Mortgage - SA302 doesn't exist!

[marlint]

I'm looking at applying for a mortgage, and using the income that my wife and I receive from our Ltd Co as evidence to persuade the bank to lend to us.

However- as my wife is a basic rate tax payer, and not a director, she does not complete a self assessment tax return.

A lot of banks seem to want proof of income through the company verified by copies of our SA302 self assessment forms. No problem for me- but will be a problem for her (as she's never done one!).

Any suggestions for the best approach to take here (maybe we just need to find another bank for the mortgage!). Might it be better to start her doing self assessment (even though there is no tax due) in future- just so we have copies of these forms to satisfy the banks?

 

[Lease4Less]

P60?

Surely she has one of these?

 

[marlint]

P60?

Surely she has one of these?

P60 will not show any dividend income though

 

[Lease4Less]

Sorry, didn't realise she was a share holder being paid a dividend.

I'm sure that she has to complete a self assessment regardless of the amount paid.

No doubt one of our accountant colleagues will be along soon to either confirm or disagree

 

[Anna Chandley]

Do you use an accountant for the Ltd company? The mortgage company may be willing to accept a letter from the accountant confirmining the amount of dividends paid to your wife.


Anna

 

[marlint]

Do you use an accountant for the Ltd company? The mortgage company may be willing to accept a letter from the accountant confirmining the amount of dividends paid to your wife.


Anna

Yes I do- that could be useful thanks (assuming they accept that- some do, some don't by the look of it!)

 

[Anna Chandley]

Sorry, didn't realise she was a share holder being paid a dividend.

I'm sure that she has to complete a self assessment regardless of the amount paid.

No doubt one of our accountant colleagues will be along soon to either confirm or disagree

She would only have to complete a return if she had additional tax to pay on the dividends. (or additional tax to pay on any other income)

Anna

 

[MyAccountantOnline]

I'm looking at applying for a mortgage, and using the income that my wife and I receive from our Ltd Co as evidence to persuade the bank to lend to us.

However- as my wife is a basic rate tax payer, and not a director, she does not complete a self assessment tax return.

A lot of banks seem to want proof of income through the company verified by copies of our SA302 self assessment forms. No problem for me- but will be a problem for her (as she's never done one!).

Any suggestions for the best approach to take here (maybe we just need to find another bank for the mortgage!). Might it be better to start her doing self assessment (even though there is no tax due) in future- just so we have copies of these forms to satisfy the banks?

As Anna has suggested a reference from an accountant is usually fine. Banks seem to have little idea what they are asking for sometimes

 

[MyAccountantOnline]

Yes I do- that could be useful thanks (assuming they accept that- some do, some don't by the look of it!)

The only problem you may have is if your accountant isn't qualified.

I've never yet come across a bank which wont accept a reference I've done.