ilmoro
Member of DD Central
'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
Posts: 10,852
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Post by ilmoro on Jul 23, 2015 10:48:32 GMT
Just in case anyone has more than one year to declare, just do it, HMRC is not going to bother to try to take penalties form someone declaring a few thousand Pounds of previously undeclared interest. Can be done by phone, letter or tax return. Their guidelines on penalties would eliminate just about all possible penalty if they tried, since it would be an unprompted disclosure. Good morning, Interestingly when you speak to the HMRC Corporation Tax team they are saying it's the obligation of the borrower to apply the 20% withold "alternative finance" tax and pay via CT61 Qaurtlerly if applicable, but the Gov't consultation document produced last week contradicts this, I am sure it will be sorted out soon and all will become clear. If recall correctly, a borrower started withholding tax from repayments on another platform and the advice from HMRC when queried was that was unnecesary and payments could be made gross, which they now are. Seems to depend who you talk to but hey, tax doesnt have to be taxing!
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pikestaff
Member of DD Central
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Post by pikestaff on Jul 24, 2015 6:19:39 GMT
If recall correctly, a borrower started withholding tax from repayments on another platform and the advice from HMRC when queried was that was incorrect and payments should be made gross, which they now are... There are too many threads on this topic. Most of this conversation belongs in the thread on the general board: p2pindependentforum.com/thread/2962/deduction-tax-p2p-interest-consultationRe your specific point, the manner in which it was resolved has not been published. However, I do not think HMRC will have said that it was incorrect to withhold. The law is clear. I think there was an outbreak of pragmatism whereby HMRC confirmed that it would not be enforcing the present law pending the outcome of the consultation, and this was accepted by the borrower as sufficient to enable them not to deduct.
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james
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Post by james on Jul 24, 2015 7:09:18 GMT
Most of the start of this thread is specific to MoneyThing and their short interest, which was of course the reason I started the thread in this section as well as commenting in the one in the general section. Some recent posts are more generic, like the four from mv's post and the three from or quoting emoney. There's no harm in some duplication across sections because it's not correct to assume that everyone will read the general section rather than concentration on just the sections that are specific to the platforms they are using. Of course ideally that should be about the specifics of the platform, not just copy and paste of something from somewhere else with identical content in each place.
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