littleoldlady
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Running down all platforms due to age
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Post by littleoldlady on Mar 25, 2019 12:48:32 GMT
I started off with a transfer in of £x. My total funds in the account from the dashboard is £y. Therfore I have made a net profit of £y-x. I have downloaded the transactions and added up the net premiums paid on SM transactions which is £z. So I expect all time interest to be £y-x-z, but this is about 10% below the interest figure quoted on the dashboard. I cannot see any charges made by Abl to account for the difference.
Can anyone see where I am going wrong? Can you reconcile your own account?
Edit: I see my mistake. I have to add £z not subtract it. Case solved.
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andy1
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Post by andy1 on Mar 25, 2019 13:24:57 GMT
Accrued interest paid on SM purchases that has yet to be credited to your account maybe?
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blender
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Post by blender on Mar 25, 2019 14:06:03 GMT
I started off with a transfer in of £x. My total funds in the account from the dashboard is £y. Therfore I have made a net profit of £y-x. I have downloaded the transactions and added up the net premiums paid on SM transactions which is £z. So I expect all time interest to be £y-x-z, but this is about 10% below the interest figure quoted on the dashboard. I cannot see any charges made by Abl to account for the difference. Can anyone see where I am going wrong? Can you reconcile your own account? The figure quoted for all time interest will include the period when the purchased accrued interest was not debited from the relevant monthly interest when paid. So that the total was the full interest you received plus the purchased accrued interest. This was the figure submitted to HMRC, I believe. This was more recently corrected, so that the interest from the point of change will be correct, while the interest before the change will be overstated by the amount of purchased accrued interest. (I doubt that they would have changed it retrospectively). This figure is a calculated figure and not part of the basic accounts, so it is the all time interest figure which will be high and the interest in your account totals will be right.
I probably have that completely wrong, but you can check it out.
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littleoldlady
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Running down all platforms due to age
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Post by littleoldlady on Mar 25, 2019 17:28:29 GMT
Thanks blenderI did not about that bug. How did you find out about it? |
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blender
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Post by blender on Mar 25, 2019 20:53:03 GMT
Thanks blender I did not about that bug. How did you find out about it? Now I'm feeling very old, little old lady. Long, long, ago, when the earth was still cooling, and a chap called Andy looked after this forum, and the IFISA was a dream for the future, there were many complaints about the way in which the accounts were set up. Such that the purchased interest was neither identified (except in emails) nor netted from the monthly interest (as reported in 'interest earned'). So that the interest reported to HMRC double-counted the purchased interest. Many of us income-tax payers therefore avoided purchasing interest, say by buying straight after a repayment. It was a well known 'feature', defended at first but then put on the fix list. It was probably only around the start of this FY that it was changed. To be fair, it was a tricky change. Things do get sorted here - but it can take time.
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