ozboy
Member of DD Central
Mine's a Large One! (Snigger, snigger .......)
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Post by ozboy on Jun 11, 2018 10:10:02 GMT
Can't see there's any problem if you keep HMRC honestly and fully informed in the "Notes" section, and make good the following tax year/s. They're not complete ogres. Unless/until you cross them.
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Post by funtimedave on Jun 13, 2018 17:13:22 GMT
I appreciate we cannot do anything now - but if we do not get any money back from this situation are we able to offset that as losses against interest received on other platforms. Given I do not know which loans I was invested in then I well may have been invested in one that fails to pay back?
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archie
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Post by archie on Jun 13, 2018 17:17:06 GMT
I appreciate we cannot do anything now - but if we do not get any money back from this situation are we able to offset that as losses against interest received on other platforms. Given I do not know which loans I was invested in then I well may have been invested in one that fails to pay back? No because Collateral didn't have FCA authorisation.
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Post by funtimedave on Jun 13, 2018 17:25:40 GMT
Well that is a downer. Even though I was told they were FCA when I invested?
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IFISAcava
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Post by IFISAcava on Jun 13, 2018 17:27:49 GMT
I appreciate we cannot do anything now - but if we do not get any money back from this situation are we able to offset that as losses against interest received on other platforms. Given I do not know which loans I was invested in then I well may have been invested in one that fails to pay back? No because Collateral didn't have FCA authorisation. But you could use it as a capital loss to offset against any capital gains (I'll probably try and take some to do this). Although I wonder how closely HMRC would look at it if you did offset loan losses in COLL against P2P interest, the defence if they did call you out on it being that the average man is the street can't really be expected to know what bit of what FCA regulation applies to what bit of P2P activity in what sub-company, no one has said anything about this from COL or the administrators (nor are they likely to), and no one even sent me a tax certificate so I had to do it all on my own. It's all P2P to me guv! Happily, it will probably not be an issue until next tax year or the year after.
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jj
Member of DD Central
Jolly Jammy
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Post by jj on Jun 13, 2018 17:43:01 GMT
How is the HMRC going to check?
Apparently the books got "burnt" .
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duck
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Post by duck on Jun 18, 2018 4:15:26 GMT
I have declared the interest that I knew I had received (up to 16/02/18).
To offset losses the platform has to authorised. Col was not so no offsetting.
I have already spoken to my accountants regarding Col and understandably they have said 'lets wait for the outcome'. At this time I do not see that there will (in the future) be any chance to claim any losses.
With the advent of the ability to claim losses I am now submitting my return as late as possible*. By using this method I can make a better call on which loans to claim for (or how much) and those loans not to claim for. A few large recoveries can have a very adverse effect on the following years return (push you into Tax or up a band) so I am finding it better to prepare figures (and gather information) and then sit on it until I revisit the Tax return in Nov/Dec.
*My wife's return has been made. She is a non tax payer so whilst she holds loans that are eligible she has not claimed for these since her total P2P income was just below her allowance of 17.5K.
Disclaimer. Tax is always a personal matter, what works for me might not be appropriate for you.
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hazellend
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Post by hazellend on Jun 18, 2018 13:07:22 GMT
How is the HMRC going to check?
Apparently the books got "burnt" . Not sure if I’m going to declare yet. If we can’t offset losses it seems BS to pay tax on gains. I doubt HMRC have access to any useful tax information on Col
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mason
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Post by mason on Jun 18, 2018 18:07:47 GMT
How is the HMRC going to check?
Apparently the books got "burnt" . Not sure if I’m going to declare yet. If we can’t offset losses it seems BS to pay tax on gains. I doubt HMRC have access to any useful tax information on Col The tax situation, and status of any payments from COL have yet to be determined. Section 26 of the FSMA 2000 has already been invoked by the administrator, and there are ways in which that could be applied to render us having never been paid any interest.
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Post by retiree on Jul 11, 2018 10:59:19 GMT
I'm in the process of preparing my 2017/18 SA Tax Return. Do we have to wait for the Administrators to issue a Tax Statement (to include both interest paid and Bad Debt Provision?) ?
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ceejay
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Post by ceejay on Jul 11, 2018 11:10:54 GMT
You might have a long wait.
I guess it depends on how much of a hurry you are in to submit your return, which may or may not be related to whether it will trigger a refund or extra payment!
If you can wait, then you might as well, just to see what happens.
If you want to push on for any reason, then all you can do is make reasonable estimates and note them as such in the commentary on your return.
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Post by pedz14 on Jul 11, 2018 11:31:33 GMT
There's already an existing thread here which should be of interest
[Admin Note] The two threads have now been merged into one.
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pom
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Post by pom on Sept 21, 2018 8:18:49 GMT
Im just reigniting this thread becuase Id lik eto get my tax return sorted. It doesnt seem there will be any answer soon about recoveries/losses from the platform. So is the general consensus here to write in the "Notes" section that Collateral has gone into administration? What would the wording be, or what details need be included? I think it depends really what records you kept - if any - as to interest received up until the end of Feb. I had a reasonably accurate figure as I logged the monthly payments and (mostly remembered to add) mid month repayments, so I would expect it to be accurate to within a few quid. So I used that figure and included a comment that my total included £x from Collateral, that they were in administration, that no income statements had been issued and that my account is currently inaccessible, that it's not clear if/when the administrators might be able to provide this data so I am unable to verify it. And that as and when I am able to I'll update the return. I could probably work it out more accurately if I check every single bank statement since I signed up, but I'm happy that the figures I have are likely close enough to argue that doing so in my case would be unreasonable. Some people were previously talking about estimating interest for the rest of the tax year - my view is if I didn't actually receive it I don't have to declare it until I do (I think some people with company accounts perhaps have to report accrued interest so I'm very glad I never went that route). If you didn't track your interest but know what your holdings are you might be able to estimate it I suppose - in which case I'd go for a reasonable (perhaps slightly under) estimate. I think so long as you can explain what figures you've used and why so long as they're reasonable HMRC will probably be quite happy (putting zero probably not sensible tho, unless you want them potentially keeping an eye on you forever more!!)
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archie
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Post by archie on Sept 21, 2018 8:24:31 GMT
I'd wait a week to see if the Creditors Committee can shed any light on the likelihood of tax statements being issued.
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neeps
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Post by neeps on Sept 27, 2018 13:55:59 GMT
As there is no mention of this in the report from monetus, is it looking unlikely that we'll get anything this side of Jan deadline?
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