jonah
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Post by jonah on Apr 7, 2016 20:22:33 GMT
the answer may be 'ring customer services' which I will look to do on Saturday, but does anyone else have numbers not add up on ratesetter?
The summary page balance sheet has one value for interest*, the 'income' line on the tax statement gives another but the pdf for last year gives a third! I only joined RS last tax year and haven't received any bonuses that I recall, so I would expect all three numbers to be the same. As and when I get to my real computer I'll compare against a sum of the actual repayments but that figure can't match all three.
Am I being silly and missing something here?
*i think I've removed the interest paid yesterday and today from this number to get a 2015-16 figure.
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alender
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Post by alender on Apr 8, 2016 1:11:31 GMT
I had what looks like the same problem, I got my tax statement generated after my last interest payment for the tax year and it did not add up to my spreadsheets which are set up from the repayments schedule, it was out by the last interest payment. I check a few days later then the statement agreed with my spreadsheets so it looks like RS tax statement software need a day or so to include all the interest payments.
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duck
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Post by duck on Apr 8, 2016 5:53:53 GMT
I've just checked my partners tax statement against my spreadsheets (that I check against each and every payment that comes in) and it still doesn't appear to be correct.
I've updated the pdf and that shows no differences from the one I downloaded on the 6th.
Strange, normally they tally to the 1p.
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pikestaff
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Post by pikestaff on Apr 8, 2016 7:37:22 GMT
I took a transactions download for one of my accounts (which reconciles to the penny) before the tax statement was available. Total interest per the transactions download is 28p more than on the tax statement. It will be lost in the roundings for the tax return but it is irritating. Not looked at the others yet.
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amphoria
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Post by amphoria on Apr 12, 2016 8:10:35 GMT
Having done a transactions download using Account History and extracted all of the interest payments, I have discovered that the interest due on a Extra payment does not appear to be included in the Tax Statement. This was a 5 year loan that was repaid in full 2 months and 8 days after being taken out. The interest due over the 8 days has a Type of Repaid loan interest in the Account History rather than Interest. In my case it only comes to 5p and therefore makes no difference to my tax return, but it could be significant for others.
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duck
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Post by duck on Apr 12, 2016 8:55:08 GMT
.... I have discovered that the interest due on a Extra payment does not appear to be included in the Tax Statement. Yes that appears to be the answer, I have checked 2 accounts and this accounts for the £9.56 under declaration for me. Same applies to my partners account. westonkevRS I have Emailed customer services but I presume I'm not the first!
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Post by colzinho on Apr 12, 2016 9:38:36 GMT
Quick question - sure it may have already been asked.
Can someone explain why Ratesetter does not include cashback and bonuses in the annual income statement? I note that other platforms include this - am I missing something?
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ilmoro
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'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
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Post by ilmoro on Apr 12, 2016 10:23:07 GMT
Quick question - sure it may have already been asked.
Can someone explain why Ratesetter does not include cashback and bonuses in the annual income statement? I note that other platforms include this - am I missing something? General understanding is that cashback isnt taxable if its paid by the platform as it is an inducement to lend not earnings from lending, I assume bonuses are the same. Like everything else in a new sector it appears different platforms have different views/interpretation hence the variation in statements. eg Fallible Calculations site has this commentary "Taxation of cashback In certain circumstances Funding Circle offers cashback to investors. The cashback is considered an inducement to enter into a transaction and is received as a direct consequence of having made the loan. Cashback promotions are not normally treated as income and are not subject to income tax or deductions." Still waiting for a definitive position though.
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iren
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Post by iren on Apr 12, 2016 10:33:23 GMT
I took a transactions download for one of my accounts (which reconciles to the penny) before the tax statement was available. Total interest per the transactions download is 28p more than on the tax statement. It will be lost in the roundings for the tax return but it is irritating. Not looked at the others yet. I decided to query a £0.49 discrepancy between (i) my own spreadsheet and the total interest earned figure showing on the site (which matched), and (ii) the figure for interest earned on my tax statement. I received a reply from RateSetter that states "I can confirm there were two small payments throughout the 15/16 tax year which were untaxable. These consisted of 11p which was paid by the provision fund as a loan defaulted and 38p which was pro rata interest at the point of a sellout. On both these occasions any interest earned becomes untaxable so is removed from your tax statement."
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Post by dualinvestor on Apr 12, 2016 16:46:22 GMT
Quick question - sure it may have already been asked.
Can someone explain why Ratesetter does not include cashback and bonuses in the annual income statement? I note that other platforms include this - am I missing something? General understanding is that cashback isnt taxable if its paid by the platform as it is an inducement to lend not earnings from lending, I assume bonuses are the same. Like everything else in a new sector it appears different platforms have different views/interpretation hence the variation in statements. eg Fallible Calculations site has this commentary "Taxation of cashback In certain circumstances Funding Circle offers cashback to investors. The cashback is considered an inducement to enter into a transaction and is received as a direct consequence of having made the loan. Cashback promotions are not normally treated as income and are not subject to income tax or deductions." Still waiting for a definitive position though. Interesting point. A bonus if earned because of one's own capital may (or may not) be considered as interest and therefore taxable. A bonus paid for introducing a fried cannot be considered interest but, if the Inspector of Taxes was feeling particularly liverish that day, may be regarded as casual income and subject to tax in that way. I doubt HMRC has exercised it's mind too much on the issue. If you are in doubt you should declare the income as a note (don't enter it in any box on a tax return as it will be taxed without any thought) and see what falls out. Given the way these things work out you may get one response in Inverness and an entirely diferent one on Penzance. Before anyone jumps on this I know HMRC are centralised now!
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Post by westonkevRS on Apr 12, 2016 17:29:30 GMT
Comrades,
This issue has been raised and is being looked into to get the official exact answer (although some responses here look like they've got close).
I'll share here when it's ready.
Kevin.
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duck
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Post by duck on Apr 13, 2016 13:31:56 GMT
Comrades, This issue has been raised and is being looked into to get the official exact answer (although some responses here look like they've got close). I'll share here when it's ready. Kevin. I had a fast response to my question yesterday so please thank CS westonkevRSI won't post anything until the 'official exact answer' has surfaced.
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Post by westonkevRS on Apr 26, 2016 6:00:21 GMT
Comrades, I won't be able to provide a generic answer on this forum, as each accounts specifics needs to be looked at. Providing tax advice on an anonymous forum where everyone's situation is difficult will not be appropriate. As a result, should you have a query you'll need to call Customer Services as duck did to get a fast and specific answer for you rather than wait for a generic and possibly wrong answer here. I won't answer tax questions on this site. Kevin. |
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jonah
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Post by jonah on Apr 27, 2016 12:31:50 GMT
Following up on this I took my own advice and got in touch with RS CS. The delightful* Rachel did something and now my numbers match, with the exception of 4p. Based on that I think that I'm happy with the number I have and will be giving that one to HMRC. Only 2 platforms left to sort out now...
* I try to assume all people I don't know are delightful. Whether it is true or not, it helps make the world a slightly brighter place.
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