ilmoro
Member of DD Central
'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
Posts: 10,850 
Likes: 11,078
|
Post by ilmoro on Apr 13, 2019 11:22:07 GMT
Hi all Ive just downloaded my tax statement from AC. I can see the interest earnt, but where does it state declareable losses? Thanks Should be down the bottom on 2018 version, or in with interest on Legacy version. Downlaod the CSV file to see actual loan details (sort by narrative column in excel to group loss/recoveries in legacy version) Its a separate statement in 2018 version so you need to downlaod that as well as interest CSV (scroll to bottom of page on site for second download option)
|
|
|
|
Post by gravitykillz on Apr 14, 2019 7:18:42 GMT
Hi i was thinking of opening a account with assetz. But am concerned about losses. Do all assetz accounts have losses ? I heard there is a provision fund does this not cover the losses?
|
|
SteveT
Member of DD Central
Posts: 6,873
Likes: 7,918
|
Post by SteveT on Apr 14, 2019 8:06:07 GMT
Hi i was thinking of opening a account with assetz. But am concerned about losses. Do all assetz accounts have losses ? I heard there is a provision fund does this not cover the losses? Probably worth you reading the information that AC provide about their accounts on their website .... www.assetzcapital.co.uk/invest/invest-with-us
|
|
lobster
Member of DD Central
Posts: 636
Likes: 467
|
Post by lobster on Apr 14, 2019 13:42:47 GMT
AC have two tax statement reports for 2018-19 on offer now , namely "Legacy Style" and "2018 Style".
It would appear that the "Legacy Style" report permits the total of "funds put into recovery" to be offset against total interest, whereas the "2018 Style" seems to treat "funds put into recovery" in a more complex manner which I'm struggling to fully comprehend.
Anyway, on my own 2018-19 tax statement the "funds put into recovery" is quite large because of a chunky punt investment in #104 , which looks almost certain to return precisely zero to investors. For this reason, I would much rather base my tax return return on the "Legacy Style" tax report to offset the #104 loss against total interest earned. However , I'd just like to check that HMRC would be happy with this ? Would any tax gurus out there happen to know ? Thanks .
|
|
cb25
Posts: 3,522
Likes: 2,666
|
Post by cb25 on Apr 14, 2019 14:30:53 GMT
AC have two tax statement reports for 2018-19 on offer now , namely "Legacy Style" and "2018 Style". It would appear that the "Legacy Style" report permits the total of "funds put into recovery" to be offset against total interest, whereas the "2018 Style" seems to treat "funds put into recovery" in a more complex manner which I'm struggling to fully comprehend. Aren't they essentially the same figures?
In my case, the new 2018 style shows
"Loans in Recoveries
Total funds in loans put into recoveries in the period 6th Apr 2018 to 5th Apr 2019 £1,087.82
(this could be declared as a potential loss during this period)
Capital recovered during the period 6th Apr 2018 to 5th Apr 2019 from loans put into recoveries since 6th April 2015 £87.74
(this may be taxable if you previously declared this as a potential loss)"
whereas the legacy style shows:
"Total funds in loans put into recoveries in the period 6th Apr 2018 to 5th Apr 2019 -£1,087.82
(this could be declared as a potential loss during this period)
Capital recovered during the period 6th Apr 2018 to 5th Apr 2019 from loans put into recoveries since 6th April 2015 £87.74
(this may be taxable if you previously declared this as a potential loss)
Interest recovered in period 6th April 2018 to 5th April 2019 from loans put into recoveries since 6th April 2015 £0.00
Total eligible bad debt or recovered income during this period: -£1,000.07"
|
|
ktf
Posts: 9
Likes: 4
|
Post by ktf on Apr 16, 2019 11:33:18 GMT
The loans in recovery amount is very similar to the interest received amount for me so pretty much made nothing over the year?
|
|
ktf
Posts: 9
Likes: 4
|
Post by ktf on Apr 18, 2019 20:17:14 GMT
At which point does the provision fund kick in to cover the losses then?
|
|
ashtondav
Member of DD Central
Posts: 1,805
Likes: 1,087
|
Post by ashtondav on Apr 19, 2019 6:43:18 GMT
Ah that old chestnut, the AC provision fund. It would be better to rename it “discretionary very enigmatic provision fund”, a bottle only opened when the grandchildren reach 18.
|
|
