|
|
Post by Deleted on May 6, 2017 17:12:41 GMT
|
|
stub8535
Member of DD Central
personal opinions only. Not qualified to advise on investment products.
Posts: 1,442 
Likes: 945
|
Post by stub8535 on May 7, 2017 7:11:00 GMT
Thanks jester. Enjoyed watching. Filmed b4 £5k min and tiered fees. Some really good market insights and not one platform named ,positive or otherwise, which must have been hard to resist. |
|
andyc
Posts: 18
Likes: 32
|
Post by andyc on May 9, 2017 13:54:11 GMT
Thanks for the link. Enjoyed the interview and thought Steve Findlay came over very well. Pity the host didn't ask about the recent change to T+C's but interesting to hear that one investor has £1.5m with BM !
Same podcast has an interview with Stuart Law of Assetz Capital.
|
|
ashtondav
Member of DD Central
Posts: 1,805
Likes: 1,087
|
Post by ashtondav on May 14, 2017 19:23:41 GMT
Hedge fund rip off and up and down like a whore's drawers or 6.5% from BM? If they had the guts to clarify the pre or post fee tax situation I'd park £1.5m with 'em.
|
|
Greenwood2
Member of DD Central
Posts: 4,243
Likes: 2,686
|
Post by Greenwood2 on May 15, 2017 11:14:23 GMT
BM's last comment was that you pay tax on all interest earned before fees are deducted, bad news particularly for higher rate tax payers.  |
|
|
|
Post by stevefindlay on May 15, 2017 13:39:27 GMT
ashtondav @greenwood2 - on tax: we've heard clients take either approach. We can't be definitive (or if we are we would likely need to be conservative) - so it's up to you and your tax adviser which approach to take. It may be worth noting that investing through a tax efficient wrapper - e.g. SIPP / SSAs removes this issue and, if structured appropriately - you should also be able to invest through a Ltd company structure and deduct fees before paying tax.
|
|
Greenwood2
Member of DD Central
Posts: 4,243
Likes: 2,686
|
Post by Greenwood2 on May 15, 2017 14:24:26 GMT
Other platforms do give a definitive answer. The platforms tend to be the experts, tax advisers generally know nothing about P2P let alone platforms on the fringe of P2P like Bondmason.
Edit: Extract from the Bondmason income statement.
'Notes & Disclaimer
We have shown your net figures on a cash basis rather than an accruals basis. This means that accrued interest but not yet paid as at April 6 is not included in your Net Cash Return figure above. So this figure is lower than you may recognise from your dashboard. Advice from HMRC suggests that you are able to offset losses, but not administration fees in your tax return. So the reportable income gain to report is likely to be "C" above....'
So if we go against this we would need a pretty good reason.
|
|
stub8535
Member of DD Central
personal opinions only. Not qualified to advise on investment products.
Posts: 1,442
Likes: 945
|
Post by stub8535 on May 15, 2017 16:02:56 GMT
The inconsistency across platforms on taxation of earnings, whether interest or capital gain, creates the need for advice from a tax professional in the first year for all and in subsequent years if new platforms/ asset class are used.
Far better if HMRC gave clear, unambiguous guidance by asset class or the FCA made platforms negotiate with HMRC for their product and display the correct tax class as part of clear and concise communications.
Shame that needs two government organisations to communicate with each other.
|
|
