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Post by colalba on Apr 6, 2016 10:49:34 GMT
To be clear, we have no problems with screenshots, though the question is probably technically right. Please note that the Total Interest Earned currently reflects payments made from the borrower to you AND accrued interest received upon sales in the secondary market. We are aware that this may not be what some people will declare and are awaiting accountants' approval to roll out an on-demand breakdown. Last year when I requested a manually produced tax certificate from customer services the figure included instant returns as well as interest to give the taxable income. The figure on the dashboard is only interest earned.
Unless ablrate has changed its view on whether this is taxable then the total interest earned from the dashboard is not the correct figure to report to hmrc. It is entirely possible your views have changed as there has been confusion on this issue across various platforms but please let us know. I think the figure was available on the old site but isn't on the dashboard now.
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treeman
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Post by treeman on Apr 6, 2016 11:01:00 GMT
To be clear, we have no problems with screenshots, though the question is probably technically right. Please note that the Total Interest Earned currently reflects payments made from the borrower to you AND accrued interest received upon sales in the secondary market. We are aware that this may not be what some people will declare and are awaiting accountants' approval to roll out an on-demand breakdown. Last year when I requested a manually produced tax certificate from customer services the figure included instant returns as well as interest to give the taxable income. The figure on the dashboard is only interest earned.
Unless ablrate has changed its view on whether this is taxable then the total interest earned from the dashboard is not the correct figure to report to hmrc. It is entirely possible your views have changed as there has been confusion on this issue across various platforms but please let us know. I think the figure was available on the old site but isn't on the dashboard now. It would be useful to know what makes up the figure that ablrate ablrateandy report to HMRC to avoid discrepancies
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james
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Post by james on Apr 6, 2016 11:13:09 GMT
To be clear, we have no problems with screenshots, though the question is probably technically right. Please note that the Total Interest Earned currently reflects payments made from the borrower to you AND accrued interest received upon sales in the secondary market. We are aware that this may not be what some people will declare and are awaiting accountants' approval to roll out an on-demand breakdown. The most fiddly number I'm finding to get is the amount paid by a buyer on purchase transactions as accrued interest. Fair dealing would apply to screen shots taken for the purpose of complying with tax law.
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blender
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Post by blender on Apr 6, 2016 14:57:27 GMT
For those who wish to keep it simple and are worried by all these unresolved issues. Income tax payers are asked to declared their gross interest received. There is a figure for interest received in the last twelve months on the dashboard which is the only figure currently available and therefore the one to use unless you take tax advice. It is probably the same figure today as yesterday, and so taking and saving a screenshot of the dashboard for possible use when making a tax return is a sensible thing to do.
Personally I think Ablrate should have emailed all lenders to advise that, because I would not like to be customer services when the majority of lenders are looking for a figure later in the year. Unless we are all going to be sent a tax statement of course.
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edward
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Post by edward on Apr 6, 2016 15:28:28 GMT
I certainly want to keep it simple, and noted and declared the total interest figure a year ago...and have similarly noted this years figure. There is also a figure for all interest earned on the screen, which I assumed would equal the sum of the 2 amounts, but is actually higher. Any other long term investor here with a similar experience, or maybe I am misunderstanding something? (more than likely!)
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iren
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Post by iren on Apr 6, 2016 17:30:23 GMT
The figure on the dashboard is no use to me. It includes the proceeds from a duplicate payment of interest made in September.
The email I received from Ablrate at the time, after they had removed the duplicate entry, stated "One area we still do have to resolve is that of the ‘Interest Earned’ calculation displayed , this is now overstated by the same amount and we are working to resolve this issue." The issue has never been resolved.
This was a payment on the original Marine Containers loan, and I believe it affected a significant number of the holders of that loan, who I expect will also have an incorrect "Interest Earned" figure.
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blender
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Post by blender on Apr 6, 2016 21:51:06 GMT
The figure on the dashboard is no use to me. It includes the proceeds from a duplicate payment of interest made in September. The email I received from Ablrate at the time, after they had removed the duplicate entry, stated "One area we still do have to resolve is that of the ‘Interest Earned’ calculation displayed , this is now overstated by the same amount and we are working to resolve this issue." The issue has never been resolved. This was a payment on the original Marine Containers loan, and I believe it affected a significant number of the holders of that loan, who I expect will also have an incorrect "Interest Earned" figure. Well naturally the figure may be wrong - I never suggested it was right, only that it was the only fleeting figure on the site to use and you have to report something. Tomorrow I am expecting a payment of £0.00 for a loan I no longer hold, and hope it will be on time. And my pie chart is £5k larger than my total funds, still containing a transferred plane loan. I suppose that throwing money at the Geeks would not resolve all the problems, if unlimited money were to be had. FC have proved that principle again with an upgrade where we could not log out. Fix one thing, break another. I see this is my post no. 2000. So much time wasted writing and (sorry) reading.
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Post by GSV3MIaC on Apr 9, 2016 12:10:07 GMT
Just to toss in my 10 cents ... I want / expect / need a tax statement. Any P2P lender unable to produce anything which is this fundamental and basic is going to have a lot of trouble jumping through FCA approval hoops IMO. It is not rocket science, and I can't think of any other P2P platform (even the brand new ones) which fails so spectacularly in this regard. Come on ABLRate, de-digitise!! (that's latin for GYFO).
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james
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Post by james on Apr 9, 2016 13:38:32 GMT
ablrateandy has been working through things looking for the various errors involved. I doubt that there will be news for at least a couple of weeks and quite likely longer as he works with the various people who've presented issues to him that need sorting out. It's slow detail work to track down inconsistencies and their sources so they can be fixed. If you have any inconsistencies between what you think the numbers should be and what Ablrate displays currently say they are you might want to send him an email so he can add yours to the list of issues he's investigating and discuss with you directly as he works through things. He's got a fair number of issues to work through. Even better, if you've got a spreadsheet with your calculations and know where the differences arise, he'd probably like a zipped version of that sheet to help him to pin down all of the various causes. End result will probably be a statement and calculations from Ablrate that are consistent with yours, after any errors on each side have been identified and fixed. This sort of work can take literally days per person. Necessary work but takes a lot of time.
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james
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Post by james on Apr 9, 2016 13:44:02 GMT
I do wonder, though, while we and they know that there are errors, would it be useful to you if Ablrate just produced a provisional tax statement, including all of the known and unknown errors?
I don't need it because I'm content to just go with an estimate but maybe you'd like at least some document you can show to HMRC? If so, maybe they'd produce that just to help people to get things moving while they sort out the issues and produce a final one later?
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stevio
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Post by stevio on Apr 9, 2016 14:57:17 GMT
ablrateandy has been working through things looking for the various errors involved. I doubt that there will be news for at least a couple of weeks and quite likely longer as he works with the various people who've presented issues to him that need sorting out. It's slow detail work to track down inconsistencies and their sources so they can be fixed. If you have any inconsistencies between what you think the numbers should be and what Ablrate displays currently say they are you might want to send him an email so he can add yours to the list of issues he's investigating and discuss with you directly as he works through things. He's got a fair number of issues to work through. Even better, if you've got a spreadsheet with your calculations and know where the differences arise, he'd probably like a zipped version of that sheet to help him to pin down all of the various causes. End result will probably be a statement and calculations from Ablrate that are consistent with yours, after any errors on each side have been identified and fixed. This sort of work can take literally days per person. Necessary work but takes a lot of time. I think the frustration is that Ablrate had a whole year to get this right. Not having done this we can only assume they didn't feel it was important. Therefore the platform that previously has been great with customer service, falls down on a issue we all feel could have been easily prevented with a bit of foresight. I bet Ablrate's put ample effort into reporting there own business tax situation to HMRC. Why should their customers not expect the same level of effort focused on enabling their customers to report their tax situation The concern is also that without a tax statement, we do not know what Ablrate will report to HMRC as the level of interest earned and so could face a descrepancy
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SteveT
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Post by SteveT on Apr 9, 2016 15:15:12 GMT
The concern is also that without a tax statement, we do not know what Ablrate will report to HMRC as the level of interest earned and so could face a descrepancy AIUI, platforms will not be reporting to HMRC before FY 2016/17
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guff
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Post by guff on Apr 9, 2016 15:30:15 GMT
In the short time I've been investing with them, I've been very impressed with their communications and apparent philosophy of ensuring that loans are correct, rather than rushing to market and entering a state of Fudging Compounded. Some communication wouldn't go amiss, but I hope they are being as diligent as they appear to be with their loans and once they identify and reconcile any errors, they will provide us with the ability to click a button to produce definite statements. It would be a shame if they tarnished their good reputation over something which should be relatively trivial.
Anyway, the sun is out, they've been paying 12% and it's only the 9th April, so I for one haven't even thought about tax returns yet.
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Post by ablrateandy on Apr 9, 2016 19:31:33 GMT
Apologies. We are aware of this discussion and we do just about have a solution. There's lots of moving parts involved and we have to produce something that our accountants are happy with.
Just for clarity, HMRC have asked for figures on accounts in the past so it's important that our solution is correct in their eyes and that our figures supplied to both parties are unassailable.
As soon as we have a solution I wil update people.
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Post by gusgorilla on Apr 10, 2016 9:35:04 GMT
ablrateandy, will this solution be available on your website or will we have to ask you to calculate manually again?
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