HMRC to withdraw paper copies for mortgage applications

HMRC is to stop issuing paper copies of clients’ tax calculations and tax year overviews for mortgage applications for the self-employed. You can read the full article in CCH Daily.

HMRC has 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 account or the commercial software used to file the self-assessment return.

The majority of lenders have now agreed to accept self-serve copies and HMRC has produced a list of these lenders on its website click here to view the full list. It is understood that the majority of major lenders are now on the HMRC list, although some smaller finance firms may decide not to go down this route as the volume of self-employed mortgages is so low.

This means that all agents who have filed a self-assessment 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.

If you are concerned with regards to how this will effect you, get in touch on 0161 249 5040

* Article courtesy of CCH Daily