In this article, we'll explore what a Tax Year Overview is, why it's essential, and how you can easily access it.
What is a tax year overview?
A Tax Year Overview is a document provided by HMRC (Her Majesty's Revenue and Customs) that offers a summary of your tax activities for a specific tax year. While many people are familiar with the SA302 form, which serves as a certificate of the total income you've declared in a given tax year, the Tax Year Overview complements this form by providing additional key details.
So, what's the difference between the SA302 and the Tax Year Overview? Simply put:
SA302 Form: A summary of the income you've reported and the tax you've calculated.
Tax Year Overview: A statement of your tax bill for the tax year, including how much tax you've paid and any outstanding tax payments.
Lenders often require both documents when assessing your financial situation, particularly if you're applying for a mortgage or other types of credit. The SA302 shows your income, while the Tax Year Overview confirms that your tax affairs are up to date and details any remaining liabilities.
How to get your Tax year overview
You can access your Tax Year Overview at GOV.UK by taking the following steps:
Log into your HMRC online tax account
Select Self Assessment (if you are only registered for Self Assessment, then you’ll automatically be directed to this screen)
Select Self Assessment Overview
Select View Account and Follow the link Tax Years
Select the year from the drop-down menu and click the Go button
Follow the link Print your Tax Year Overview
Whether you're applying for a mortgage, loan, or simply want to keep your finances in check, having both your SA302 and Tax Year Overview at hand is a wise move. Taking a few minutes to access and review your Tax Year Overview can be beneficial in terms of saving you time if you know you will be applying for a loan or mortgage in the near future.
If you want more information regarding your SA302 you can view our article here and reach out to our team of qualified accountants for further assistance via intercom in the bottom right hand corner of your Ember account.