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Tax Calculations and Tax Year Overviews for Self Employed Mortgages

To prove your income for a mortgage application as a self employed person you will require:

A Tax Calculation covering the requested tax year(s)*

and

A Tax Year Overview to accompany each Tax Calculation

*Typically last two years, can be three or one, depending on the Lender

Tax Calculation

A tax calculation shows your income for the year, your personal allowance, and the resultant tax bill due on the year.

See below for example documents.

This may be obtained from the following sources:

Your Accountant

Who will typically provide this printed from commercial tax calculator software

Your HMRC Online account (Gateway)

Which can be accessed by your Accountant or by yourself (if you have the log ins)

Tax Year Overview

This is a statement of your tax bill for the tax year, the tax paid, and any amount outstanding.

See below for example document.

This can be obtained through your HMRC Online account (Gateway)

Which can be accessed by your Accountant or by yourself (if you have the log ins)

Further issues for the self employed

Your tax must be paid to date

If not, expect your mortgage lender to ask questions.

Your figures must be penny accurate

The tax due on the Tax Calculation and the Tax Year Overview should match to the penny (it frequently does not). If the figures do not match, your mortgage lender will query this and insist it is rectified. Therefore, if your figures do not match, have your Accountant address this before you present your Tax Calculation and Tax Year Overview to the Lender.

Your figures must be recent

You may need up to three years figures (depending on your Lender) with the most recent set no more than 18 months old.

You may also need to provide signed business accounts

Some Lenders will also ask for signed business accounts in addition to your tax calculations and tax year overviews.

Tax Calculation Example (from Accountant)

Accountant Example

Tax Calculations from Accountant example

HMRC Gateway Example

Tax Calculations from HMRC example

Tax Year Overview Example

Tax Year Overview Example