Mortgages when you’re a creative freelancer
Ah, mortgages and being a creative freelancer – it never seems like the easiest or simplest of things to navigate.
But have no fear – it really isn’t all that difficult at all. At WardWilliams Creative we have extensive experience in supporting creative freelancers to get the information they need to have the best chance of securing a mortgage.
You found your dream house, and it’s time to turn dreams into reality by contracting a mortgage broker. They will ask you to supply an “SA302”. So what is this mystical creature that they speak of??
What is an SA302?
An SA302 is nothing more or less than your tax computation covering the tax year. For sole traders or freelancers paying themselves outside PAYE, an SA302 certificate is the only way lenders will verify income. It proves to the lender that you have paid tax to HMRC
If you file your tax return with HMRC, using HMRC’s online services website, this can be easily obtained from your government gateway account. You just need to log in, go to your self-assessment account and download the document.
If you have an accountant who files your tax return for you, they will be able to provide you with a copy of your SA302 at the click of a button.
In this instance, as the document is not provided directly from HMRC (accountants file your tax return using third party software), you will need a “tax year overview” from HMRC as well. This shows that the tax liability that HMRC has for you is the same as that on the SA302 tax calculation provided by your accountant. Again, this is something that your accountant can provide to you with minimal hassle, as long as they are set up as your agent with HMRC.
Keep Calm, Speak to an accountant
So the next time you hear someone say, SA302, don’t panic, call your accountant and get them to sort it all for you!!!
If you would like any further information on our self-employed services then please get in touch, we’d love to hear from you.
