jhma
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Post by jhma on Jun 12, 2018 20:57:01 GMT
Email response from RS:
"The FCA and HMRC have recently been in contact with us, of the back of becoming fully regulated by the FCA and now providing an ISA. Unfortunately, the old tax statements we provided were deemed no longer compliant. These are currently going through a complete overhaul in terms of how we display information and what information needs to be displayed. This is currently with our compliance and legal teams who are liaising with the FCA and HMRC. These should be available again by the end of the month." Well this is part of what I got from RS on the 11th June in response to my resubmitted formal complaint
'We currently have a technical issue with the Tax Statements where they are generating with incorrect information. Due to this we have removed the option to produce tax statements from customer accounts as we are currently unable to produce accurate tax statements. Our tech team are working to resolve this and we expect to have tax statements available in June 2018'
BUT ALSO:
'In the meantime using the “Account History” section of the account you are able to download your transaction list for specific date ranges in Excel format. Using this you will be able to calculate the total interest earned for the 2017/18 tax year.'
To be fair to RS this is what I have now done - a 'sort' of a download of several thousand lines, watching out for the 5000 line maximum, and - together with RS's advice , which I shall keep on file if support is ever needed - is sufficient for my own requirements (not giving tax advice to others. though!)
But if it is so easy I fail to understand why RS have made such a cods of this issue!
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aem
Posts: 17
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Post by aem on Jun 13, 2018 13:24:50 GMT
BUT ALSO:
'In the meantime using the “Account History” section of the account you are able to download your transaction list for specific date ranges in Excel format. Using this you will be able to calculate the total interest earned for the 2017/18 tax year.'
But even this is not made easy. You can't just download only the interest received, you have to make sure you filter out the 'noise' in the transactions list i.e. non interest payments, make sure the list has not been truncated, make sure you use the correct tax year start and end dates and make sure they are inclusive dates or else your calculation will be out by one day and then sum it all up in Excel making sure you are not summing up filtered transactions. And this also assumes you trust that RateSetter have produced an accurate and complete list of transactions which is a big assumption considering how long it is taking them to produce accurate tax statements. So it's not difficult to calculate your own figure but very easy to make a mistake, hence any figure calculated should be cross checked with the one RateSetter produce before submitting to HMRC. It would be helpful if RateSetter could at least provide a total interest received figure.
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cb25
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Post by cb25 on Jun 13, 2018 13:41:25 GMT
BUT ALSO:
'In the meantime using the “Account History” section of the account you are able to download your transaction list for specific date ranges in Excel format. Using this you will be able to calculate the total interest earned for the 2017/18 tax year.'
.. hence any figure calculated should be cross checked with the one RateSetter produce before submitting to HMRC. Agreed. Always nice, if HMRC were to question a return, to be able to point to a source document.
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stokeloans
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Post by stokeloans on Jun 17, 2018 12:17:52 GMT
So Ratesetters tax statements will be available by the end of june. If you think that's bad TSB say theirs will be by the end of july !
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lara
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Post by lara on Jun 17, 2018 16:17:14 GMT
So Ratesetters tax statements will be available by the end of june. If you think that's bad TSB say theirs will be by the end of july ! I must have been lucky. I called on the 6th of April to request mine from TSB and they arrived shortly thereafter. Ratesetter is the only one I am still waiting for.
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stokeloans
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Post by stokeloans on Jun 17, 2018 20:42:09 GMT
So Ratesetters tax statements will be available by the end of june. If you think that's bad TSB say theirs will be by the end of july ! I must have been lucky. I called on the 6th of April to request mine from TSB and they arrived shortly thereafter. Ratesetter is the only one I am still waiting for. Must depend on your account because I phoned them today and that's what I was told
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nairda
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Post by nairda on Jun 26, 2018 21:39:07 GMT
Four days to go. I'm not holding my breath.
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Greenwood2
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Post by Greenwood2 on Jun 27, 2018 13:52:58 GMT
I seem to have a downloadable tax statement on RS. Are they done now?
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cb25
Posts: 3,521
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Post by cb25 on Jun 27, 2018 15:01:56 GMT
I seem to have a downloadable tax statement on RS. Are they now done now? Appears so, I've just downloaded mine. Thanks for the heads-up.
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Post by bikeman on Jun 27, 2018 15:43:55 GMT
So Ratesetter delay providing tax statements until now for 'enhancements'.
A single interest received figure doesn't look very bloody enhanced to me.
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mary
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Post by mary on Jun 27, 2018 15:59:40 GMT
So Ratesetter delay providing tax statements until now for 'enhancements'. A single interest received figure doesn't look very bloody enhanced to me. I have a second line showing Referal Bonus, and this is added to Interest to give a total Taxable Amount. Whereas I thought that Referal Bonuses were not Taxable, they do appear on my ArchOver statement (at all).?
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lara
Posts: 345
Likes: 300
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Post by lara on Jun 27, 2018 16:36:01 GMT
Now if they would just return the rolling market to the way it was, I'd be happy!
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p2pete
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Post by p2pete on Jun 27, 2018 20:59:28 GMT
Email response from RS: "The FCA and HMRC have recently been in contact with us, of the back of becoming fully regulated by the FCA and now providing an ISA. Unfortunately, the old tax statements we provided were deemed no longer compliant. These are currently going through a complete overhaul in terms of how we display information and what information needs to be displayed. This is currently with our compliance and legal teams who are liaising with the FCA and HMRC. These should be available again by the end of the month." A 3 month "complete overhaul" has resulted in a tax statement containing an interest received figure!
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Post by nycmw on Jun 28, 2018 0:27:53 GMT
and I can't have statements from the previous years?
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upland
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Post by upland on Jun 28, 2018 5:34:59 GMT
Unbelievable - why on earth did that take months and months to do.
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