ilmoro
Member of DD Central
'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
Posts: 11,329 
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Post by ilmoro on Nov 1, 2017 20:49:24 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? Your capital repayments dont increase your balance on platform. Its the difference in the total balance that is interest earnt. I do.
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capucino
Member of DD Central
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Post by capucino on Dec 8, 2017 18:02:10 GMT
Hello all,
What the latest on corporate accounts? will we be able to choose the dates for the tax statements?
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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 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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oldgrumpy
Member of DD Central
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Post by oldgrumpy on Dec 29, 2017 12:55:50 GMT
Well that's confusing! My tax statement for 2016-2017 tells me I have had c£13K "New defaults in the current period 6th April 2015 to 5th April 2017" c£7K "Principal recovered from defaults happening since 6th April 2015" c£6K "Total eligible bad debt or recovered income in period"
The trouble is, I've NEVER had those kind of losses on AC.My only unsettled defaults on AC are plumber ( now about £1665) pre 4/2015??? and lens maker (now about £650) also pre 4/2015??? Woodacott - about £90, pre 4/2015???.... and a couple of real tiddlers which probably are eligible.
Even before any recoveries, my defaults on those were only around £5K, so where has that all that default stuff come from? The statement ends by telling me I have an allowance against tax of nearly £6K which cannot be true, then deducting it to give the amount I should declare. I wonder what AC will say.  Good job it is not nearly Jan 31, 2018. They have nearly a month to explain. |
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dave2
Member of DD Central
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Post by dave2 on Dec 29, 2017 15:04:08 GMT
Well that's confusing! My tax statement for 2016-2017 tells me I have had c£13K "New defaults in the current period 6th April 2015 to 5th April 2017" c£7K "Principal recovered from defaults happening since 6th April 2015" c£6K "Total eligible bad debt or recovered income in period"
The trouble is, I've NEVER had those kind of losses on AC.My only unsettled defaults on AC are plumber ( now about £1665) pre 4/2015??? and lens maker (now about £650) also pre 4/2015??? Woodacott - about £90, pre 4/2015???.... and a couple of real tiddlers which probably are eligible.
Even before any recoveries, my defaults on those were only around £5K, so where has that all that default stuff come from? The statement ends by telling me I have an allowance against tax of nearly £6K which cannot be true, then deducting it to give the amount I should declare. I wonder what AC will say. Good job it is not nearly Jan 31, 2018. They have nearly a month to explain. Is there anything of interest in the downloadable .csv?
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Post by brummiefred on Dec 29, 2017 15:33:06 GMT
Yes downloads give full details in chronological order but, from memory, not in summary format.
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oldgrumpy
Member of DD Central
Posts: 5,087
Likes: 3,233
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Post by oldgrumpy on Dec 29, 2017 16:39:56 GMT
Well that's confusing! My tax statement for 2016-2017 tells me I have had c£13K "New defaults in the current period 6th April 2015 to 5th April 2017" c£7K "Principal recovered from defaults happening since 6th April 2015" c£6K "Total eligible bad debt or recovered income in period"
The trouble is, I've NEVER had those kind of losses on AC.My only unsettled defaults on AC are plumber ( now about £1665) pre 4/2015??? and lens maker (now about £650) also pre 4/2015??? Woodacott - about £90, pre 4/2015???.... and a couple of real tiddlers which probably are eligible.
Even before any recoveries, my defaults on those were only around £5K, so where has that all that default stuff come from? The statement ends by telling me I have an allowance against tax of nearly £6K which cannot be true, then deducting it to give the amount I should declare. I wonder what AC will say. Good job it is not nearly Jan 31, 2018. They have nearly a month to explain. Is there anything of interest in the downloadable .csv? Being a bit dim, I've downloaded that and am having a look at it. I had forgotten Galashiels (About £3.5K) but that paid back, and it lists all those loans I thought were pre-4/2015 so maybe some allowance for owed accrued interest is included. I'm certainly not owed £6K in principal bad debt. I'm looking more closely before making AC explain, because it is to my advantage to believe and report AC's figures.
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tonyr
Member of DD Central
Posts: 477
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Post by tonyr on Jan 2, 2018 10:47:36 GMT
Humm, I should have taken more notice of this thread. So I completed my tax return when the statement was simpler, thankfully I printed that out and will use it if need be. Now I see I can claim lots in "defaults" only I don't think they are going to be defaults and the way the tax boundaries work for me it would cost me to claim less tax this year and more next year. So I'm going to ignore the new statement, at least we have a CSV file so I can see the workings.
One question: Do we believe we can elect which year we claim the defaults in for income tax purposes?
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happy
Member of DD Central
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Post by happy on Jan 2, 2018 21:35:05 GMT
As I understand the rules we have the choice to choose not to offset any losses against gains at the point the loss could be considered as a loss for tax purposes and then claim that loss in a subsequent year. I would expect that HMRC would consider it a case of tax avoidance if this was done purely to avoid tax without some reason or done on a justifiable basis but it is very likely that waiting until any loss has benefited from all likely recoveries before offsetting it would be considered reasonable in their view.
My view is that if you are going to declare something other that the figures used by the platforms it would be best to provide a supporting commentary in your return, keep full records and be prepared to justify your figures should they question them.
Usual Caveat follows........I am not a tax expert and this is my personal view based on the research I have conducted to assist me in completing my return. You must either make your own judgement based on your own situation or seek professional advice.
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tonyr
Member of DD Central
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Post by tonyr on Jan 3, 2018 16:11:56 GMT
As I understand the rules we have the choice to choose not to offset any losses against gains at the point the loss could be considered as a loss for tax purposes and then claim that loss in a subsequent year. I would expect that HMRC would consider it a case of tax avoidance if this was done purely to avoid tax without some reason or done on a justifiable basis but it is very likely that waiting until any loss has benefited from all likely recoveries before offsetting it would be considered reasonable in their view. My view is that if you are going to declare something other that the figures used by the platforms it would be best to provide a supporting commentary in your return, keep full records and be prepared to justify your figures should they question them. Thanks. In my case I have a print out of my AC tax statement which I used before they did the upgrade to show defaults. I'll regard that as reasonable grounds for now. In future I think I'll have all my AC investments in tax wrappers so it won't be a problem. I expect it to be a problem for others though, one year there seem to be defaults and you pay less tax in the same band, then next year those "defaults" are repaid and bump you into the next tax band. Result is a loss even though the defaults repaid.
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Mike
Member of DD Central
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Post by Mike on Jan 31, 2018 17:29:44 GMT
hurray!
Custom time periods are back! Thanks, AC
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jlend
Member of DD Central
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Post by jlend on Jan 31, 2018 18:08:12 GMT
hurray! Custom time periods are back! Thanks, AC Thanks chris et all. I see the wording on the on screen and printed reports is still slightly different which got picked up by HMRC in some correspondence I had with them (after I had to alter my Tax return figures which Andrew helped sort out). Worth adding to the list to change sometime. AFTER CLICKING ON "PRINT CURRENT STATEMENT" Loans put into recoveries in the period 6th April 2016 to 5th April 2017 ON SCREEN Loans put into recoveries in the period 6th April 2015 to 5th April 2017
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matt
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Post by matt on Feb 1, 2018 17:34:10 GMT
The wording is also different on the screen and printed reports for "Other income" such as cashback.
On the screen report this is totalled under "Total other income", while on the printed report this is totalled under "Total declarable other income".
For the avoidance of doubt, could Assetz Capital clarify whether they consider cashback to be declarable income given the conflicting information on the reports. I am aware that other platforms take the position cashback is not taxable income, so I would appreciate a clarification.
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matt
Posts: 16
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Post by matt on Feb 1, 2018 18:01:21 GMT
I see the wording on the on screen and printed reports is still slightly different which got picked up by HMRC in some correspondence I had with them (after I had to alter my Tax return figures which Andrew helped sort out). Worth adding to the list to change sometime. AFTER CLICKING ON "PRINT CURRENT STATEMENT" Loans put into recoveries in the period 6th April 2016 to 5th April 2017 ON SCREEN Loans put into recoveries in the period 6th April 2015 to 5th April 2017 The wording is not just different, it is in fact wrong. The wording on the screen tax report is: However, upon downloading the CSV report and checking the figures, it is clear the total is actually for the period 6th April 2016 to 5th April 2017 The figures for the printed report have a similar error, the wording is: However, again this is wrong, the total is actually for the period 6th April 2015 to 5th April 2017. All in all very confusing.
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Good job it is not nearly Jan 31, 2018. They have nearly a month to explain.
