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Post by dualinvestor on Mar 25, 2018 12:40:30 GMT
The duty to retain records is under the Companies Act 2006. It falls on the Directors to maintain records to ascertain the position of the company at any one time. Various third parties have rights to inspect these records eg auditors (if the company is required to have one) and HMRC. But that does not extend to creditors clients or indeed shareholders.
The retention period pertains partly to the Companies Act but HMRC rules are stricter. There may be FCA rules but given fundamental regulatory breaches I don't think you can rely on them in this case.
You do have rights under the Data Protection Act but as discussed earlier in the thread these are time consuming and the Administrator can ignore them with pretty much impunity.
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sqh
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Before P2P, savers put a guinea in a piggy bank, now they smash the banks to become guinea pigs.
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Post by sqh on Mar 25, 2018 13:04:39 GMT
I have no record of which loans I am in. The only record I had was via the website. I didn’t anticipate COL going into administration but in such an event I always thought they’d at least keep the website up. Since we need to file tax returns imminently do we need to write off the entire amount we had invested against tax? Will the website ever be brought back? It's currently unclear whether any losses could be offset as that option only applies to platforms with FCA approval. There's no reason to suspect there will be any losses yet. I note the ABL 'living will' has provision for a read only version of the website so lenders can follow loan progress. It also states lenders would receive their cash on account quickly. It's a pity the COL site hasn't returned, we were led to believe it would. I like the idea that the ABL "living will" has a read-only version. In fact the FCA should have thought about that and made it mandatory. I believe the FCA did invite lenders to voice their views on P2P. Does anyone remember that thread ?
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sqh
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Before P2P, savers put a guinea in a piggy bank, now they smash the banks to become guinea pigs.
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Post by sqh on Mar 25, 2018 13:28:35 GMT
I’ve got literally hundreds of loan parts across various p2p sites. With buying and selling that translates to, I’d guess, many hundreds if not thousands of individual transactions over the years. Looks like the only way to go is to document each and every transaction Even then it’s only my word against theirs as to how much I had invested and in which loans. Not very reassuring. It's not practical to keep a record of every transaction and not all sites send an email when you buy or sell on the SM, or even the PM. I keep an up-to-date record of my total loans held (shown on every dashboard) and a net running total of deposits and withdrawals (you could reconstruct this from bank statements). For Collateral I have an exact figure for my total holdings (loans+cash) and by deducting my nett deposits I know the exact total interest received to Feb 26th.
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IFISAcava
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Post by IFISAcava on Mar 25, 2018 14:08:28 GMT
I have no record of which loans I am in. The only record I had was via the website. I didn’t anticipate COL going into administration but in such an event I always thought they’d at least keep the website up. Since we need to file tax returns imminently do we need to write off the entire amount we had invested in COL? Will the website ever be brought back? Deadline is end of October, no? Not really imminent.
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mickj
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Post by mickj on Mar 25, 2018 14:18:11 GMT
I keep some records, but had to track back email's from Coll, buying in, repaid, etc to bring it up to date. Not to hard if you have the emails, you can isolate all the Coll then all the part funding.......... slow and tedious but I think in the early days of administration there may have been a bit to grapple with.
We only see our side - money lent and now locked away, for the borrowers it may be a more complex ballgame.
I don't find it hard to highlight & cut & paste from other p2p sites into excel.
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Post by dualinvestor on Mar 25, 2018 14:30:28 GMT
I have no record of which loans I am in. The only record I had was via the website. I didn’t anticipate COL going into administration but in such an event I always thought they’d at least keep the website up. Since we need to file tax returns imminently do we need to write off the entire amount we had invested in COL? Will the website ever be brought back? Deadline is end of October, no? Not really imminent. 31 January 2019 for online submission. October is only if filing on paper. Most P2P lenders are by definition computer literate.
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Post by dualinvestor on Mar 25, 2018 15:08:25 GMT
I’ve got literally hundreds of loan parts across various p2p sites. With buying and selling that translates to, I’d guess, many hundreds if not thousands of individual transactions over the years. Looks like the only way to go is to document each and every transaction Even then it’s only my word against theirs as to how much I had invested and in which loans. Not very reassuring. It's not practical to keep a record of every transaction and not all sites send an email when you buy or sell on the SM, or even the PM. I keep an up-to-date record of my total loans held (shown on every dashboard) and a net running total of deposits and withdrawals (you could reconstruct this from bank statements). For Collateral I have an exact figure for my total holdings (loans+cash) and by deducting my nett deposits I know the exact total interest received to Feb 26th. I agree it might not be practical but here is current government guidelines for Income Tax records and how long you should keep them. www.gov.uk/keeping-your-pay-tax-recordsThe excuse "the dog ate my homework" (or in this case the Collateral web site dissappeared) may not be good enough.
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michaelc
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Post by michaelc on Mar 25, 2018 16:44:29 GMT
It's not practical to keep a record of every transaction and not all sites send an email when you buy or sell on the SM, or even the PM. I keep an up-to-date record of my total loans held (shown on every dashboard) and a net running total of deposits and withdrawals (you could reconstruct this from bank statements). For Collateral I have an exact figure for my total holdings (loans+cash) and by deducting my nett deposits I know the exact total interest received to Feb 26th. I agree it might not be practical but here is current government guidelines for Income Tax records and how long you should keep them. www.gov.uk/keeping-your-pay-tax-recordsThe excuse "the dog ate my homework" (or in this case the Collateral web site dissappeared) may not be good enough. It says you must "keep" records - it doesn't say you have to create them. So I've happily kept everything COL has ever given me You should keep all: bank or building society statements and passbooks statements of interest and income from your savings and investments tax deduction certificates from your bank dividend vouchers you get from UK companies unit trust tax vouchers documents that show the profits you’ve made from life insurance policies (called ‘chargeable event certificates’) details of income you get from a trust details of any out-of-the ordinary income you’ve received, like an inheritance
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Post by dualinvestor on Mar 25, 2018 16:51:25 GMT
I agree it might not be practical but here is current government guidelines for Income Tax records and how long you should keep them. www.gov.uk/keeping-your-pay-tax-recordsThe excuse "the dog ate my homework" (or in this case the Collateral web site dissappeared) may not be good enough. It says you must "keep" records - it doesn't say you have to create them. So I've happily kept everything COL has ever given me You should keep all: bank or building society statements and passbooks statements of interest and income from your savings and investments tax deduction certificates from your bank dividend vouchers you get from UK companies unit trust tax vouchers documents that show the profits you’ve made from life insurance policies (called ‘chargeable event certificates’) details of income you get from a trust details of any out-of-the ordinary income you’ve received, like an inheritance I don't really care what you do, I'm not in Collateral so don't have to worry about it, but I think you ought to be beware of the last "catch all" category and hope that your tax officer (I so much liked it more when the were HM Inspector of Taxes) is not a stickler for rules.
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mason
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Post by mason on Mar 25, 2018 16:54:58 GMT
I have no record of which loans I am in. The only record I had was via the website. I didn’t anticipate COL going into administration but in such an event I always thought they’d at least keep the website up. Since we need to file tax returns imminently do we need to write off the entire amount we had invested in COL? Will the website ever be brought back? I question the value of opening up the website to allow investors to obtain a snapshot of their positions. I even question the value of investors independent records of their investments in this specific situation. If the loan contracts we entered into are deemed valid and the database can be reconciled, then all is well and we investors just need to sit back and wait. The production of appropriate tax information will be part of the process. As others have stated, there is plenty of time for that to happen. Tax relief on losses can only be claimed if the lender "make(s) loans through peer to peer lending platforms that are authorised by the FCA" and the loan contracts have a legal standing. It is not yet known if this is the case for any loans made through the platform (it seems likely it isn't the case, but who knows how the FCA/HMRC will regard this unprecedented situation). In any case, in which box on your tax return should you enter interest you've been told you've received from a firm apparently operating unlawfully? Once more facts are known, the situation will be clearer.
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hazellend
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Post by hazellend on Mar 25, 2018 17:28:49 GMT
Presumably collateral will still have to send lenders tax summaries to HMRC. Why can’t we just ask HMRC what has been sent.
Ridiculous that in today’s world the info doesn’t automatically populate your tax return
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mason
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Post by mason on Mar 25, 2018 17:30:57 GMT
I’ve got literally hundreds of loan parts across various p2p sites. With buying and selling that translates to, I’d guess, many hundreds if not thousands of individual transactions over the years. Looks like the only way to go is to document each and every transaction Even then it’s only my word against theirs as to how much I had invested and in which loans. Not very reassuring. Prior to Collateral going down, my record keeping was very relaxed. Since then, it is extremely robust. It took me about an hour in total to build a complete picture of my positions. Maintaining that going forward will probably involve about 10 minutes work per week.
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mason
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Post by mason on Mar 25, 2018 17:32:12 GMT
Presumably collateral will still have to send lenders tax summaries to HMRC. Why can’t we just ask HMRC what has been sent. Ridiculous that in today’s world the info doesn’t automatically populate your tax return There's absolutely no reason to think tax summaries won't be made available to us if returns are made to HMRC.
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p2pmark
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Post by p2pmark on Mar 25, 2018 17:54:42 GMT
I keep some records, but had to track back email's from Coll, buying in, repaid, etc to bring it up to date. Not to hard if you have the emails, you can isolate all the Coll then all the part funding.......... slow and tedious but I think in the early days of administration there may have been a bit to grapple with. We only see our side - money lent and now locked away, for the borrowers it may be a more complex ballgame. I don't find it hard to highlight & cut & paste from other p2p sites into excel. Isn't the only thing we need the emails dated: "Monthly Interest Notice"? There hasn't been any capital lost, so as long as you've kept them then all is fine as far as I can tell even if we can't access the site / the administrator decides to be as unhelpful as possible etc. (FWIW, I expect we'll get everything we need from the administrator but it may take time as tax statements are about as non-urgent a task as imaginable right now.
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IFISAcava
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Post by IFISAcava on Mar 25, 2018 17:59:42 GMT
Deadline is end of October, no? Not really imminent. 31 January 2019 for online submission. October is only if filing on paper. Most P2P lenders are by definition computer literate. Either way, still not imminent
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