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Post by bingo on Jan 27, 2022 19:45:05 GMT
If there are losses from P2P, are they entered into the 'Earlier years losses' and 'Unused losses carried forward' boxes on the "Income Tax Losses on other UK income only" page, or do we just keep this info separately ourselves and adjust the P2P income in the 'Income from Gilts etc' boxes?
I've previously just kept a separate note of the losses and then adjusted the income entered in the 'Income from Gilts etc' boxes, but suddenly thought maybe the losses should be entered onto the 'Earlier...' and 'Unused...' boxes.
Added: Trying to recall my thinking from previous years, I think you do have to keep a separate record of the losses, because I think P2P losses can ONLY be offset against P2P income.
So, you have to keep a separate record of the P2P losses and adjust the P2P income reported in the 'Income from Gilts...' boxes (or don't fill it in at all if you made an overall loss in the year). The 'Earlier...' and 'Unused...' boxes must be for some other type of losses that can be claimed.
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p2pfan
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Post by p2pfan on Jan 27, 2022 19:55:27 GMT
Also would be keen to know.
Thusfar I've just done the calculations myself, removing the losses and then providing the final figure in the relevant section on the self-assessment.
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ilmoro
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Post by ilmoro on Jan 27, 2022 20:54:32 GMT
If there are losses from P2P, are they entered into the 'Earlier years losses' and 'Unused losses carried forward' boxes on the "Income Tax Losses on other UK income only" page, or do we just keep this info separately ourselves and adjust the P2P income in the 'Income from Gilts etc' boxes? I've previously just kept a separate note of the losses and then adjusted the income entered in the 'Income from Gilts etc' boxes, but suddenly thought maybe the losses should be entered onto the 'Earlier...' and 'Unused...' boxes. Added: Trying to recall my thinking from previous years, I think you do have to keep a separate record of the losses, because I think P2P losses can ONLY be offset against P2P income. So, you have to keep a separate record of the P2P losses and adjust the P2P income reported in the 'Income from Gilts...' boxes (or don't fill it in at all if you made an overall loss in the year). The 'Earlier...' and 'Unused...' boxes must be for some other type of losses that can be claimed. Yes, sound like you were doing it right - you put the net figure in the Other UK income, Interest from gilt-edged and other UK securities, deeply discounted securities and accrued income profits. And yes keep records of what you have claimed in case HMRC wants to audit and also so you know what recoveries you have to declare as income in future. Also if you are carrying forward loss relief from a previous year. Instructions www.gov.uk/guidance/peer-to-peer-lending (with link to more detailed guidance) You are right p2p losses can only be offset against P2P income and it has to be a qualifying platform ... so nobody that doesnt have electronic lending permission eg Somo, Capitalrise, Lendinvest
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corto
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Post by corto on Jan 28, 2022 14:59:27 GMT
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pikestaff
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Post by pikestaff on Jan 28, 2022 16:24:40 GMT
The de minimis rule is there for a reason, but the existing relief is bonkers. It would make sense to change the rule so that you can only claim for those weeks where you did actually work from home (at least some of the time), and perhaps restore the de minimis amount to £4 per week, as it was before the pandemic.
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Post by bracknellboy on Jan 28, 2022 16:55:40 GMT
thank you. I wasn't aware of this. I have just completed (and paid....) my 20-21 form, but feel an adjustment coming up. A couple of questions though. I'm not sure how you get the £125 figure from. Following the link I see it allows for £6/week. So for 52 weeks that would be £312, allow for some holiday that would be reduced to a lower figure. But not the £125. Ah, your £125 number would equate to relief at 40% on 52*£6. But then surely you would need to adjust for your allowed (or at least taken) holiday. I was confused by the bit that says: For 20/21 it goes in the self-assessment; for 21/22 there is an online option. Either way it's a few clicks. But SA can be done online ? Do you mean it can be done 'out of cycle' form self assessment ? Anyway, I'm interested in the 20/21 case: I don't recall seeing the option as I was putting together my online SA the other day: did I just miss it ? I have the other complication that I was classified as a 'mobile worker' by my company, which meant either at customer or potentially at home. IN practise I used to be at customer or at an office. Until edict for home working was issued. So I think it would be entirely safe for me to claim it.
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pikestaff
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Post by pikestaff on Jan 28, 2022 17:06:21 GMT
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corto
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Post by corto on Jan 28, 2022 17:20:42 GMT
When I tried to claim I went to the HMRC online link (https://www.gov.uk/tax-relief-for-employees/working-at-home)
but as far as I remember that only allowed to claim for 21/22. It adjusts the tax code to return the money and, yes, that's "out of cycle" - just check the link.
There was also a note (somewhere on these pages) saying that for previous years it has to go through the selfassessment form.
There is a section/entry on the selfassessment form where you claim job expenses, that's where I put it. I also added a note in box 19 what it is.
As for how much one can claim. Various articles I read say an upper limit of 125£ - that's what I claimed for 20/21 to avoid complications.
However, for 21/22, after claiming on that specific HMRC page above, I got a tax code adjustment notification that says the adjustment is worth 312£.
That seems to be consistent with what the HMRC pages say and what you suggest.
If you claim it all that can happen is that you may have to pay part of it back.
I don't know how they treat "mobile workers" - you could call them, but I guess their helpline is extremely busy now, 3 days before submission date.
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Post by bracknellboy on Jan 28, 2022 17:40:02 GMT
that seemed to only take me to claim it for 21-22 tax year (i.e. as if you are making an upfront claim). No ability to claim for 20-21 (but I'll go back and check as my brain might be frazzled)
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corto
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Post by corto on Jan 28, 2022 18:01:06 GMT
that seemed to only take me to claim it for 21-22 tax year (i.e. as if you are making an upfront claim). No ability to claim for 20-21 (but I'll go back and check as my brain might be frazzled) For the previous year, 20/21, you have to do it in a selfassessment tax claim under job expenses.
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Post by bracknellboy on Jan 28, 2022 18:07:51 GMT
that seemed to only take me to claim it for 21-22 tax year (i.e. as if you are making an upfront claim). No ability to claim for 20-21 (but I'll go back and check as my brain might be frazzled) For the previous year, 20/21, you have to do it in a self assessment tax claim under job expenses. Thanks, I'll go do an adjustment. I shouldn't have paid in such a hurry !!
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