bababill
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Post by bababill on Apr 24, 2016 3:38:31 GMT
I have this same problem too.
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bababill
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Post by bababill on Apr 22, 2016 5:36:54 GMT
I stopped taking a salary about two years ago when my company ceased 'trading.' Hence no longer NI contributions. Probably only have 15 years accumulation built up. Now take maximum dividends allowed whilst still staying under the 40% tax bracket. Probably not the wisest thing but I don't have much hope for the state pension.
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bababill
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Post by bababill on Apr 15, 2016 2:26:31 GMT
Just what I need. :-)
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bababill
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Post by bababill on Apr 14, 2016 15:18:52 GMT
stevio: Funding Knight I was referring to however cash drag applies to most other sites in some way. james: Will study XIRR tomorrow/this weekend. Looks just what I am looking for; thanks for the tip.
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bababill
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Post by bababill on Apr 14, 2016 11:27:27 GMT
Thanks for confirmation. I am more annoyed in regards to the premiums I paid to the seller not being tax deductible. Now my returns are all messed up and everything is misleading. I really don't know what return I am earning anymore since I pay tax on £1050 instead of £800.
Only reason I purchased so much on secondary market was to avoid cash drag. Anyone know an easy way to calculate cash drag losses instead? ;-)
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bababill
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Post by bababill on Apr 14, 2016 5:08:52 GMT
So just to confirm I have to declare the gross income and not the income less of fees? On some platforms say MarketInvoice I heard this can be up to 30%.
Also, The tax issue of buying on secondary markets i.e. buying at a premium on sites needs to be highlighted again and again. I should have known/remembered I can not deduct the seller premium fees.
On F.K. I have bought a sizeable amount at a premium. On the dashboard page and the income page vs the tax report it shows a 30% percent difference. Example, dashboard (no capital losses fyi) shows net income of £800 yet tax report shows £1050. Big difference imho.
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bababill
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Post by bababill on Mar 30, 2016 10:58:51 GMT
If you know you'll be wanting money soon, sell from GBBA early and move to QAA. Agreed with everything said above. This post could be useful to help define what ' early' means as we move forwards. So for example in todays current climate if one wants say £1000 then a couple days notice should be sufficient. But if one wants £10,000 more then 8 days is needed and still counting.
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bababill
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Post by bababill on Mar 30, 2016 10:30:50 GMT
Good post. Could be useful if we somehow keep updated info..
I started a withdrawal request from GBBA on the afternoon of Feb 24 and now on the 30th at 11 am I have been able to withdraw around £8000.00 so far.
So that makes an average of approximately £1150 per day.
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bababill
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Post by bababill on Mar 17, 2016 23:18:11 GMT
mine is now sorted, i dont have that much of a problem with it taking a couple of days, my problem was that i couldnt find the info telling me i would have to wait. with being able to convert QAA to cash in zero seconds i wrongly assumed that the cash would reach my bank account sometime the following day but because i didnt know i had to test it. im happy now thanks to everyone for your replies Agreed.. I just got caught out also.
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bababill
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Post by bababill on Mar 2, 2016 1:43:16 GMT
no problem for me just now.
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bababill
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Post by bababill on Feb 29, 2016 0:26:34 GMT
Either way a cash ISA in 2015/2016 (this year) can be transferred
I quote: 'Good news for RateSetter investors – from 6 April, anyone who already has a cash or stocks and shares ISA will be able to transfer all or part of their balance over to an Innovative Finance ISA (IF ISA) and continue to earn interest tax-free. What that means in practice is that if you have, say, £50,000 in a cash ISA, you can transfer all or a portion of that to an IF ISA – and remember, that is in addition to being able to invest a further £15,240 from April this year."
So is anyone else opening a cash ISA this year with the sole intention of transferring to IFISA?
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bababill
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Post by bababill on Feb 23, 2016 5:52:58 GMT
Exactly my thoughts Jonah
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bababill
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Post by bababill on Feb 23, 2016 4:25:55 GMT
My accountant quoted £1000 but now said it will be much higher because of the work involved.
Out of half a dozen platforms they were only able to get one platform to balance. Others were out anything from £3.27 upto nearly £200 difference.
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bababill
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Post by bababill on Feb 23, 2016 3:11:27 GMT
Is anyone considering opening a 2015/2016 Cash Isa with a view to then roll over the funds to a P2P Isa after April?
This way could maximise two years worth of contributions.
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bababill
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Post by bababill on Feb 23, 2016 2:03:32 GMT
I left SS for reasons Pikestaff mentioned above plus I didn't agree with their 'headline' valuations; for instance a loan to value valuation based on the assumption that planning permission would be granted.
Also left FC a while back. I got too irate/upset/annoyed with the bad debts.
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