littleoldlady
Member of DD Central
Running down all platforms due to age
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Post by littleoldlady on Mar 30, 2016 10:58:52 GMT
As mentioned by someone earlier in the thread, the non-taxing of CB inducements adds significant further value. Do we know definitively that this is the case? I know Zopa always used to handle CB as taxable. Not sure if they still do. In practical terms it all depends on what MT do. It would be very rash to submit a figure to HMRC which was different from the one MT provide no matter how sure you are of the legal position.
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stevio
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Post by stevio on Mar 30, 2016 11:16:19 GMT
Maybe Ed can explain how this will be handled at MT MoneyThingIdeally CB should be separated from interest in a tax statement or not even shown at all, but I am not sure MT have the facility to show this?
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Post by MoneyThing on Mar 30, 2016 11:20:17 GMT
Maybe Ed can explain how this will be handled at MT MoneyThing Ideally CB should be separated from interest in a tax statement or not even shown at all, but I am not sure MT have the facility to show this? I have to admit that we are receiving conflicting advice on this and as such can't give a definitive answer just yet. We have however separated the CB monies received from interest on the tax statement for the time being. Will revert back. Regards, Ed.
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Jeepers
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Post by Jeepers on Mar 30, 2016 11:30:29 GMT
I'm not an accountant so may be wrong but as I understand it cashback paid by the borrower forms part of the interest and is therefore taxable.
If the cashback is paid by the platform then it's an inducement to enter into a contract and not taxable.
As I understand, it is MT paying the bonus, not the borrower and therefore untaxable in this case.
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investibod
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Post by investibod on Mar 30, 2016 11:31:16 GMT
I see that 'another site' is now offering interest on parts for sale on the SM and the option to cancel. Pure coincidence I am sure
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ben
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Post by ben on Mar 30, 2016 11:37:16 GMT
Maybe Ed can explain how this will be handled at MT MoneyThing Ideally CB should be separated from interest in a tax statement or not even shown at all, but I am not sure MT have the facility to show this? I have to admit that we are receiving conflicting advice on this and as such can't give a definitive answer just yet. We have however separated the CB monies received from interest on the tax statement for the time being. Will revert back. Regards, Ed. I have the Santander 123 account and I do not get taxed on the bills they give you cash back on I would guess it would be the same with this
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stevio
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Post by stevio on Mar 30, 2016 12:01:48 GMT
I see that 'another site' is now offering interest on parts for sale on the SM and the option to cancel. Pure coincidence I am sure Which one?
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Jeepers
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Post by Jeepers on Mar 30, 2016 12:04:49 GMT
I see that 'another site' is now offering interest on parts for sale on the SM and the option to cancel. Pure coincidence I am sure Which one? SS just announced it on their forum
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investibod
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Post by investibod on Mar 30, 2016 12:05:20 GMT
I thought it might be obvious from the context, but apparently not. SS
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baldpate
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Post by baldpate on Mar 30, 2016 12:26:09 GMT
I'm not an accountant so may be wrong but as I understand it cashback paid by the borrower forms part of the interest and is therefore taxable. If the cashback is paid by the platform then it's an inducement to enter into a contract and not taxable. As I understand, it is MT paying the bonus, not the borrower and therefore untaxable in this case. That is my understanding as well (i.e that it is taxable or not, depending upon who pays it), and shall treat it so in my tax returns unless the platform makes a clear statement to the contrary (in which case, I assume the platform will declare it as taxable in its own HMRC returns, and I will therefore follow the platform's lead in order to avoid any hassle with the taxmonster).
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freddy
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Post by freddy on Mar 30, 2016 13:08:50 GMT
Bolton is flying out the door now. Should all be gone tomorrow if not today.
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ben
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Post by ben on Mar 30, 2016 13:54:54 GMT
looks like people have had too much car portfolio lot on secondary market and new one not filling much
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SteveT
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Post by SteveT on Mar 30, 2016 16:47:08 GMT
Less than 1% of Bolton now still available. Going, going, ...
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Post by flobberchops on Mar 30, 2016 17:05:30 GMT
Yes indeed! Brisk, to say the least. Looks like this incentive is working nicely.
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nick
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Post by nick on Mar 30, 2016 18:06:02 GMT
I'm not an accountant so may be wrong but as I understand it cashback paid by the borrower forms part of the interest and is therefore taxable. If the cashback is paid by the platform then it's an inducement to enter into a contract and not taxable. As I understand, it is MT paying the bonus, not the borrower and therefore untaxable in this case. That is my understanding as well (i.e that it is taxable or not, depending upon who pays it), and shall treat it so in my tax returns unless the platform makes a clear statement to the contrary (in which case, I assume the platform will declare it as taxable in its own HMRC returns, and I will therefore follow the platform's lead in order to avoid any hassle with the taxmonster). That is also my understanding.
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