Form SA302 for Mortgage Applications

SA302 Form - What is it used for?

If you are self-employed or a director of your own company you will need a confirmation of earnings in order to successfully apply for a mortgage. Most lenders will now request a copy of Form SA302 from HM Revenue & Customs. Basically the form is a tax calculation based on the Self Assessment Tax Return that you have previously submitted. The purpose of the form is to reduce the volume of mortgage fraud. Previously an accountant's letter would be sufficient but not nowadays.

 

SA302 Form - How do I get a copy for my mortgage application?

Form SA302 can only be retrieved from HM Revenue & Customs and CANNOT be downloaded from their website. The only way to retrieve a copy is by writing to HMRC and requesting a copy for the relevant years. The letter should include your full name & address, national insurance number and UTR number.

 

SA302 Form - How long does it take to get a copy?

At Gordon Ferguson & Co we have typically found it can take individuals up to 8 weeks to receive a copy from HMRC. We also tend to find that when we request the information we can receive a response within 3 weeks. For all clients who regularly purchase property we as matter of course request a copy of Form SA302 from HMRC as soon as we have submitted their tax return. This means that should our client require a copy we can instantly provide a copy from our files.

 

 

 

Company Formation

At Gordon Ferguson we can set up limited companies within a few days. In addition we can get you an appointment with a bank manager to get a bank account opened that day and then make plans to register your company for VAT and PAYE.


In order for us to set up your company all we need is your new company's proposed name (we would always suggest to have search at Companies House to see if the company name is available).

Next step is the Registered Office for the company. This is the address which will be on record at Companies House and would be used for sending important documents to. Typically clients would use their accountant's or lawyer's address. We can offer our Eurocentral address which can add credibility should someone search carry out a search Companies House. Alternatively you can use a home or work address. If you are setting up a Scottish company you must have a Scottish address as your registered office.

 

Thereafter we need the company director's full name, address, date of birth and national insurance number. The company director's will be listed at Companies House and would generally be seen to be the people who are running the company.


Finally we would need details of how many shares the company wants to issue and who the shareholders are. Typically we would suggest 100 x £1 Ordinary Shares but this can be higher or lower. The shareholders are effectively the owners of the business and some thought should be given to the split of the shareholdings. The shareholders can receive a distribution of profits, commonly known as dividends, as a method of tax efficient earnings. Please give us a call for tax and dividend planning to minimise the personal tax exposure of the shareholders.

 

Once the company is incorporated we will email you a copy of the Certificate of Incorporation and Share Certificates. You will need the certificate of incorporation to open a company bank accounts.

 

Setting up an LLP Company Formation

A Limited Liability Partnership has many similarities with a standard incorporated company however it can adopt the organisational flexibility and tax requirements typical of a non limited partnership. An LLP will not have directors or shareholders just members. Like setting up a Limited Company we need the name of the business and the member's details (Full Name, Address, Date of Birth and National Insurance Number). The LLP should have a partnership agreement in place that will set forth the terms of the agreement. Should you require a Limited Liability Partnership Agreement please give us a call and we can generate an agreement to suit your requirements. The partnership agreement would stipulate the duties and general conduct of the memebers. Areas of consideration would include:

  • Division of profits and losses
  • Drawings
  • Decision making procedures
  • Resignation of members
  • Indemnity
  • Winding up procedures
  • Arbitration

To set up a Limited Company or Limited Liability Partnership please give us a call today to discuss your requirements.

 

 

 

Self Assessment Tax Returns

At Gordon Ferguson & Co we cater for a wide range of personal tax affairs for individuals covering all aspects including:

  • advice and assistance with the preparation of your Self Assessment  Tax return
  • calculation of any tax liabilities due
  • help with your ongoing tax affairs including payments on account and filing date requirements.
  • completion of your tax returns in conjunction with your business affairs
  • future tax planning issues
  • representation through HM Revenue & Customs enquiries and investigations

 

Capital Gains Tax

Capital gains tax would normally arise on the disposal of assets which can result in a significant tax charges. Such charges may be reduced with effective pre-transaction planning and to ensure available reliefs and exemptions are maximised. At Gordon Ferguson & Co we can assist you in this planning and advise you on the best options which will minimise your tax exposure.

Entrepreneurs Relief (ER)

Since April 2008 ER has been available in respect of:-

  • gains made on the disposal of all or part of a business, and
  • gains made on the disposal of shares in your family trading company if you are an employee or director of that company

The relief allows these gains to be taxed at a special rate of 10% rather than the full rate of 18% or 28%. You can claim on more than one occasion up to a cumulative maximum of (currently) £10m.

Qualification rules for Entrepreneurs Relief are not straight forward. At Gordon Ferguson & Co we will work with you to review your business and determine its position, enabling you to plan ahead with confidence.

VAT

We can advise you on the implication of vat on your business.  In doing so we provide an efficient cost effective service, which includes:

  • assistance with your VAT registration
  • advice on VAT planning and administration
  • use of the most appropriate scheme which most suits your business.
  • VAT control and reconciliation
  • help with completing VAT returns
  • negotiating with HMRC in disputes and representing you at VAT tribunals

Taxation

At Gordon Ferguson & Co we are able to offer our clients a wealth of experience, knowledge and understanding of taxation which enables us appreciate the needs and requirements of both our business and personal clients.

By understanding your aims and ambitions we can identify appropriate tax planning opportunities for both your business and your personal circumstances.

At Gordon Ferguson & Co we aim to review your tax affairs on a regular basis to ensure that you are maximising the reliefs and exemptions available so that we minimise your tax liabilities now and for the future.

We are able to provide advice on a number of tax issues that affect your business and you as an individual. This would include:

  • Corporation Tax
  • Vat
  • Income Tax
  • Capital Gains tax

Corporation Tax

We will prepare and submit the corporation tax return on behalf of your company. In it’s preparation we will advise you on:

  • Payment and filing date requirements
  • Exemptions and reliefs available
  • Annual Investment allowances
  • Capital allowances

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