james
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Post by james on Sept 7, 2015 21:46:55 GMT
As this is my first Abl loan... I'm slightly surprised not to see that money in the interest field. Surely it is interest and therefore taxable and should be reported as such? The interest total includes interest, accrued interest paid when selling part or all of a loan and instant returns. At least it does for me to a sufficiently large extent that at some point all three were present - the discrepancy between my calculation and the reported interest total is below 10% of the smallest of those three component numbers. It's possible that Ablrate has heeded the discussion of this and decided to keep a different total for instant returns for more recent transactions, just in case treating it as interest isn't right.
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SteveT
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Post by SteveT on Sept 8, 2015 6:03:29 GMT
As this is my first Abl loan... I'm slightly surprised not to see that money in the interest field. Surely it is interest and therefore taxable and should be reported as such? The interest total includes interest, accrued interest paid when selling part or all of a loan and instant returns. At least it does for me to a sufgficiently large extent that at some point all three were present - the discrepancy between my calculation and the reported interest total is below 10% of the smallest of those three component numbers. It's possible that Ablrate has heeded the discussion of this and decided to keep a different total for instant returns for more recent transactions, just in case treating it as interest isn't right. My understanding from dialogue with ablrateandy is that their dashboard interest figure is intended to include loan interest and accrued interest on selling but NOT instant returns (although there are still some problems with its calculation that are being addressed). I agree that an instant returns total is also needed at some point; I operate a company account and I certainly will have to include instant returns as part of my total profits for tax purposes.
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james
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Post by james on Sept 8, 2015 6:21:49 GMT
I'd like it if it didn't include instant returns and maybe it doesn't. Though if it doesn't that would increase the discrepancy between my spreadsheet and the Ablrate interest total by about ten times. Hopefully Ablrateandy will clarify. I've corrected (most?) of the errors in accrued interest entries in the transaction list so that might account for the larger discrepancy - my values are lower than the ones Ablrate gave in most cases.
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New Loan?
Sept 8, 2015 6:29:30 GMT
via mobile
Post by ablrateandy on Sept 8, 2015 6:29:30 GMT
The above is correct. It does not include Instant Returns, which should be shown separately at some point.
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Post by meledor on Sept 8, 2015 7:09:13 GMT
As this is my first Abl loan... I'm slightly surprised not to see that money in the interest field. Surely it is interest and therefore taxable and should be reported as such? apologises if this is old ground.
It is interest and is taxable as such. For some reason with the new version introduced in June Ablrate decided that it wanted to show instant return interest separate from other interest (although it is yet to do so).
James - since the new version I've had reconciliation problems as well. I think the issue is to do with the calculation of instant return interest. For instance I think my instant return interest yesterday is one day short if the drawdown was on the 7th - I'll know for sure when the September interest is calculated.
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blender
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Post by blender on Sept 8, 2015 7:37:11 GMT
I have never had interest from a borrower and so my interest is zero but my available funds is the sum of the instant returns - which looks to me like interest paid by the platform at a daily rate and therefore subject to income tax. It will be interesting to see how the 2% cash back we expect on our rolled over aircraft loan offer will be handled. That is a straight promotion or incentive and not taxable to income. I will need to dis-aggregate the two.
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Post by ablrateandy on Sept 8, 2015 8:37:57 GMT
To clarify on our "intention" 1. Interest Earned should show (a) interest paid as part of a monthly dispursement and (b) accrued interest paid as a result of a sale of a loan part 2. Instant Returns is stated separately from (1) and does not appear in the "Total Interest Earned" calculation A few things have become apparent to us and we will look to rectify them as part of upgrading the site further : 1. An error in the site during July meant that Accrued Interest received during sales of loan parts in the secondary market were not correctly credited as "interest". This can be resolved but requires a load of database manipulation 2. If anyone does want a manual doublecheck I am happy to do this. 3. That problem is now 100% resolved 4. Instant Returns Total needs displaying on the dashboard somewhere for people A
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baldpate
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Post by baldpate on Sept 8, 2015 12:50:17 GMT
baldpateWe have spoken with JL about what extra info we can give and will be updating the loan details... also fixed a slight bug that was not allowing a description on that loan and will be updating that also. I will post when we have done that. Regards Ablrate Still waiting 5 days later. How hard can it be to prepare what must be a very short document and upload it to the Documents section of the loan/auction, which is surely all that is required?
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Post by ablrateandy on Sept 8, 2015 13:00:28 GMT
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baldpate
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Post by baldpate on Sept 8, 2015 13:26:02 GMT
OK - thank you ablrateandy - I hadn't looked at the other sections for a couple of days. Just to be sure, could you confirm that basket now consists of six loans, not the five originally proposed? There certainly seem to be 6 borrowers profiled in the admin section.
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New Loan?
Sept 8, 2015 13:28:12 GMT
via mobile
Post by ablrateandy on Sept 8, 2015 13:28:12 GMT
Yes and sorry - we are documenting it as a "minimum of 5 loans" to give us flexibility to maximise security and quality. I am just clarifying that.
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stevio
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Post by stevio on Sept 17, 2015 12:46:30 GMT
Looked at this the other day and it was only around 50% full and now have notification now fully subscribed - did Ablrate put some money in this one?
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registerme
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Post by registerme on Sept 17, 2015 12:53:26 GMT
Looked at this the other day and it was only around 50% full and now have notification now fully subscribed - did Ablrate put some money in this one? It was 100% underwritten so didn't need to be filled by us mere mortals .
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Post by ablrateandy on Sept 17, 2015 12:55:30 GMT
All done and dusted - there were three underwriters lurking in the background to take advantage of opportunities that others forewent
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stevio
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Post by stevio on Sept 17, 2015 13:05:52 GMT
Can I just get a definition of underwriters in general - are they the P2P company or someone else? If they were happy to fund the loan, why do they not do that to start with?
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