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Post by solicitorious on Feb 28, 2018 18:19:10 GMT
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Post by solicitorious on Feb 28, 2018 13:24:02 GMT
Ask those who "invested" in the Plumbers....
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Post by solicitorious on Feb 28, 2018 12:57:06 GMT
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Post by solicitorious on Feb 20, 2018 15:20:54 GMT
Mine arrived today. Good show!
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Post by solicitorious on Feb 15, 2018 16:59:07 GMT
I note that the surveyors Keppie Massey have 1 star ratings on 2 review websites and 3 stars on another. The valuation document has disappeared from the Lendy website. Unfortunately, to leave a review, the sites require the branch and a named person so have been unable to leave my considered opinion on these sites for their perusal. LIVERPOOL OFFICE: ALABAMA HOUSE, 6 RUMFORD PLACE, LIVERPOOL L3 9B was once the Confederate Embassy in Britain...Liverpool supported the South, while the UK officially supported the North. Liverpool was effectively the "home port" of the Confederate war fleet. www.bombedoutpunk.com/history/bombed-out-and-liverpools-role-in-the-american-civil-war/
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Post by solicitorious on Feb 4, 2018 14:00:00 GMT
Conversely, to work out the notional Annual Rate (before tax) on a sale the formula is as follows:-
AnnualRate = 100 * (LoanRate + (Discount / 100 * 365 / DaysActive)) / (1 - YourTaxRate)
Worked example.
YourTaxRate = 40% LoanRate = 13% DaysActive = 103 Discount = -0.4% (for sale at a premium, this will be positive, of course)
AnnualRate = 100 * (0.13 + (-0.4 / 100 * 365 / 103)) / (1 - 0.4)
AnnualRate = 19.30% (notional, before tax)
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Post by solicitorious on Feb 3, 2018 16:48:39 GMT
That's where I gave up. Wot? Sure you are right but I can't get my head round the idea of doing better by selling at a larger discount. You have helped me to avoid an FS account for longer. The formula is as follows:- MaxDiscount = -100 * YourTaxRate * LoanRate * DaysActive / 365 Worked example. YourTaxRate = 40% LoanRate = 13% DaysActive = 108 MaxDiscount = -100 * 0.4 * 0.13 * 108 / 365 MaxDiscount = -1.54% (the break-even discount) Therefore... if you can sell the loan for a lesser discount, you are ahead, and what is more, you will have de-risked your exposure to that loan.
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Post by solicitorious on Feb 3, 2018 16:05:46 GMT
AIUI, provided the loan part has been held from "new", it falls into that rare, rare category where the Taxman doesn't give a monkey's. So not a capital gain, either...
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Post by solicitorious on Jan 15, 2018 12:37:50 GMT
Further info www.gov.uk/government/publications/debts-and-capital-gains-tax-hs296-self-assessment-helpsheet/hs296-debts-and-capital-gains-tax-2017It implies there is no time limit to claim capital losses, although you can deem the loss as having occurred up to two years earlier [presumably if that would mitigate a previous taxable gain ex post facto] "After the loan has become irrecoverable there’s no time limit in which to make the claim. The loss will arise:
at the time you make the claim or, if you want
at an earlier time you specify when you make your claim that falls in either of the 2 previous tax years, provided all the necessary conditions for relief are satisfied at the date you make the claim and at the earlier time"
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Post by solicitorious on Jan 13, 2018 12:16:54 GMT
I don't think negligible value claims apply, as these are loans not shares... www.rossmartin.co.uk/private-client-a-estate-planning/capital-gains-tax/1153-cgt-relief-loans-to-traderswww.taxation.co.uk/Articles/2012/10/24/295191/slideMy view was similar to pom's, although I'm open to other opinions. The important questions therefore for me are: a) where do you record the losses on the tax return? If they do not affect your current tax position, rather than lose their benefit, I see no harm in recording them, on the off-chance they may come in handy in the future, when I could take further advice if necessary before making use of them to mitigate future CGT. b) I'm unclear whether the late recording of such losses is restricted to 2 or 4 years late, and whether whichever limit is correct could be applied to an amended 2015/16 tax return, before the end of this month...
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Post by solicitorious on Jan 13, 2018 0:14:20 GMT
Assume we are dealing with P2P losses that were only eligible for CGT relief [the old pre-2015 regime], and we have a hypothetical history as follows. Year 1 | Loan A | -2000 | loss | Year 2 | Loan B | -1000 | loss | Year 3 | Loan A | +1500 | recovery | Year 4 | Loan C | -1000 | loss | Year 5 | Loan B | +500 | recovery | Year 6 | Capital Gain | +15000 |
| Year 7 | Loan C | +500 | recovery |
Who can tell me: a) how much CGT, if any, would be payable on the unrelated Capital Gain in year 6 ? [gross gain 15000, assume a CGT allowance of 12000 and rate of tax 18% in that year] b) how much loss relief, if any, would still be available to carry forward after year 7 ?
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Post by solicitorious on Dec 21, 2017 19:27:17 GMT
Or can someone just tell me what they think the position is? Please use e.g. 15/16 to identify the tax year in question.
S**** C*** P******* & M********* S******* (146) Default Year ? Recovery Year ?
E***** B******* L*** (137) Default Year ? Recovery Year ?
I****** B******* L*** (129) Default Year ? Recovery Year ?
A******* B******* L*** (132) Default Year ? Recovery Year ?
O****** L*** M*********** (57) Default Year ? Recovery Year ?
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Post by solicitorious on Dec 20, 2017 18:26:36 GMT
Why are the downloadable tax CSVs still showing nonsense with only six weeks to go till the SA deadline?
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Post by solicitorious on Aug 19, 2017 10:27:46 GMT
Currently maybe £45-£65/hr, before tax and losses, although my 'lifetime' P2P effort would lower this rate considerably.
An in-depth knowledge of spreadsheets and some automation has reduced my workload drastically.
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Post by solicitorious on Aug 4, 2017 22:11:01 GMT
Sorry to see these loans go. Among the best in all P2P, imho. Thanks to Ed and the Things for showing us what P2P can really do.... If only all loans and all platforms were so excellent.
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