Essential Guide to Understanding Your Tax Year Overview


Why isn’t my tax calculation enough?
Key takeaways
The tax year overview
Navigating HMRC online to access your tax year overview
Essential steps to obtain and print your tax year
Clarifying SA302 tax calculation and its relation to tax year overview
Tax year overview for different types of income
Adjustments and corrections in your tax year overview
Frequently asked questions

What is a ‘tax year overview’ and why does it matter?

Unlike their employed counterparts, small business owners don’t have the luxury of being able to obtain a mortgage by providing their payslips. As a result they have to work much harder to prove their income and even in situations where they take a salary from their own company, the payslips are ignored due to the restriction on “Close Companies”.

Since HMRC stopped sending out official paper copies of SA302 tax calculations in the post the TYO has become absolutely crucial to any business owner applying for a mortgage, and together with your tax calculation it provides the vital evidence needed to prove your income.

It’s worth bearing in mind that if you submitted your own self-assessment via the Government Gateway then you will still have access to the SA302 document online, however if you had your accountant do it or used a third party software then as an alternative you will need to rely on your tax calculation from the software, plus a TYO to validate it.

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Why isn’t my tax calculation enough?

It’s easy for someone to manipulate their tax calculation, perhaps because they want to show a much higher level of income then they actually achieved to get a larger mortgage.

They could do this by filling in their self-assessment and inflating their income or by lying to their accountant, getting them to provide the calculation, then adjusting it afterward once it’s been submitted to the mortgage lender.

Providing a tax year overview with a self assessment calculation, reassures anyone looking at it that the income numbers were actually filed to HMRC and that it is an official document, that complies with the tax laws in the UK.

Key Takeaways

  • A Tax Year Overview is generated by HMRC after submitting a self-assessment and serves as proof of income tax liability or refunds, which is essential for self-employed individuals and those seeking mortgages.
  • The Tax Year Overview can be accessed through the HMRC online portal using a personal or business tax account, and the Self Assessment section facilitates viewing, printing, and securely saving the tax overview document.
  • Adjusting or correcting the Tax Year Overview is possible within 12 months of the Self Assessment deadline via HMRC’s website or telephone service, ensuring accuracy in the taxpayer’s financial documentation.

The Tax Year Overview

The Tax Year Overview is a document generated by HMRC once you submit your self-assessment tax return. It displays the following information for the given tax year:

This document holds significant importance for self-employed individuals as it functions as a verification document, validating the accuracy of the tax calculation provided. It is vital that before you submit it to a mortgage lender or broker, you check that the tax figure on the first line of the TYO ties back to the calculation that you’re providing.

It can be hard to get excited about such a mundane document, however I will attempt to be as thorough as possible in my explanation: There are some key functions the tax year overview has:

  • Provide validation that your tax calculation was actually filed to HMRC
  • Confirming that HMRC have received and correctly processed your self-assessment tax return
  • Ensuring that HMRC have received your tax payments

It is a key component in your self-assessment tax return process that ensures you pay the appropriate amount of tax for the appropriate tax year.

Illustration of a calendar with tax-related dates marked

The Role of Tax Year Overviews in Self Assessment

After the submission of the self-assessment tax return, the Tax Year Overview reflects the amount of tax due. This document is frequently employed as evidence of income, such as when seeking a mortgage. It provides a summary of the self assessment returns for a specific tax year.

The significance of a Tax Year Overview includes:

  • Offering a consolidated view of the total tax liability or potential refund following the filing of a self-assessment tax return
  • Ensuring precision in the amount owed or due to the taxpayer
  • Furnishing taxpayers with a comprehensive breakdown of their complete calculation
  • Providing evidence of their earnings and income in the tax year, which is crucial for precise tax documentation and validation.

A Closer Look at the Components of Your Tax Year Overview

A Tax Year Overview in the UK consolidates information about the total income and tax for a particular tax year, detailing the tax bill, the tax paid, and any remaining balance. The income section of a Tax Year Overview provides a breakdown of the individual’s income, including the calculation of Income Tax and National Insurance contributions, as well as the allocation of these contributions by HM Revenue and Customs (HMRC).

Each section in a Tax Year Overview serves a purpose. It displays the amount of tax owed or eligible for refund for a specific tax year, and offers a structured summary of total income and tax filings. The aim is to enhance transparency and offer a clear financial overview to HMRC and the taxpayer.

Navigating HMRC Online to Access Your Tax Year Overview

Illustration of a person accessing online tax documents

Accessing your Tax Year Overview involves the following steps:

  1. Visit the HMRC online portal.
  2. Sign in or create a personal or business tax account.
  3. Select the ‘View and manage your Self Assessment tax return’ option.
  4. Proceed to ‘More Self Assessment details’ and ‘Tax return’.

Once you have completed these steps, you will be able to view your Tax Year Overview.

However, navigating online portals can sometimes be challenging. If you encounter difficulties accessing your Self Assessment on HMRC online, such as losing the Government Gateway user ID, experiencing service issues, or facing troubles with online submission, don’t fret. You can use online forms, seek assistance by calling HMRC, or reach out to the self-assessment helpline on 0300 200 3310. Additionally, you may need to access an additional HMRC online document for further guidance.

Sign In and Select Self Assessment

Accessing your self-assessment HMRC account is a simple process. You should visit the HMRC website and follow the link to create a Personal Tax Account. Then, register using Government Gateway to set up an account if you don’t already have one.

In case you forget your HMRC online account credentials, you can easily recover your user ID or password by following the instructions for recovery on the HMRC website. Once you’ve signed in to your HMRC online account, you’ll find the self-assessment option within your personal tax account, which is associated with your Self Assessment.

View Self Assessment Return and Tax Overview

Once logged in and the Self Assessment option selected, your Self Assessment Return is accessible on HMRC online using your Unique Taxpayer Reference (UTR) and National Insurance number. Once logged in, select ‘Self Assessment’ to view or print your tax returns.

Your Self Assessment Return can be directly downloaded from the ‘Self Assessment’ section of your account. The Tax Year Overview can be accessed through the ‘Self Assessment’ section or located in the ‘Annual Tax Summary’ section of the HMRC online portal once you have completed your tax return.

Essential Steps to Obtain and Print Your Tax Year Overview

Photo of a person printing tax documents

Once your Tax Year Overview is accessible, the subsequent step is to secure a copy. To do this, follow these steps:

  1. Access your HMRC online account.
  2. Proceed to the ‘Self Assessment’ section.
  3. If you are solely registered for Self Assessment, you can proceed to print your own tax calculation and tax year overview.

Printing your Tax Year Overview is a simple process. Here are the steps:

  1. Sign into your HMRC online account.
  2. Navigate to the ‘View account’ option on the Self Assessment home page.
  3. Select ‘Tax years’.
  4. Choose the year you want from the dropdown menu.
  5. Click ‘Go’.
  6. Proceed to select ‘Print your tax year …’ to print the document.

Securely Saving Your Tax Documents

Securing your Tax Year Overview requires safe storage measures. Here’s how to do it:

  1. Choose the tax year you want to print and click ‘Go’.
  2. Click ‘Print your tax year overview’.
  3. Choose ‘Save as PDF’.
  4. Click ‘Save’ to save it on your computer or cloud storage.

Saving your Tax Year Overview in PDF format ensures the document’s integrity and accessibility for future use.

Securely storing your tax documents is of paramount importance. You might use:

  • Encrypted flash drives
  • Password-protected documents sent via email
  • Secure file-sharing services like TitanFile
  • Encrypted backup services like IDrive
  • Secure storage options for long-term preservation, such as personal safes, Google Drive, iCloud, and Dropbox with encryption enabled

These options will help ensure the safety and confidentiality of your tax documents.

Remember that it’s advisable to retain your tax records for a minimum of 22 months after the conclusion of the tax year the tax return pertains to, or longer if you’re self-employed.

Clarifying SA302 Tax Calculation and Its Relation to Tax Year Overview

Illustration comparing SA302 Tax Calculation and Tax Year Overview

An SA302 Tax Calculation, a formal document, exhibits an individual’s income and tax liabilities for a given tax year. It is frequently utilized as evidence of income when seeking a mortgage. The Tax Year Overview serves as a concise representation of your tax status for a particular tax year, encompassing the overall income received and total tax paid. When combined with an SA302, which furnishes an authoritative tax computation, they collectively outline the complete income and tax information submitted to HMRC for that year.

The SA302 provides detailed tax calculations and serves as a more comprehensive tax document. On the other hand, the Tax Year Overview functions as a summary, presenting solely the income for the fiscal year, personal allowance, and the finalized tax bill due for that year.

When Mortgage Lender HMRC Entry Requires Both Documents

To confirm an individual’s earnings for a particular tax year, mortgage lenders often request the SA302 Tax Calculation. However, both the SA302 and the Tax Year Overview are commonly requested by mortgage lenders as they serve as summaries of an individual’s total income and tax submitted to HMRC for a specific tax year, offering a comprehensive view of the individual’s financial status.

The SA302 provides an in-depth analysis of an individual’s earnings, allowances, taxes, and payments, whereas the Tax Year Overview presents the overall totals and payments from the tax return. When combined, these documents offer a comprehensive understanding of the individual’s income and tax status, which is crucial for income verification when dealing with mortgage lenders.

Tax Year Overview for Different Types of Income

Different types of income, including capital gains, fall under diverse tax rates as per the Tax Year Overview. The Tax Year Overview integrates self-employment income by including it in the SA302 form, which serves as a summary of the income reported to HMRC. Rental income from property is also incorporated into your Tax Year Overview. This income is liable to income tax based on the net profits of the rental business. Net profits are determined by subtracting allowable expenses from the rental income.

Incorporating property income into your Tax Year Overview involves:

  1. Registering for Self Assessment
  2. Keeping abreast of landlord tax deadlines
  3. Gathering all pertinent details pertaining to rental income
  4. Ascertaining allowable expenses

This is imperative for accurately declaring your net profit from property rental.

Incorporating Property Income into Your Tax Year Overview

Incorporating property income into your Tax Year Overview entails transferring the property owned by an individual landlord into a Limited Company. Once incorporated, the property becomes subject to corporation tax on its rental income and any future earnings.

The calculation of income from jointly owned property for tax purposes typically involves equal shares, unless there is a specific rationale for an alternate allocation. In the case of marriage or civil partnership, the individual’s portion of the rental profits is determined by the percentage of ownership in the property.

Illustration of various sources of income included in Tax Year Overview

Adjustments and Corrections in Your Tax Year Overview

Should you identify any errors or inconsistencies in your Tax Year Overview, it is vital to correct them without delay. You can adjust or rectify information in your Tax Year Overview by following these steps:

  1. Visit the HMRC website.
  2. Navigate to ‘Tax return options’.
  3. Choose the tax year for the return that requires amendment.
  4. Access the tax return.
  5. Make the required alterations.
  6. Resubmit the tax return.

Amendments can be made within 12 months of the Self Assessment deadline or the actual filing date of the tax return for that accounting period. Remember, accuracy is paramount when it comes to your Tax Year Overview.

Contacting HMRC for Amendments

Changes to your Tax Year Overview can be initiated by reaching out to HMRC, managing your online Self Assessment tax return account, or asking HMRC for help with Income Tax and Class 4 National Insurance issues. If online correction is not feasible, it is advisable to reach out to HMRC for additional assistance.

The HMRC telephone service is able to provide assistance with inquiries regarding amendments to your Tax Year Overview. When contacting HMRC to make changes to your Tax Year Overview, remember to furnish your personal information such as your name and Unique Taxpayer Reference (UTR) and clearly indicate the changes by using the term ‘amendment’ on every pertinent page of the document.


In a nutshell, understanding your Tax Year Overview is fundamental in maintaining accurate financial records and ensuring you’re paying or receiving the correct amount of tax. Whether you’re self-employed, a landlord, or earning from multiple sources, this guide provides you with the knowledge to confidently navigate your Tax Year Overview. Remember, if you encounter any difficulties or discrepancies, HMRC is there to guide and assist you.

Frequently Asked Questions

Is a tax year overview the same as SA302?

No, a tax year overview and SA302 are not the same. The SA302 provides more detailed tax calculations and includes all income and tax submitted to HMRC, while the tax year overview only shows the tax return totals and payments received by HMRC.

How do I get my annual tax summary?

You can get your annual tax summary online through the Government Gateway. However, if you haven’t paid any Income Tax or have outstanding information, you won’t be able to access it.

How do I save my tax year overview as PDF?

You can save your tax year overview as a PDF by accessing the ‘Self Assessment’ tab, selecting the relevant tax year, and then choosing the option to ‘Save as PDF’.

What is a tax overview?

A tax overview is a document that verifies the accuracy of your SA302 information and shows the amount of tax due or any refund available for a specific tax year. It is produced by HMRC after you have submitted your self-assessment tax return.

How do I access my Tax Year Overview?

You can access your Tax Year Overview by logging into your HMRC online account and navigating to the ‘Self Assessment’ section. From there, if you are solely registered for Self Assessment, you can proceed to print your own tax calculation and tax year overview.

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