ianj
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Post by ianj on Jan 19, 2017 12:03:10 GMT
Hi Guys Just formulating the downloadable tax statement and have the gubbins done. Rather than us creating what we think is the best format (for the layout) for you is, can someone send me a PM with the best example of a layout you have or how you would prefer it and we will do that. Regards Ablrate Ready for the end-of-month deadline?
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james
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Post by james on Jan 19, 2017 16:26:04 GMT
There isn't really an end of month deadline for 2015-16 until the end of January 2018 when it won't be possible to file an amended return online any more. Before then an estimate and note that you're waiting for full details is fine so far as HMRC are concerned.
Don't wait for Ablrate or anyone else. That estimated return also protects you from the late return penalties.
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ianj
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Post by ianj on Jan 19, 2017 17:46:40 GMT
I have the figures ready to hand, but thought a platform generated statement would look a bit more authoritative than my spreadsheet presentation when presented as evidence.
I won't be be late. Unlike other walks of life where "he who pays the ferryman calls the tune" rules, when it comes to more taxing matters its "the ferryman wot names the fare", which he's not reticent in upping, as I once discovered a few years back!
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blender
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Post by blender on Jan 19, 2017 18:12:05 GMT
That may be so, but if I wanted a tune, I would not employ a ferryman; unless of course that particular ferryman was also noted for his musical abilities, and being ferried was not an essential part of the deal. You're right about taxmen and taxwomen. Best that their interest in your affairs is not stimulated.
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ianj
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Post by ianj on Jan 19, 2017 18:26:47 GMT
Mixing of metaphors backfires (not many pipers fill the coffers of The Exchequer) after large G&T required following tax return activities!
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james
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Post by james on Jan 19, 2017 19:17:14 GMT
You can still afford a G&T?
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ianj
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Post by ianj on Jan 19, 2017 19:46:41 GMT
One makes sacrifices!
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blender
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Post by blender on Jan 19, 2017 20:06:28 GMT
That really is the limit, souls. You all demand tax statements; someone has 'not' complained about late button pressing; and now you expect a tune as we cross. And don't call me Sharon!!! it's pronounced Charon! (click to expand - Blender bottom right corner; borrowers in water; FCA observers top right)
Edit: without upsetting Stevio two below. Ianj below - those borrowers in the deep water are probably FC property borrowers desperate for a re-finance.
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ianj
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Post by ianj on Jan 20, 2017 7:07:24 GMT
If the eye's weren't sufficient evidence alone, the barge pole would indicate that Charon might be slightly less than enamoured with some borrower's credentials. On the other hand, the peeping-tom in the bottom right probably probably thinks he's 'died and gone to heaven'!
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stevio
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Post by stevio on Jan 20, 2017 8:31:24 GMT
May we return to the subject? - a bookmark of this thread to ensure you are kept updated tax of a platform, with imminent deadlines coming up, can become rather annoying when no knowledge is updated
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stevio
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Post by stevio on Oct 15, 2017 11:15:49 GMT
Sorry to resurrect things here..... With tax return deadlines coming up in the next few months, I have been looking at this again It seems the accrued interest paid by a buyer is still not deducted from the interest tax statement (but interest earned and accrued interest received from sales are) The only way is to search through previous emails (although emails now seem to being retained in the notifications section, this seems only fairly recent communications) How have other people managed this and have they just used the figure provided by ablrate?
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ali
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Post by ali on Oct 15, 2017 12:10:27 GMT
Sorry to resurrect things here..... With tax return deadlines coming up in the next few months, I have been looking at this again It seems the accrued interest paid by a buyer is still not deducted from the interest tax statement (but interest earned and accrued interest received from sales are) The only way is to search through previous emails (although emails now seem to being retained in the notifications section, this seems only fairly recent communications) How have other people managed this and have they just used the figure provided by ablrate ? Yes, I do have all the emails and I enter all the accrued interest into my own records. I worked out how much it was and the tax that I could save and decided it just wasn't enough to run the possibility of triggering an HMRC query so I just used the (wrong) figure produced by ablrate. I now calculate my net return from ablrate taking that into account which might go some way to explaining why my investment there is lower than it has been.
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david42
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Post by david42 on Oct 15, 2017 18:56:23 GMT
It seems the accrued interest paid by a buyer is still not deducted from the interest tax statement (but interest earned and accrued interest received from sales are) The only way is to search through previous emails (although emails now seem to being retained in the notifications section, this seems only fairly recent communications) How have other people managed this and have they just used the figure provided by ablrate ? I agree that Ablrate are double counting the tax for the accrued interest on the secondary market purchases (they apply the tax to the buyer and the seller). This has been argued at length with Ablrate in the past and they have refused to change it. I am intending to partly address this by excluding the accrued interest from the income shown on the Ablrate tax statement. Although that accrued interest should be taxable, deducting it is the closest approximation I can get to the correct figure with the information Ablrate supply. I both buy and sell loans in the secondary market. My defence to an HMRC investigation would be that the Ablrate tax statement double counts the tax so I did the best I could with the information available from Ablrate. (I am not prepared to trawl through several hundred transaction emails to reconstruct the correct information.) If Ablrate provided enough information in the tax statement or the downloadable transaction record, then I would apply tax for the accrued interest to the buyer of a loan and deduct that amount from the seller's taxable interest. That is my understanding of the correct tax treatment to avoid double taxation.
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stevio
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Post by stevio on Oct 15, 2017 19:14:39 GMT
As we can sum the amount of purchases, just wondering if anyone could give an upper and lower limit maybe for an estimate on the proportion of that is likely to be accrued interest
If interest is 10-16%.......accrued interest 0-30d.......then my brain catches fire🔥
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Post by dan1 on Oct 15, 2017 19:24:55 GMT
As we can sum the amount of purchases, just wondering if anyone could give an upper and lower limit maybe for an estimate on the proportion of that is likely to be accrued interest If interest is 10-16%.......accrued interest 0-30d.......then my brain catches fire🔥 Lower limit is 0, i.e. all SM purchases on same day and following interest payment. Upper limit per loan will be capital*annual_rate*payment_frequency/12, where payment_frequency is 1 for monthly, 3 for quarterly Ignores 033 of course.
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