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Post by chris on Oct 5, 2017 6:29:59 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? 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? Always best to tell customer support. I'm "off grid" for the next couple of months working on something big so will only be casting an occasional eye on the forum and am not up to speed on things like what's happening with the tax statement. That's being managed by another director.
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jonah
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Post by jonah on Oct 5, 2017 7:30:49 GMT
chris : Are AC aware of this problem? Or do we all need to write to Customer Support and tell them we have it? Always best to tell customer support. I'm "off grid" for the next couple of months working on something big so will only be casting an occasional eye on the forum and am not up to speed on things like what's happening with the tax statement. That's being managed by another director. Ooooh, new shiny things? Maybe tax free shiny things or is that already ‘in the bag’? 
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Post by chris on Oct 5, 2017 8:02:04 GMT
Always best to tell customer support. I'm "off grid" for the next couple of months working on something big so will only be casting an occasional eye on the forum and am not up to speed on things like what's happening with the tax statement. That's being managed by another director. Ooooh, new shiny things? Maybe tax free shiny things or is that already ‘in the bag’? That's already in the bag. New shiny things including a LOT of ground work to enable even more shiny things in the new year.
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jlend
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Post by jlend on Oct 5, 2017 8:12:38 GMT
chris : Are AC aware of this problem? Or do we all need to write to Customer Support and tell them we have it? Always best to tell customer support. I'm "off grid" for the next couple of months working on something big so will only be casting an occasional eye on the forum and am not up to speed on things like what's happening with the tax statement. That's being managed by another director. Cheers I emailed customer support on Tuesday about the tax statement figure changing overnight this week so hopefully will hear back soon about whether my tax return needs amending to the updated figure. I will email about the csv discrepany and the change in wording for the period (changed to 2015-2017 in the statement for some reason.)
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lobster
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Post by lobster on Oct 5, 2017 10:21:50 GMT
To be honest I'm finding it pretty hard to get my head around some of the more technical aspects of all this but I do have a pretty basic question, and would be grateful if someone could tell me the following :
During the tax year 2016-17 I sold a couple of AC loans at a 1% discount. Will the automated Tax Statement make the appropriate allowance for this , or do I have to make some sort of manual adjustment to the report myself ? Thanks.
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Post by andrewholgate on Oct 5, 2017 13:13:08 GMT
All
Please could you send comments to me via Direct Message on here or via email to andrew@assetzcapital.co.uk
I'd like to be able to see specific examples of problems, or reasoned concerns on the tax statement. Your feedback is appreciated.
Andrew
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matt
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Post by matt on Oct 6, 2017 22:51:12 GMT
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. It appears that interest paid on 2017-04-05 is missing from the CSV after the changes to the figures. With the missing interest added back to the total interest on the CSV this does equal the interest on the statement, at least in my case.
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Post by timm2006 on Oct 8, 2017 16:56:40 GMT
Hi
I used to be able to download statement showing the interest for a selected month - but this now is no longer available. I can work out the interest by downloading a CSV for each of the accounts and interrogating the entries, but it is really inconvenient having to do this now rather than have the old report back. Anyone else missing the monthly interest report?
Also - my tax statement shows a default as a loss. I only invest in the provision fund protected accounts, so surely the provision fund should have protected against the loss for a default? I'm confused.
Thanks
Tim
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jonah
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Post by jonah on Oct 8, 2017 19:10:35 GMT
timm2006 whilst andrewholgate may want to comment, or you may want to speak to AC customer services. My guess though... the default in a PF protected fund will still be declared by AC at the time of going into default. They have stated their approach is NOT the same as RS and they don’t ‘buy’ loan parts off lenders. They will only consider using the PF once recovery has completed. So the PF may ‘make whole’ any missing capital or interest in the future, but there are various tax implications. Reduction in tax now, increase on return of cash in the future. All that said, AC have suggested a new guide to how the PF works coming soon, which may help clarify (or invalidate!) some or all of the above!
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matt
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Post by matt on Oct 13, 2017 16:02:45 GMT
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. It appears that interest paid on 2017-04-05 is missing from the CSV after the changes to the figures. With the missing interest added back to the total interest on the CSV this does equal the interest on the statement, at least in my case. The CSV download has been updated at some point and now includes the missing interest from 2017-04-05. My total interest on the CSV is now equal to the interest on my statement.
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nick
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Post by nick on Oct 13, 2017 17:05:54 GMT
I've just round to printing of preparing my 2016-17 tax return and looking at my 2016-17 tax statement. I'm holding in two related loans for which LPA receivers were appointed in April 2005: #129 Ipswich Bridging Loan - LPA receivers appointed 3 March 2015 #137 Epping Bridging Loan - LPA receivers appointed 23 April 2015 I have not claimed any loss relief in previous tax years as I was uncertain of the outcome, but also wanted to align any claim with Assetz's reporting without giving to much thought over the timing. In my 2016/17 tax statement, a loss is recognised for my holding in #137 Epping Bridging Loan, but no loss is shown for Ipswich. I can only assume that this is because Ipswich became irrecoverable in the 2014/15 before the new loss relief rules took effect. Has anyone claimed loss relief for holdings in #129 Ipswich Bridging Loan last year? On the face of it I can see how an argument could have been made to treat the loan irrecoverable at a later date in 2015/16 so a claim last year may have been justifiable. However, I now find myself in a position where I didn't claim last year (and don't want to draw attention by attempting to amend my return) and being ineligible to claim this year and thus losing any loss relief on this loan completely  . Is anyone else facing the came issue and conclusion? |
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jlend
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Post by jlend on Oct 14, 2017 7:24:06 GMT
It appears that interest paid on 2017-04-05 is missing from the CSV after the changes to the figures. With the missing interest added back to the total interest on the CSV this does equal the interest on the statement, at least in my case. The CSV download has been updated at some point and now includes the missing interest from 2017-04-05. My total interest on the CSV is now equal to the interest on my statement. Same for me. The csv file now matches the statement. Also having exchanged emails with Andrew i am going to resubmit my tax return as I used the figures from the online statement when it was displaying the wrong figures due to picking up the wrong date field. There may be others who are impacted and may want to consider doing this. I did get an email earlier in the week from customer services saying investors would be updated by close of play on Friday but I haven't seen an email go out to everyone. I still don't understand why the statement mentions date ranges back to 2015. Is this something to do with the regulations? New defaults in the current period 6th April 2015 to 5th April 2017 Principal recovered from defaults happening since 6th April 2015
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dave2
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Post by dave2 on Oct 14, 2017 9:22:55 GMT
It would be interesting to know what information Assetz reports to the tax authorities, i.e what is the reporting file format? - Is it just the single "Total declarable interest income" value from the AC tax report?
- Or are Income / Defaults / Principal recovery / Interest recovery etc all separately itemised without the total?
In the second instance there is far more flexibility for personally deciding when to offset defaulted loans without being forced to either use the AC statement or run the risk of raising flags at HMRC |
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markdirac
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Post by markdirac on Nov 1, 2017 20:26:30 GMT
How do you guys work out your interest income for a month? Surely I am not alone in recording, at the end of each month, the interest earned from each platform during that month? For AC I used to go to the tax statement and filter from the start of the month to the end of the month. That possibility is now removed. It looks as though I need to download 6 huge spreadsheets, do some extra arithmetic and work it out myself? Really? Is that what everyone else does? Or am I missing something? e Can't you just use the new daily balance statements. Balanced on last of current month minus balance on the last day of previous month plus/minus any credits/withdrawals to from platform equals interest. Or is that too obvious? Hang on! That doesn't work at all Ilmoro - that would include capital repayments as well as interest payments. Is it really the case that no one else bothers recording their interest each month?
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trouble
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Post by trouble on Nov 1, 2017 20:42:12 GMT
Can't you just use the new daily balance statements. Balanced on last of current month minus balance on the last day of previous month plus/minus any credits/withdrawals to from platform equals interest. Or is that too obvious? Hang on! That doesn't work at all Ilmoro - that would include capital repayments as well as interest payments. Is it really the case that no one else bothers recording their interest each month? My capital repayments just stay on the platform and form part of the new balance in the QAA till they find a new loan so Il Moro is correct, well that's the method I've been using the last couple of months
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