markb
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Post by markb on Jan 31, 2024 10:19:58 GMT
From HMRC's guidance (https://www.gov.uk/guidance/negligible-value-agreements): Do you think that you have enough info to show negligible value yet? Or, as iRobot suggests, would you prefer to wait for a statement from the administrators that there's unlikely to be a distribution to shareholders?
For example, Ablrate has ceased trading, is in administration, and the FCA have published the directors' opinion that the firm is insolvent (https://www.fca.org.uk/news/news-stories/aviation-and-tech-capital-ltd-trading-ablrate-enters-administration).
From HMRC's internal manual (https://www.gov.uk/hmrc-internal-manuals/capital-gains-manual/cg13145): Do you think that an HMRC employee would accept that Ablrate shares are currently of negligible value?
This isn't advice; you need to make your own decision.
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markb
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Post by markb on Aug 27, 2023 9:36:50 GMT
Doubtful. AC have always taken the view that claiming for "loans put into recoveries" is optional, therefore (I would think) not reportable by them. But that's the way HMRC have set it up. If a platform declares the loss then the platform is required under normal HMRC reporting rules to report a tax payers net income. I agree with pikestaff. Platforms don't deduct amounts put into recovery when they report a taxpayer's income to HMRC - as I discovered several years ago, when HMRC initiated a compliance check against me, due to the apparent mismatch between my tax return and the platforms' reports. I don't have up-to-date info though, so possibly HMRC have imposed a change, due to them getting fed-up of having to deal with all of the legitimate mismatches. I assume that platforms don't deduct written-off amounts either - because if the taxpayer had already chosen to deduct at the time of it entering recovery, the result would be to deduct it twice.
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markb
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Post by markb on Nov 5, 2020 19:26:49 GMT
If you want to avoid the tolerance and there is enough available for you to fill at the stated (touch) price, you can always use fill-and-wait at touch price to avoid the tolerance (as this will check capital at the price specified). ablrate I've used this option many times, and I've never seen it work correctly. In order to invest a lump sum by purchasing an existing offer, the system always forces me to iterate with 2-3 progressively smaller 'buy' requests, rather than allowing a single 'buy' operation for the full amount. As you say that the tolerance calculation isn't the thing that's breaking this, it might be that the system doesn't cope with the effect of capital discounts, i.e. that it's requiring the buyer to have (capital amount + accrued interest) funds available before it allows the buy order to be submitted, even though only (capital price + accrued interest) is actually necessary?
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markb
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Post by markb on Sept 9, 2020 9:37:07 GMT
£200 arrived in my holding account today and listed as a 'deposit' in transactions. This is in addition to the two recent 'principal repaid' transactions this month. Anyone else? Sounds like how they account for bonus payments - were you due e.g. an introductory or refer-a-friend payment?
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markb
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Post by markb on Aug 13, 2020 10:26:43 GMT
Can you confirm you pass the payments back and forth to two Hfx accounts. I've only tried to/from non-Hfx account.
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markb
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Post by markb on Aug 12, 2020 14:10:12 GMT
I need to have 6500 so I don't touch the 5000 as going under will make the £5 void for any month when that happens... ...as it seems if you miss even one day of having 5000 in the account then it will lose the £5 for that month... Edit2: There are other ways to get the £5 than the £5000... I expect that it's only the end-of-day balance that matters. So if you make the £1500 transfer in and out on the same day, you don't need to have £6500 in there. I'm using the other variant of that reward offer, for which you need to - spend at least £500 per month via debit card (and Ablrate accept investments via debit card, which helps to chip away at that requirement!) and
- keep your balance "above" £0. So far, Halifax have paid me the £5 reward each month, despite me routinely using my overdraft intra-day, when a Direct Debit gets paid out in the morning and later that day I make a faster payment from a savings account, to return the current account balance to £0.
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markb
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Post by markb on Jul 9, 2020 13:01:39 GMT
Say 10 minutes billable to read an Email, open database and update. It also doesn't take 10 minutes to read an email. It doesn't take 0 minutes though. And like various electricians and plumbers that have billed me, I expect that a part unit of labour gets billed the same as a full unit. Although I think that a billable unit for corporate financial/legal work is usually 0.1 hours, i.e. 6 rather than 10 minutes.
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markb
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Post by markb on Apr 16, 2020 14:35:01 GMT
Agreed. I'd overlooked this event too, especially as there was no associated loan update. (The last update was of the form "we'll crystallise the shortfall after we've done some technical work", not "we've done the crystallisation".)
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markb
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Post by markb on Apr 3, 2020 13:30:33 GMT
I expect that in practice, a big factor will be how AC choose to report the figures to HMRC and on the downloadable tax statement. If those report the reduced interest figures, then the tax deductibility will naturally follow from that. Whereas if those report the interest figures at the prior level, and each lender then has to argue the toss with HMRC regarding the deductibility, it'll be a lot more painful.
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markb
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Post by markb on Feb 20, 2020 15:45:56 GMT
Orca are shutting up shop completely. They had planned to go institutional-only but that has fallen through and Orca is now likely to be wound up. There never seemed to be any enthusiasm for their product here. Oh Ok I tried to login using my old userid and pw, they failed and orca site does not seem respond to my email to reset it but now I know its not continuing hopefully they will have removed my ID and everything. aju Reset worked for me just now, so maybe you encountered an issue unrelated to them "not continuing".
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markb
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ThinCats/ BLN (TC) in Administration
VIP forum
Feb 7, 2020 15:21:41 GMT
Post by markb on Feb 7, 2020 15:21:41 GMT
How do we join this new VIP forum? I see only discussion of possible options above, not a decision about which to use.
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markb
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Post by markb on Mar 14, 2019 14:16:00 GMT
Achieved a sale of 12p. Wow! Come on ablrate , this is just plain daft.
By the way, here is a tip folks. If you buy your hundreds (or whatever) in multiple trades of 12p, you can apparently avoid paying the accrued interest!
Just in case either you're serious (or someone reading it is inclined to try it out when purchasing from me!), I'm pretty sure that this statement isn't true. My transaction history often contains entries for which the equality 'previous Balance' + 'transaction Amount' = 'new Balance' is off by a penny. I'm taking that as evidence that the system is tracking fractions of a penny under the covers, but rounding the displayed values...rather than that the system can't add up!
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markb
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Post by markb on Mar 22, 2018 14:23:55 GMT
The "you have been paid" cash flows shown on a loan's Repayments tab are bugged after making an SM trade. An SM trade should change future cash flows only, not cash flows received already!
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markb
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Post by markb on Mar 20, 2018 20:05:26 GMT
I find that the noon "cut-off" often doesn't correspond to an achieved SLA: it's more "before noon => maybe, after noon => no chance".
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markb
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Post by markb on Mar 1, 2018 14:36:02 GMT
I saw the ship too - but seems to be working OK again now (Chrome, PC).
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