[ɛs-eɪ302]
An SA302 is a tax document that outlines income and tax spending over the last 4 years. Often requested by lenders and other financial institutions.
The SA302 is a document issued by HMRC in the United Kingdom that shows how much money an individual has earned and how much tax they have paid in the last 4 years. It is also known as a tax calculation.
An SA302 can act as evidence of your income, so might be requested by a bank providing loans or mortgages when the individual acting as the loanee is Self-employed.
An SA302 can be requested online. Or by calling HMRC, and they can send it to the bank for example directly. But, you must have submitted your Self-Assessment before you can access your SA302.
If an individual uses Accounting Software or an Accountant to do their tax return, they can use that software or accountant to print out a tax calculation.
An example page of the SA302 is shown below:
There are loads of different tax laws in the United Kingdom. IR35 is very important to freelancers and contractors but can be a little confusing. Here, we explain simply what IR35 is and who it can affect.
Read more
Self-employed individuals can use two different methods to expense business vehicle costs. Here, we investigate the positive and negatives for both methods and which one might be right for you.
Read more
