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Not the problem
Although I am glad to see HMRC has improved this area, getting them to send an SA302 is only a minor issue in light of the bigger problem of why the FCA latched on to the idea that this is a suitable form of evidence for the self employed.
CML
HMRC and Council of Mortgage lenders have agreed that you don't need a paper SA302 any more, just the calculation page plus tax summary page.
I now have a standard QA document for lenders who don't know this, the main part goes like this:
"1. Please confirm in writing that you are insisting on an SA302 despite this being agreed by the CML as no longer being required.
2. Please supply your name and branch address so I can include this in my letter to the CML explaining that you are not following their agreed process."
So far I have used this twice. I have not heard anything further from the lenders and the mortgages have been approved. Job's a good 'un!
I Find this fascinating so what you are saying is the only evidence required is the calculation page and tax summary. Is that right and if so? Then why show any bank statements at all?
That doesn't help at all
If you use 3rd party tax software as agents mostly do then you still can't print off the tax calculation.
IS PROVIDING THIS FUNCTIONALITY BEYOND THE WIT OF HMRC?
Sorry for shouting but the whole process is increasingly frustrating and wasting a lot of time as it seems like everybody is applying for a mortgage at the moment.
Here is a selection of what happened this past week:
-Coventry Building Society clearly stated on their documents 'Assessments printed from the HMRC website are not acceptable'.
- Natwest would not accept the faxed SA302's on my file and insisted I request posted ones. Clearly I am not trusted not to forge them.
-A good 40% of the SA302's either faxed or posted never turned up and had to be requested again.
-on one occasion HMRC randomly refused to fax them - insisting on posting them.
SA 302's
I called the Revenue this morning to request last 3 years for a client and they were faxed to me just before lunch. I definitely call that an improvement.
One lender......
.....refused to accept them because HMRC sent them to us and had our address on the covering letter - even though each SA302 clearly showed the taxpayer name and UTR.
Redacted UTR
Has anyone come across HMRC agreeing to fax them through with the UTR redacted followed by an original (not redacted) in the post?
I have had this a few times now and never understood it. I used my clients UTR to clear the security checks as agent so you know I already have this information. Why redact it??
What is the point of an SA302 when the mortgage advisor and / or building society in a recent request did not understand why the figures are different to the signed accountants certificate and therefore refused a mortgage application on these grounds .
Not as bad in my experience
The changes to HMRC's online filing won't help at all for those of us (95% of accountants at least, I would guess) who use 3rd party software, but to be fair to HMRC they are really quick sending out the SA302 forms - they quote 'up to fourteen days' but it's normally a week at the most. It may be the only thing they are quick at, but creditt where credit is due.
best no to ring for sa302
i need to request 3 years SA392 for a client - luckily before now got away with sets of accounts and p60's. Can anyone confirm whether its best to call the agents dedicated line or some other no to speed up the process.
Agents dedicated line
For SA302s call the Agents' dedicated line. I have found this to be quick and relatively efficient. I normally receive the SA302s by post within a working week.
HMRC have improved considerably on this
I have needed three years of SA302s for two clients in the last fortnight, and in both cases they were faxed to me within a couple of hours of my telephone request via the agent dedicated line. Credit where credit s due !
Why oh why can't HMRC send out an email immediately from a no reply address. Now that really would be joining the real world.
Who pays for all this
Why does no one consider the cost to the taxpayer, ie me and everyone else? HMRC are acknowledged to have huge backlogs and not enough staff but we are paying them to produce SA302's and tax calculations and then we are paying for the postage when they are sent out. Why should all of the taxpaying population pay for something only needed by a small percentage? And why can't they accept the "overview" that can be printed from the client page on the Agents online service, although we did convince Barclays to do so last week. And finally, its called self assessment for a good reason - that's what it says on the tin. HMRC only print out what has been submitted but for some reason the lenders seems to think that guarantees that it is right!
We as agents need to kick back on this
In my view there is no point in [***] about this if we are all going to just sit there and take it.
See my earlier post in this thread. If enough agents do this, these box-tickers in bank branches will wake up and stop asking for the SA302s.
Most of my limited company director clients are not in self-assessment. Why would you volunteer to be in it? The banks and building societies are fine with the P60 and dividend vouchers in these cases, so why is that not the case where a director is in self-assessment?
Directors tax returns
In my view there is no point in [***] about this if we are all going to just sit there and take it.
See my earlier post in this thread. If enough agents do this, these box-tickers in bank branches will wake up and stop asking for the SA302s.
Most of my limited company director clients are not in self-assessment. Why would you volunteer to be in it? The banks and building societies are fine with the P60 and dividend vouchers in these cases, so why is that not the case where a director is in self-assessment?
This begs the question, if they don't receive dividend income of over 10k (5k from April next year), a requirement of which it is to complete a tax return, why are they a ltd company?
My local Lloyds Bank in Bourne, Lincolnshire have refused to accept the Self Serve Option even after I emailed confirmation to them that Lloyds Bank were on the list of Lenders signed up to this scheme. Perhaps the memo takes longer to remote banks!!