per month and includes cloud bookkeeping software. To arrange a free trial, call us on 0330 024 0406.