Is P45 is as good as IT Return?

John_New

I am working as fixed term contractor, where I have been paid monthly, as fixed money. In the year end, I would receive P45. Do I need to file Income Tax return or P45 is as good as IT Return. I would be applying for personal loan in coming 6 months. Pls advice.

glider3560

Do you have any income from anywhere else? Abroad, savings, etc etc Are you a higher rate taxpayer? Have you been asked by HMRC to complete a tax return?

Is there any reason why you think the loan would be relevant to your tax situation?

John_New

glider3560 wrote: »

Do you have any income from anywhere else? Abroad, savings, etc etc Are you a higher rate taxpayer? Have you been asked by HMRC to complete a tax return?

Above income is my only income. No, my annual income is £40000.

Is there any reason why you think the loan would be relevant to your tax situation?

During last five years, I have saved around £40000. Looking to buy a home for around 1,20,000. Just wondering that - Is IT Return benefit me in getting mortgage?

glider3560

John_New wrote: »

During last five years, I have saved around £40000. Looking to buy a home for around 1,20,000. Just wondering that - Is IT Return benefit me in getting mortgage?

Have you received any interest from that money (e.g. from bank) or any dividends from shares?

A tax return won't make any difference to you getting a mortgage.

TM1976

The is no advantage to filing a tax return if you don't need to.

A P45 is when your job has finished, if you have one of these you may experience problems with your mortgage, I suspect you mean a P60.

If you are contracting you don't necessarily have as secure employment as an employee and this may cause you difficulty when getting a mortgage. Whether you file a tax return will make no difference.

John_New

glider3560 wrote: »

Have you received any interest from that money (e.g. from bank) or any dividends from shares?

A tax return won't make any difference to you getting a mortgage.

Yes. Thanks! :T

TM1976 wrote: »

The is no advantage to filing a tax return if you don't need to.

A P45 is when your job has finished, if you have one of these you may experience problems with your mortgage, I suspect you mean a P60.

If you are contracting you don't necessarily have as secure employment as an employee and this may cause you difficulty when getting a mortgage. Whether you file a tax return will make no difference.

Thanks a lot :T. I have got the answer now.