Self assessment proof of earnings SA032

Self assessment proof of earnings SA032

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TheEnd

Original Poster:

15,370 posts

187 months

Wednesday 15th April 2015
quotequote all
When do these appear?

HRMC have an online form request but it doesn't mention it in the list here-
https://www.gov.uk/self-assessment-forms-and-helps...

The online form request only covers stuff for 2013-2014, so when does 2014-2015 appear? Are they technically available now, or is it at some point int he future?

Eric Mc

121,779 posts

264 months

Wednesday 15th April 2015
quotequote all
I think you mean the SA302.

The simple answer is that HMRC DOES NOT issue an SA302 automatically except in very restricted circumstances. For most people, if they need an SA302, they must contact HMRC by phone and ask them to send one out to you in the post. This can take at least 14 days.

TheEnd

Original Poster:

15,370 posts

187 months

Wednesday 15th April 2015
quotequote all
Right, that might have been it, it has been mistyped as "032" in quite a few places.

as seen here-
http://www.mortgagestrategy.co.uk/news-and-feature...

I'll have to give them a call then.

edit-
https://www.gov.uk/sa302-tax-calculation

Should be available online.

Edited by TheEnd on Wednesday 15th April 21:11

Sarnie

8,025 posts

208 months

Wednesday 15th April 2015
quotequote all
TheEnd said:
Right, that might have been it, it has been mistyped as "032" in quite a few places.

as seen here-
http://www.mortgagestrategy.co.uk/news-and-feature...

I'll have to give them a call then.

edit-
https://www.gov.uk/sa302-tax-calculation

Should be available online.

Edited by TheEnd on Wednesday 15th April 21:11
Based on the above link, if you are trying to get this for mortgage purposes, most lenders don't accept the version you can print off from the online system, they want the version sent through the post by HMRC....

HTH.

TheEnd

Original Poster:

15,370 posts

187 months

Wednesday 15th April 2015
quotequote all
Cheers, that's the reason alright.

Jimmytno1

465 posts

168 months

Wednesday 15th April 2015
quotequote all
We needed these recently and HMRC faxed them to us to save waiting for them to come in the post

Eric Mc

121,779 posts

264 months

Wednesday 15th April 2015
quotequote all
When Self Assessment was introduced almost 20 years ago, one of the cardinal points of the new system was that the Inland Revenue (as it then was ) would never have to print off and post Tax Assessments to taxpayers anymore.

Before those days, mortgage lenders usually required to see the Tax Assessments as evidence of a person's agreed taxable income.

With Self Assessment (the clue is in the title) HMRC (as it is now) never agrees figures and never issues assessments. Why should it - it no longer has that legal duty. The taxpayer has the legal duty to assess himself.

It just so happened that at roughly the same time, lenders began to become far more lax about evidencing income so went down the route of Self Certification - which in many ways was their own version of "self assessment".

Now that the lending world is relearning old lessons, they do now want to see the modern equivalent of the old fashioned "tax assessment". The only document that comes anywhere close to this is the SA302.

However, the one thing as SA302 is most definitely NOT is a tax assessment - and nor is it any sort of proof that HMRC has agreed the information you submitted on your Self Assessment tax return. All it is is a tax calculation provided by them based on the information you gave them - which may or may not have been truthful or complete.

Sarnie

8,025 posts

208 months

Wednesday 15th April 2015
quotequote all
Eric Mc said:
When Self Assessment was introduced almost 20 years ago, one of the cardinal points of the new system was that the Inland Revenue (as it then was ) would never have to print off and post Tax Assessments to taxpayers anymore.

Before those days, mortgage lenders usually required to see the Tax Assessments as evidence of a person's agreed taxable income.

With Self Assessment (the clue is in the title) HMRC (as it is now) never agrees figures and never issues assessments. Why should it - it no longer has that legal duty. The taxpayer has the legal duty to assess himself.

It just so happened that at roughly the same time, lenders began to become far more lax about evidencing income so went down the route of Self Certification - which in many ways was their own version of "self assessment".

Now that the lending world is relearning old lessons, they do now want to see the modern equivalent of the old fashioned "tax assessment". The only document that comes anywhere close to this is the SA302.

However, the one thing as SA302 is most definitely NOT is a tax assessment - and nor is it any sort of proof that HMRC has agreed the information you submitted on your Self Assessment tax return. All it is is a tax calculation provided by them based on the information you gave them - which may or may not have been truthful or complete.
But the point is Eric, people will readily lie to lenders or get a hooky accountant to sign anything requested, all of which will be entirely different data that is then actually submitted to HMRC.

An SA302 is of course no agreement from HMRC on the figures, but it is the best way currently of aligning applicants lending capacity against what they are actually claiming and submitting to HMRC as their income.

Lenders are not accountants and do not want to be requesting full three years audited accounts and 36 months of corresponding bank statements and receipts, to verify an applicant's income, thats for accountants to do. Lenders simply want the end figures that you are paying tax against and are submitting to HMRC as your income, which is what the SA302 gives them.


Jockman

17,912 posts

159 months

Wednesday 15th April 2015
quotequote all
Sarnie I submitted my tax return last week and it triggered a tax rebate to me which I will wait for up to 4 weeks for repayment apparently.

Am I able to now apply for my sa302 which I used to move house last December if I required it? If so, what stops me from going in to my online account post receipt of my sa302 and resubmitting different figures?

Apologies for the vagueness. I do mean the sa302 for this current tax year, not last years !!

Edited by Jockman on Wednesday 15th April 23:21

Eric Mc

121,779 posts

264 months

Thursday 16th April 2015
quotequote all
Jockman said:
Sarnie I submitted my tax return last week and it triggered a tax rebate to me which I will wait for up to 4 weeks for repayment apparently.

Am I able to now apply for my sa302 which I used to move house last December if I required it? If so, what stops me from going in to my online account post receipt of my sa302 and resubmitting different figures?

Apologies for the vagueness. I do mean the sa302 for this current tax year, not last years !!

Edited by Jockman on Wednesday 15th April 23:21
Regarding resubmitting different details in a revised tax return - there is absolutely NOTHING to stop you doing this - apart from perhaps fear of triggering an HMRC enquiry.

As Sarnie says, the lenders are using the SA302 because they are ASSUMING that the taxpayer has told the truth to HMRC - as the law requires. In reality, of course, that doesn't always happen and the SA302 is not any real confirmation of income from a legal point of view. All it is is a confirmation of what you have told HMRC - for the moment.

Jockman

17,912 posts

159 months

Thursday 16th April 2015
quotequote all
Eric Mc said:
Regarding resubmitting different details in a revised tax return - there is absolutely NOTHING to stop you doing this - apart from perhaps fear of triggering an HMRC enquiry.
Agreed. To be avoided unless completely necessary. I've done it once without issue - I forgot that I went a month without pay rolleyes

Eric Mc

121,779 posts

264 months

Thursday 16th April 2015
quotequote all
Obviously, if subsequent errors come to light - then it is NECESSARY to submit a revised return. My take on HMRC these days is that they rarely start enquiries unless there is something very seriously and obviously wrong with the data they have received - AND they notice.