Post by aju on Oct 23, 2017 23:37:48 GMT
Over in the Zopa has added a new way of getting statement data - martinde21 noticed that the "2016/17 Income Statement" used to report investment info to the HMRC had changed recently.
I was curious so I checked mine against that which I had already declared to the HRMC for the relevant tax year. Thing is in my case the changes mean that I have declared more interest than I should have done and I will have to make sure that I factor that into next years return. I could inform the HMRC now but be honest we are talking a discrepancy not worth the extra bother of making an additional claim.
As far as I can tell the discrepancy is only on the line that says
This means that in a previous year that was potentially already used for debt relief since 2015/16 - I had used it to claim tax relief and now it has been recovered and I have to pay tax on it.
I am concerned that it was lucky I had noticed that there was a discrepancy otherwise I might not have known and the revenue may be coming calling - you could say I wished I hadn't noticed it but that's another story. Thing for me is that now that I have noticed it I can of course report the change in 2017/18 return next year.
Its clear Zopa has changed something in their underlying system that has made this recent change. There are a number of scenarios that spring to mind as follows - purely speculation you understand.
1. Zopa noticed an error and have papered over the crack and it now works correctly. This most likely as there are quite a few cosmetic changes including address etc.
2. Zopa have made a change since the start of the tax year and is completely unaware of the change and its effect.
3. The recent changes being made to sort out the 2 month delay in statements has affected this and it is as designed or just a side effect change.
Whatever the reasons my concern was and still is that this change affects the ability to provide accurate and timely information to the HMRC - should one need to. Therefore if Zopa knows that this may have changed things for lenders then they should be at least bringing this to all lenders attention so they at least know about it.
At the moment zopa is denying there is an issue, putting it down to the most recent 2 month statement delay changes. Their words at the moment are along the lines of there was an issue - the statements one of 1-2 month delay - and this is now fixed and the is in align with HMRC guidelines. I did ask if they felt they should advise lenders of the potential Taxable income change for recoverables in the 2016/17 return but they seemed to not address this.
I have sent them my 2 statements to see if they might see the light a little brighter and I will update here accordingly.
I wonder if anyone has a different result than me - if you have no defaults or have never claimed tax relief from previous defaults it probably doesn't affect you.
I was curious so I checked mine against that which I had already declared to the HRMC for the relevant tax year. Thing is in my case the changes mean that I have declared more interest than I should have done and I will have to make sure that I factor that into next years return. I could inform the HMRC now but be honest we are talking a discrepancy not worth the extra bother of making an additional claim.
As far as I can tell the discrepancy is only on the line that says
Capital recovered from bad debt that qualified for tax
relief(2)
relief(2)
I am concerned that it was lucky I had noticed that there was a discrepancy otherwise I might not have known and the revenue may be coming calling - you could say I wished I hadn't noticed it but that's another story. Thing for me is that now that I have noticed it I can of course report the change in 2017/18 return next year.
Its clear Zopa has changed something in their underlying system that has made this recent change. There are a number of scenarios that spring to mind as follows - purely speculation you understand.
1. Zopa noticed an error and have papered over the crack and it now works correctly. This most likely as there are quite a few cosmetic changes including address etc.
2. Zopa have made a change since the start of the tax year and is completely unaware of the change and its effect.
3. The recent changes being made to sort out the 2 month delay in statements has affected this and it is as designed or just a side effect change.
Whatever the reasons my concern was and still is that this change affects the ability to provide accurate and timely information to the HMRC - should one need to. Therefore if Zopa knows that this may have changed things for lenders then they should be at least bringing this to all lenders attention so they at least know about it.
At the moment zopa is denying there is an issue, putting it down to the most recent 2 month statement delay changes. Their words at the moment are along the lines of there was an issue - the statements one of 1-2 month delay - and this is now fixed and the is in align with HMRC guidelines. I did ask if they felt they should advise lenders of the potential Taxable income change for recoverables in the 2016/17 return but they seemed to not address this.
I have sent them my 2 statements to see if they might see the light a little brighter and I will update here accordingly.
I wonder if anyone has a different result than me - if you have no defaults or have never claimed tax relief from previous defaults it probably doesn't affect you.