markr
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Post by markr on Apr 11, 2017 13:16:21 GMT
Hi, WestonKevTMP is there any chance of getting a tax statement facility on the website? Admittedly, at the moment it's quite easy to work out manually but it's nice to have an official-looking statement to print off and send to the accountant.
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Post by WestonKevTMP on Apr 11, 2017 20:17:07 GMT
Hi, WestonKevTMP is there any chance of getting a tax statement facility on the website? Admittedly, at the moment it's quite easy to work out manually but it's nice to have an official-looking statement to print off and send to the accountant. Yes, it's in the pipeline. I provided a number of examples from my personal lending (e.g. Zopa, RateSetter, Funding Circle), and I am hoping that The Money Platform tax statement will be based on the best of these example's features... Kevin.
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Post by mike1963 on Feb 14, 2018 19:52:47 GMT
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kevinkelly
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Post by kevinkelly on Apr 6, 2018 12:26:31 GMT
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Post by mike1963 on Apr 6, 2018 12:40:56 GMT
@@@@@@@@....(tumbleweeds)
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Greenwood2
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Post by Greenwood2 on Apr 6, 2018 13:29:36 GMT
WestonKevTMP Are loans in Collection deemed irrecoverable in HMRC terms.
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Post by WestonKevTMP on Apr 19, 2018 19:46:37 GMT
Firstly, the tax statements were emailed today.
However, we are aware that for a small number of users this included an error, that we are correcting and will send out as quickly as possible. Hopefully this will be tomorrow (Friday) when IT are on the case.
Kevin.
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Post by WestonKevTMP on Apr 19, 2018 19:54:15 GMT
WestonKevTMP Are loans in Collection deemed irrecoverable in HMRC terms. This was a question that was asked constantly on these forums to platforms without a provision fund, notably Zopa and Funding Circle. The official line is that you must seek your own advice, not least because HM guidance has never been overly specific. The text within The Money Platform reflects this: " The information provided assumes that you are a UK tax resident individual and wish to take advantage of the new bad debt relief available on loans defaulted since 6 April 2017. If you have previously been able to take advantage of capital loss relief under TCGA 1992 (which is only available if you do not claim bad debt relief and is not available in respect of loans that become irrecoverable on or after 6 April 2017) and wish to do so for this tax year, please speak to your tax advisor. " My personal view is that a loan missing a payment hasn't defaulted, as there is a strong possibility that an arrangement plan will be put in place and monies will be slowly collected My personal rule of thumb is that if no payments have been recieved for 6-months (or 12 to be prudent), then it can be fairly reasonably be written off. But again, you must seek your own tax advice.
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Greenwood2
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Post by Greenwood2 on Apr 25, 2018 5:10:46 GMT
WestonKevTMP Are loans in Collection deemed irrecoverable in HMRC terms. This was a question that was asked constantly on these forums to platforms without a provision fund, notably Zopa and Funding Circle. The official line is that you must seek your own advice, not least because HM guidance has never been overly specific. The text within The Money Platform reflects this: " The information provided assumes that you are a UK tax resident individual and wish to take advantage of the new bad debt relief available on loans defaulted since 6 April 2017. If you have previously been able to take advantage of capital loss relief under TCGA 1992 (which is only available if you do not claim bad debt relief and is not available in respect of loans that become irrecoverable on or after 6 April 2017) and wish to do so for this tax year, please speak to your tax advisor. " My personal view is that a loan missing a payment hasn't defaulted, as there is a strong possibility that an arrangement plan will be put in place and monies will be slowly collected My personal rule of thumb is that if no payments have been recieved for 6-months (or 12 to be prudent), then it can be fairly reasonably be written off. But again, you must seek your own tax advice. HMRC say the platforms are the best people to decide on which loans are eligible for bad debt relief, and I would think it is probably advisable to use the platform figures if you don't want to get into disputes with HMRC. Zopa now give definitive figures on bad debt and recoveries from previous years on their tax statements. What criteria are TMP using to decide when loans are eligible for bad debt relief on the tax statement? I hope it's not as long as 6 months or a year overdue!
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romy
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Post by romy on Apr 25, 2018 15:01:12 GMT
I have 3 loans overdue. A couple of months ago the 2 oldest of these were being shown as defaulted on the platform ( final payments due August and October last year). My first tax statement showed one of these as defaulted but not the other. The replacement statement today gives zero defaulted. On logging in the status has been changed to either overdue or overdue - passed to debt collection.
Seems to imply that even 7 months overdue they haven't given up hope... can't say I'm very optimistic though...
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Greenwood2
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Post by Greenwood2 on Apr 25, 2018 15:38:14 GMT
I have 3 loans overdue. A couple of months ago the 2 oldest of these were being shown as defaulted on the platform ( final payments due August and October last year). My first tax statement showed one of these as defaulted but not the other. The replacement statement today gives zero defaulted. On logging in the status has been changed to either overdue or overdue - passed to debt collection. Seems to imply that even 7 months overdue they haven't given up hope... can't say I'm very optimistic though... I also have mysteriously undefaulted loans that have paid nothing and are not bad debt on my tax statement. Looks like next year will be a whopping bad debt for me. So far I have had no loans repaid that have gone more than 10 days late (let alone the ones hundreds of days late), waiting for miracles on some of these loans.
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jlend
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Post by jlend on Apr 25, 2018 16:32:57 GMT
WestonKevTMP Are loans in Collection deemed irrecoverable in HMRC terms. This was a question that was asked constantly on these forums to platforms without a provision fund, notably Zopa and Funding Circle. The official line is that you must seek your own advice, not least because HM guidance has never been overly specific. The text within The Money Platform reflects this: " The information provided assumes that you are a UK tax resident individual and wish to take advantage of the new bad debt relief available on loans defaulted since 6 April 2017. If you have previously been able to take advantage of capital loss relief under TCGA 1992 (which is only available if you do not claim bad debt relief and is not available in respect of loans that become irrecoverable on or after 6 April 2017) and wish to do so for this tax year, please speak to your tax advisor. " My personal view is that a loan missing a payment hasn't defaulted, as there is a strong possibility that an arrangement plan will be put in place and monies will be slowly collected My personal rule of thumb is that if no payments have been recieved for 6-months (or 12 to be prudent), then it can be fairly reasonably be written off. But again, you must seek your own tax advice. I hear Ratesetter are getting their statements reviewed and signed off by hmrc and the fca before issuing them. AC are now going to do the same if they can. I just wonder if that is something worth you doing centrally. This would not be tax advice and might avoid some potential issues for either platforms or individuals.
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Greenwood2
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Post by Greenwood2 on May 3, 2018 19:41:18 GMT
WestonKevTMP Are loans in Collection deemed irrecoverable in HMRC terms. This was a question that was asked constantly on these forums to platforms without a provision fund, notably Zopa and Funding Circle. The official line is that you must seek your own advice, not least because HM guidance has never been overly specific. The text within The Money Platform reflects this: " The information provided assumes that you are a UK tax resident individual and wish to take advantage of the new bad debt relief available on loans defaulted since 6 April 2017. If you have previously been able to take advantage of capital loss relief under TCGA 1992 (which is only available if you do not claim bad debt relief and is not available in respect of loans that become irrecoverable on or after 6 April 2017) and wish to do so for this tax year, please speak to your tax advisor. " My personal view is that a loan missing a payment hasn't defaulted, as there is a strong possibility that an arrangement plan will be put in place and monies will be slowly collected My personal rule of thumb is that if no payments have been recieved for 6-months (or 12 to be prudent), then it can be fairly reasonably be written off. But again, you must seek your own tax advice. Your personal view seems also to be MPs view, so defaults seem to be often deferred for a year. Not what I would like to see, or expect.
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