It’s that time of the year when last years Tax Information expires. The normal reaction is “I don’t have to submit it until next January”.
You are correct, but last years information is now 18 months old to a lender and if you don’t have the current figures you may not get your first choice of lender for your next BTL Mortgage.
Make your accountant happy and get the information in soon if you haven’t done so already.
Remember the Tax Year Calculation and Tax Year Overview are needed by most lenders with some asking for the return itself.
What do lenders do with this information?
Tax Year Calculation (also known as SA302) – this confirms to the lender your income and tax status. It’s important as some lenders have minimum income requirements and the rental calculation is different for a high rate tax payer.
It’s also used to double check your personal property income compared to your portfolio.
Where do I get it from? Whoever does your annual tax return can access it from the software they use.
Tax Year Overview – this confirms to the lender the amount of tax due in the tax year and how much has been paid.
Where do I get it from? Your accountant or you can download it from your Self Assessment account.
Tax Return (also known as SA100) – this confirms that you are declaring the same number of properties that you own personally at the time of your finance application and will show a lender the total income for the personal portfolio.
Where do I get it from? Whoever does your annual tax return can access it from the software they use.Tags: HMRC, Tax