HMRC is to stop issuing paper copies of clients’ tax calculations and tax year overviews for mortgage applications for self-employed people using tax agents. HMRC insists that they have an agreement with the Council of Mortgage Lenders over accepting online print outs.
HMRC have been in discussion with UK Finance (formerly the Council of Mortgage Lenders) and their members to understand lenders’ requirements and make the necessary changes so that they will accept self-served copies of the tax calculation from the HMRC online accounts or the commercial software used to file the SA return.
The majority of lenders have now agreed to accept self-serve copies and HMRC have produced a list of these lenders on their website. It is understood that the majority of major lenders are now on the HMRC list, although some small finance firms may decide to not go down this route as the volume of self-employed mortgages is so low.
Commercial software companies will update their software to ensure that it offers a print facility, meaning that all agents who have filed a SA return online will be able to print a copy of the tax calculation and / or the Tax Year Overview when it suits them, rather than calling HMRC and waiting up to two weeks to receive a copy.