stevio
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Post by stevio on Oct 27, 2018 13:00:33 GMT
Just wondered what people are or have done with regards to Self Assessment Returns with regards to Collateral?
I dont have records of interest paid in the previous tax year and also do not know of any defaults currently
I think I might just add a note in the SA to say they are in administration, I havent been able to access my account records to determine interest and capital losses and I will know more in due course and account for it in following tax years when the administration has been concluded
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tomp
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Post by tomp on Oct 27, 2018 13:05:44 GMT
Since we don't have any information in regards to recovery/losses my accountant suggested to just ignore it this year and we will revisit it next year. I don't think there is much you can do.
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spareapennyor2
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Post by spareapennyor2 on Oct 27, 2018 13:32:44 GMT
are we due for a six month report from BDO soon? November
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p2pete
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Post by p2pete on Oct 27, 2018 13:40:38 GMT
The Joint Administrators' Proposals document was dated 21st June so it's probably 6 months from that date.
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dermot
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Post by dermot on Nov 2, 2018 16:18:35 GMT
Since we don't have any information in regards to recovery/losses my accountant suggested to just ignore it this year and we will revisit it next year. I don't think there is much you can do. Same for me.
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ozboy
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Post by ozboy on Nov 2, 2018 16:50:12 GMT
HMRC have always made it very crystal clear that reasonably calculated "guestimated" figures are acceptable, as long as you adjust accordingly and accurately in ensuing years - despite Tax Payers perceptions, they are not complete ogres. Unless you lie and mislead.
I really still don't understand why all the questions all the time about this?
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stevio
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Post by stevio on Nov 2, 2018 18:20:10 GMT
HMRC have always made it very crystal clear that reasonably calculated "guestimated" figures are acceptable, as long as you adjust accordingly and accurately in ensuing years - despite Tax Payers perceptions, they are not complete ogres. Unless you lie and mislead. I really still don't understand why all the questions all the time about this? I guess the questions because as you say, "guestimates" maybe needed and naturally people want to know if there "guestimate" is similar to others, so they dont stand out of the herd and get picked off for a HMRC audit by the tax tigers! Can you tell its Friday and my analogues increase with the amounts of alcohol...... 
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stevio
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Post by stevio on Nov 2, 2018 18:21:49 GMT
HMRC have always made it very crystal clear that reasonably calculated "guestimated" figures are acceptable, as long as you adjust accordingly and accurately in ensuing years - despite Tax Payers perceptions, they are not complete ogres. Unless you lie and mislead. I really still don't understand why all the questions all the time about this? I guess the questions because as you say, "guestimates" maybe needed and naturally people want to know if there "guestimate" is similar to others, so they dont stand out of the herd and get picked off for a HMRC audit by the tax tigers! Can you tell its Friday and my analogues increase with the amounts of alcohol...... Although I suspect "tax tiger" is the raciest a HMRC inspector has been called in a long time 
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nick
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Post by nick on Nov 4, 2018 23:45:07 GMT
If you have kept records of how much interest you have been credited then you should use this. If you have no records, you should still be able to fairly accurately calculate how much interest you have earned from deducting the net amount you have deposited on the platform from the creditors figure provided by the administrator. This will exclude any interest accrued in since February (but this shouldn't be an issue as I don't think was never actually credited and thus not deemed paid) and will give a fairly accurate figure.
I don't believe any defaults would be eligible for loss relief against income as a key criteria has not been met (ie loss relief can only be claimed against irrecoverable loans made via an operator who has permission under Part 4A of the Financial Services and Markets Act 2000 to operate an electronic system in relation to the lending of money - which we know was never the case). However, the losses can be claimed or carried forward as capital losses to offset any future gains.
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Post by charliebrown on Nov 6, 2018 0:27:41 GMT
ISTM that we should declare COL investment as a total loss on tax returns. COL is in Administration and there is no certainty that we will ever receive any recovery. If at a later date we receive a recovery then we can adjust future tax returns. I’m not a tax expert but I think that is a reasonable position to take.
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ilmoro
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Post by ilmoro on Nov 6, 2018 1:32:56 GMT
ISTM that we should declare COL investment as a total loss on tax returns. COL is in Administration and there is no certainty that we will ever receive any recovery. If at a later date we receive a recovery then we can adjust future tax returns. I’m not a tax expert but I think that is a reasonable position to take. Against capital gains? It doesn't qualify to count against interest.
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stevio
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Post by stevio on Nov 6, 2018 6:40:17 GMT
If you have kept records of how much interest you have been credited then you should use this. If you have no records, you should still be able to fairly accurately calculate how much interest you have earned from deducting the net amount you have deposited on the platform from the creditors figure provided by the administrator. This will exclude any interest accrued in since February (but this shouldn't be an issue as I don't think was never actually credited and thus not deemed paid) and will give a fairly accurate figure. I don't believe any defaults would be eligible for loss relief against income as a key criteria has not been met (ie loss relief can only be claimed against irrecoverable loans made via an operator who has permission under Part 4A of the Financial Services and Markets Act 2000 to operate an electronic system in relation to the lending of money - which we know was never the case). However, the losses can be claimed or carried forward as capital losses to offset any future gains. In the same vain, would what was termed interest be deemed as interest if CO never had permissions?
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nick
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Post by nick on Nov 7, 2018 18:40:47 GMT
If you have kept records of how much interest you have been credited then you should use this. If you have no records, you should still be able to fairly accurately calculate how much interest you have earned from deducting the net amount you have deposited on the platform from the creditors figure provided by the administrator. This will exclude any interest accrued in since February (but this shouldn't be an issue as I don't think was never actually credited and thus not deemed paid) and will give a fairly accurate figure. I don't believe any defaults would be eligible for loss relief against income as a key criteria has not been met (ie loss relief can only be claimed against irrecoverable loans made via an operator who has permission under Part 4A of the Financial Services and Markets Act 2000 to operate an electronic system in relation to the lending of money - which we know was never the case). However, the losses can be claimed or carried forward as capital losses to offset any future gains. In the same vain, would what was termed interest be deemed as interest if CO never had permissions? Interest is defined by its nature and for tax purposes will be independent of whether it is respect of regulated business or business that should have been regulated so I don't think there is any get out in that respect (although there is no statutory definition of interest for tax purposes, case law has defined it to be "the return or compensation for the use or retention by one person of a sum of money belonging to or owed to another").
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Post by GSV3MIaC on Nov 7, 2018 19:28:12 GMT
Yes but AIUI (regulated) P2P interest is a different 'flavour' from bank / bsoc / etc interest, in that P2P interest/losses can be offset (in either direction) against P2P losses/interest (and other interest can't). This might, one day, matter to someone with lots of (much delayed) Collateral interest which they want to offset against an (equally long delayed) LY P2P loss.
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stevio
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Post by stevio on Nov 7, 2018 20:55:30 GMT
ISTM that we should declare COL investment as a total loss on tax returns. COL is in Administration and there is no certainty that we will ever receive any recovery. If at a later date we receive a recovery then we can adjust future tax returns. I’m not a tax expert but I think that is a reasonable position to take. Against capital gains? It doesn't qualify to count against interest. Probably told me before, but why offset againstcapitalsa Keyboard messing round Why capital and what other capital gains offset againsta Best I can type!
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