littleoldlady
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Running down all platforms due to age
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Post by littleoldlady on Oct 3, 2017 20:42:43 GMT
If my overall declarable interest for AC for tax year 2016-2017 is negative, presumably I am allowed to offset that against other P2P income from other platforms? AIUI yes. But if you made a loss across all platforms i don't know if you could offset it against other forms of income, possibly not even interest.
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treeman
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Post by treeman on Oct 3, 2017 20:54:30 GMT
If my overall declarable interest for AC for tax year 2016-2017 is negative, presumably I am allowed to offset that against other P2P income from other platforms? AIUI yes. But if you made a loss across all platforms i don't know if you could offset it against other forms of income, possibly not even interest. I'm pretty sure I read that you can't ...... but I believe the 'excess/unused' loss can be carried forward to the next tax year to offset against that year's P2P income. DYOR, this is not advice etc ...........
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kermie
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Post by kermie on Oct 3, 2017 21:43:29 GMT
www.gov.uk/government/publications/income-tax-relief-for-irrecoverable-peer-to-peer-loans-final-guidanceMy reading is essentially (i) you can offset P2P irrecoverable loans from one platform against an other platform's interest, in the same tax year, if need be, but only for P2P income (i.e. you can't offset against savings income from an FSCS account) (ii) overall P2P losses can be carried forward for up to 4 years So all in all, fairly equitable. One thing this does highlight is although 2015 defaults are included in the AC loan, the SAIM 12120 (see link) seems to suggest loans becoming irrecoverable in 2015-2016 should be claimed against the 2015-2016 tax year, not the 2016-2017 tax year. So not sure why AC are including those loans on the tax statement for 2016-2017 now.
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mikes1531
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Post by mikes1531 on Oct 3, 2017 22:23:26 GMT
Looking at my online tax statement now, all figures messing about with default and recovery have been zeroised, and only the total interest income is shown. That's handy, it now corresponds to my tax return so I have printed a copy.  : Could the numbers that disappeared have related to loans you had been in that subsequently defaulted, but after you had sold all your parts? My numbers have changed as well, but the differences I note are the addition of six loans to the defaulted category -- WHP (39), Epping (137), SCP&M (146), Kent (84), WHS (172), and M&F H&R (204). I also see adjustments to two loans -- NCPL (123) and Essex (136). The NCPL change is a fraction of a penny, and I haven't a clue why that might have happened. The Essex change is significant, from a large number to about £1. I'm not sure I can check it easily, but I wonder if that might be the result of the correction of the sort of issue ilmoro pointed out in a post on the previous page of this thread. Had I managed to avoid a loss on that loan by selling parts before it became impossible to exit? (Is there an easy way to find out?) The date of the Essex entry changed as well, from 24/May/15 to 2/Aug/16, and I don't know why that might have happened. Is it related to the other Essex change? I haven't a clue! Another mystery I have now is that the the total of the interest earned entries on the downloaded spreadsheet doesn't match the total shown on the tax statement. (The amount on the statement is about £50 more than the total of the detailed items.) Yesterday, those two numbers did match. I thought the difference might be related to Essex, but neither spreadsheet shows any interest received during the year on that loan. Does anyone have any ideas/suggestions where this discrepancy came from?
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dave2
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Post by dave2 on Oct 3, 2017 23:34:27 GMT
dave2 : Could the numbers that disappeared have related to loans you had been in that subsequently defaulted, but after you had sold all your parts? My numbers have changed as well, but the differences I note are the addition of six loans to the defaulted category -- WHP (39), Epping (137), SCP&M (146), Kent (84), WHS (172), and M&F H&R (204). I also see adjustments to two loans -- NCPL (123) and Essex (136). The NCPL change is a fraction of a penny, and I haven't a clue why that might have happened. The Essex change is significant, from a large number to about £1. I'm not sure I can check it easily, but I wonder if that might be the result of the correction of the sort of issue ilmoro pointed out in a post on the previous page of this thread. Had I managed to avoid a loss on that loan by selling parts before it became impossible to exit? (Is there an easy way to find out?) The date of the Essex entry changed as well, from 24/May/15 to 2/Aug/16, and I don't know why that might have happened. Is it related to the other Essex change? I haven't a clue! Another mystery I have now is that the the total of the interest earned entries on the downloaded spreadsheet doesn't match the total shown on the tax statement. (The amount on the statement is about £50 more than the total of the detailed items.) Yesterday, those two numbers did match. I thought the difference might be related to Essex, but neither spreadsheet shows any interest received during the year on that loan. Does anyone have any ideas/suggestions where this discrepancy came from? The numbers that have disappeared relate to #330, a loan that was due to mature on the 21st March, and was seemingly suspended on the 10th April. The interest due on 21st March was paid on 23rd March, however the loan was (previously) considered as defaulted on 21st March and the interest payment on 23rd March regarded as "Principal Recovered", something that seemed incorrect. Worth pointing out again that I have insufficient tax liability to offset anything against for the 2016-17 tax year, so blindly using the previous AC tax statement to "offset losses" against nothing would have provided no gain, but could have potentially generated a future tax liability of 40% on the entire capital investment of a 6 month loan originally paying 9% per annum.
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ilmoro
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'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
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Post by ilmoro on Oct 4, 2017 0:16:29 GMT
Looking at my online tax statement now, all figures messing about with default and recovery have been zeroised, and only the total interest income is shown. That's handy, it now corresponds to my tax return so I have printed a copy. : Could the numbers that disappeared have related to loans you had been in that subsequently defaulted, but after you had sold all your parts? My numbers have changed as well, but the differences I note are the addition of six loans to the defaulted category -- WHP (39), Epping (137), SCP&M (146), Kent (84), WHS (172), and M&F H&R (204). I also see adjustments to two loans -- NCPL (123) and Essex (136). The NCPL change is a fraction of a penny, and I haven't a clue why that might have happened. The Essex change is significant, from a large number to about £1. I'm not sure I can check it easily, but I wonder if that might be the result of the correction of the sort of issue ilmoro pointed out in a post on the previous page of this thread. Had I managed to avoid a loss on that loan by selling parts before it became impossible to exit? (Is there an easy way to find out?) The date of the Essex entry changed as well, from 24/May/15 to 2/Aug/16, and I don't know why that might have happened. Is it related to the other Essex change? I haven't a clue! Another mystery I have now is that the the total of the interest earned entries on the downloaded spreadsheet doesn't match the total shown on the tax statement. (The amount on the statement is about £50 more than the total of the detailed items.) Yesterday, those two numbers did match. I thought the difference might be related to Essex, but neither spreadsheet shows any interest received during the year on that loan. Does anyone have any ideas/suggestions where this discrepancy came from? The Essex date has changed because the previous date was incorrect as the loan wasnt irrecoverable (I highlighted this in a previous post but hadnt raised it with AC so not claiming credit ... yet ). The new date will be the date it entered legal recovery. The other change will be related to this rather than the other way round and if your holding has dropped it will be because youve sold out before 2/8/16 I assume that you still have a £1 holding (until AC actually get the funds due from the admin)
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pikestaff
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Post by pikestaff on Oct 4, 2017 6:22:09 GMT
www.gov.uk/government/publications/income-tax-relief-for-irrecoverable-peer-to-peer-loans-final-guidanceMy reading is essentially (i) you can offset P2P irrecoverable loans from one platform against an other platform's interest, in the same tax year, if need be, but only for P2P income (i.e. you can't offset against savings income from an FSCS account) (ii) overall P2P losses can be carried forward for up to 4 years So all in all, fairly equitable. One thing this does highlight is although 2015 defaults are included in the AC loan, the SAIM 12120 (see link) seems to suggest loans becoming irrecoverable in 2015-2016 should be claimed against the 2015-2016 tax year, not the 2016-2017 tax year. So not sure why AC are including those loans on the tax statement for 2016-2017 now. Quite right. I've explained elsewhere why I won't be using AC's numbers. but this just makes it worse. Anyone who chooses to accept AC's interpretation of when a loan becomes irrecoverable should not be claiming for 2015/16 losses in 2016/17. Instead, they should be adjusting their 2015/16 returns - and AC should be giving them the figures required to do so. The deadline for amending 2015/16 returns online is 31 January 2018. Hopefully AC will have got their act together by then. After that you have to write to HMRC.
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jlend
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Post by jlend on Oct 4, 2017 8:05:08 GMT
I think AC should consider taking the statements offline until they have done some more testing and checks with some of the more experienced posters. I'm not including me in that group. I don't own a PC and access sites with my phone or tablet so predominately rely on the information that sites publish for relative lay people like me. I am sure I am not alone.
It does feel AC have left it late to sort out the statements and haven't perhaps dedicated enough resources to testing in hindsight.
I assume quite a few people may have incorrectly posted their tax return by the sound of things
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jlend
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Post by jlend on Oct 4, 2017 9:10:49 GMT
www.gov.uk/government/publications/income-tax-relief-for-irrecoverable-peer-to-peer-loans-final-guidanceMy reading is essentially (i) you can offset P2P irrecoverable loans from one platform against an other platform's interest, in the same tax year, if need be, but only for P2P income (i.e. you can't offset against savings income from an FSCS account) (ii) overall P2P losses can be carried forward for up to 4 years So all in all, fairly equitable. One thing this does highlight is although 2015 defaults are included in the AC loan, the SAIM 12120 (see link) seems to suggest loans becoming irrecoverable in 2015-2016 should be claimed against the 2015-2016 tax year, not the 2016-2017 tax year. So not sure why AC are including those loans on the tax statement for 2016-2017 now. Quite right. I've explained elsewhere why I won't be using AC's numbers. but this just makes it worse. Anyone who chooses to accept AC's interpretation of when a loan becomes irrecoverable should not be claiming for 2015/16 losses in 2016/17. Instead, they should be adjusting their 2015/16 returns - and AC should be giving them the figures required to do so. The deadline for amending 2015/16 returns online is 31 January 2018. Hopefully AC will have got their act together by then. After that you have to write to HMRC. Thanks that is useful to know it can be changed. I see having looked I can't change my tax return online as I have to post paper returns normally so will resend corrected pages if needed. I assume there isn't a penalty for this from what I could find.
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pikestaff
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Post by pikestaff on Oct 4, 2017 9:37:23 GMT
jlend No penalty. If they owe you money I think they will even give you interest, but the rate is not very exciting!
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rogerbu
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Post by rogerbu on Oct 4, 2017 10:23:27 GMT
Another mystery I have now is that the the total of the interest earned entries on the downloaded spreadsheet doesn't match the total shown on the tax statement. (The amount on the statement is about £50 more than the total of the detailed items.) Yesterday, those two numbers did match. I thought the difference might be related to Essex, but neither spreadsheet shows any interest received during the year on that loan. Does anyone have any ideas/suggestions where this discrepancy came from? I also have this challenge. Across 2 Users & 2 tax years. The CSV download matches the Tax Return (& Previously reported interest) correctly twice and is missing interest twice. It appears that it is the CSV download that has been incorrectly setup. The error hasn't changed with the tax return numbers magically changing overnight. Analysis leaves me no wiser as to why the CSV download is incorrect. I can see 6 interest items missing, with no apparent pattern. no date commonality, no year commonality and no loan commonality. Suffice to say that the CSV download is currently unusable
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jlend
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Post by jlend on Oct 4, 2017 19:52:44 GMT
Another mystery I have now is that the the total of the interest earned entries on the downloaded spreadsheet doesn't match the total shown on the tax statement. (The amount on the statement is about £50 more than the total of the detailed items.) Yesterday, those two numbers did match. I thought the difference might be related to Essex, but neither spreadsheet shows any interest received during the year on that loan. Does anyone have any ideas/suggestions where this discrepancy came from? I also have this challenge. Across 2 Users & 2 tax years. The CSV download matches the Tax Return (& Previously reported interest) correctly twice and is missing interest twice. It appears that it is the CSV download that has been incorrectly setup. The error hasn't changed with the tax return numbers magically changing overnight. Analysis leaves me no wiser as to why the CSV download is incorrect. I can see 6 interest items missing, with no apparent pattern. no date commonality, no year commonality and no loan commonality. Suffice to say that the CSV download is currently unusable Same here. The csv total interest doesn't match the statement now. I don't know if it did before as I didn't download the csv a couple of days ago when I did my tax return.
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mikes1531
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Post by mikes1531 on Oct 4, 2017 20:35:05 GMT
I assume that you still have a £1 holding (until AC actually get the funds due from the admin) : Thanks for your input. I honestly don't know when -- or even if! -- I reduced my Essex holding, but if I did sell -- and I have no reason to think I didn't -- it wouldn't have been out of character for me to leave £1 in my account so that I'd receive any email AC sent about the recovery process. The loan settled today, and I received 19p, so I presume that's all I was left holding. However, I can see from the loan's Repayments tab that there was an initial capital payout back on 27/Apr/17. Since AC make it easy to search my statement by date -- it's unfortunate that it isn't possible to search by loan -- I looked at my transactions for 27/Apr and found an Essex capital payment of 81p. So I must indeed have held £1 of this loan on 27/Apr (and presumably for some time before). The good news is that I also received payment of most of my accrued interest today, and I must have held a goodly chunk of this loan for some considerable time after the last monthly interest payment was made in Jul.'15 because the amount I received was about 10% of the capital amount shown as irrecoverable on my earlier tax statement (i.e. before it disappeared on the latest tax statement). AC have said that not all accrued interest was recovered. Now that the loan has been moved from the Active tab to the Repaid tab within the Your Loans display, there's no Interest Accrued column to show how much of my AI still is outstanding. Is there an easy way to tell?
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mikes1531
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Post by mikes1531 on Oct 4, 2017 20:39:06 GMT
Another mystery I have now is that the the total of the interest earned entries on the downloaded spreadsheet doesn't match the total shown on the tax statement. (The amount on the statement is about £50 more than the total of the detailed items.) Yesterday, those two numbers did match. I thought the difference might be related to Essex, but neither spreadsheet shows any interest received during the year on that loan. Does anyone have any ideas/suggestions where this discrepancy came from? stuartassetzcapital I also have this challenge. Across 2 Users & 2 tax years. The CSV download matches the Tax Return (& Previously reported interest) correctly twice and is missing interest twice. It appears that it is the CSV download that has been incorrectly setup. The error hasn't changed with the tax return numbers magically changing overnight. Analysis leaves me no wiser as to why the CSV download is incorrect. I can see 6 interest items missing, with no apparent pattern. no date commonality, no year commonality and no loan commonality. Suffice to say that the CSV download is currently unusable Same here. The csv total interest doesn't match the statement now. I don't know if it did before as I didn't download the csv a couple of days ago when I did my tax return. : Are AC aware of this problem? Or do we all need to write to Customer Support and tell them we have it?
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ilmoro
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'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
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Post by ilmoro on Oct 4, 2017 21:43:14 GMT
I assume that you still have a £1 holding (until AC actually get the funds due from the admin) : Thanks for your input. I honestly don't know when -- or even if! -- I reduced my Essex holding, but if I did sell -- and I have no reason to think I didn't -- it wouldn't have been out of character for me to leave £1 in my account so that I'd receive any email AC sent about the recovery process. The loan settled today, and I received 19p, so I presume that's all I was left holding. However, I can see from the loan's Repayments tab that there was an initial capital payout back on 27/Apr/17. Since AC make it easy to search my statement by date -- it's unfortunate that it isn't possible to search by loan -- I looked at my transactions for 27/Apr and found an Essex capital payment of 81p. So I must indeed have held £1 of this loan on 27/Apr (and presumably for some time before). The good news is that I also received payment of most of my accrued interest today, and I must have held a goodly chunk of this loan for some considerable time after the last monthly interest payment was made in Jul.'15 because the amount I received was about 10% of the capital amount shown as irrecoverable on my earlier tax statement (i.e. before it disappeared on the latest tax statement). AC have said that not all accrued interest was recovered. Now that the loan has been moved from the Active tab to the Repaid tab within the Your Loans display, there's no Interest Accrued column to show how much of my AI still is outstanding. Is there an easy way to tell? It looks to me that each interest payment line in the repayments tab is 80% of the outstanding amount so I assume that if you take each interest payment in your statement as 80% of the amount you had accrued you can calculate how much the 20% outstanding is.
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