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Post by martinde21 on Oct 16, 2017 9:57:27 GMT
Hi folks
I spoke to HMRC today and they said they peer2peer income needs to be entered in self assessment tax returns as Interest received from UK Banks. I had entered mine as Other Income. Oops. If you have done this you might want to make a retrospective change, but I am not giving any advice.
Hope this helps with the lovely task of returns!
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oldgrumpy
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Post by oldgrumpy on Oct 16, 2017 10:01:20 GMT
So have I, I think. However I have detailed in a box somewhere exactly which P2P platforms the money has come from, and paid due tax, so I'm not going to sweat about the consequences.  |
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Post by martinde21 on Oct 16, 2017 10:04:03 GMT
Hi this is what I did too. Clear as mud on the form guidance.
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Post by martin44 on Oct 16, 2017 10:14:29 GMT
I entered mine here. UK interest etc. and dividends2. Untaxed UK interest etc. (amounts that have not been taxed at all) - the total amount: £XXXXXXXFew too many XX's there.  HMRC kindly informed me to 'revisit my return and plonk it here, thankyou.' or words to that effect.  |
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blender
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Post by blender on Oct 16, 2017 10:26:22 GMT
I just put the net amount from all platforms after allowable losses in the untaxed interest box (online). The right amount of tax was calculated easily. They have better things to do than ask questions about a chunk of tax paid, which will align with the platform's reports.
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panda
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Post by panda on Oct 16, 2017 10:50:45 GMT
Wouldn't bet. They didn't complain about where I put it (untaxed income), but did complain the figure didn't match their information on Gross Interest (because I'd deducted losses). They didn't seem to have the information on losses given by the platforms. Didn't seem to have any information at all from some platforms once I got into the detail.
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blender
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Post by blender on Oct 16, 2017 11:03:23 GMT
Maybe the choice of untaxed (gross) income box caused them to look further? We shall see what happens, but being ancient pensioners with a long history of otherwise uncomplicated returns may protect us from the Spanish Inquisition.
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panda
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Post by panda on Oct 16, 2017 11:07:26 GMT
I'm one of those too. Hopefully sorted out now, sent a breakdown of interest, bonuses, losses and recoveries by platform and managed to establish where and why our figures were different. Missing platforms, added bonuses, deducted losses added recoveries what fun. |
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duck
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Post by duck on Oct 16, 2017 11:09:26 GMT
Back checking last years return, my accountants put in Box 3 'Other UK income' page Ai1
On page 21 a note was made "Box 3 on Ai1 includes a deduction for GBP xxxxx loss claim on peer to peer lending bad debt relief" (a similar statement was made for bad debt relief on foreign earnings)
No questions were asked.
Edit We didn't split the figures down to platforms (although foreign earnings were split into individual countries) simply giving total figures. Needless to say I have spreadsheets that break everything down if it was required.
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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 16, 2017 21:16:08 GMT
martinde21 Well whoever you spoke to needs to read their own guidelines then as they are wrong www.gov.uk/guidance/peer-to-peer-lendingPeer to peer interest should be entered on form SA101 Additional Information under Other UK income, Interest from gilt-edged and other UK securities, deeply discounted securities and accrued income profits. www.gov.uk/government/uploads/system/uploads/attachment_data/file/601550/sa101-notes-2017.pdfOther UK income
Interest from gilt-edged and other
UK securities, deeply discounted securities
and accrued income profits
This includes disguised interest and interest from:
• government stocks, gilt-edged securities or gilts
• bonds, loan notes or similar securities issued by UK
companies, local authorities, or bodies in the UK
• peer-to-peer loans made using a UK platform
Edit However when you view your tax calculation it does appear under Interest from UK banks, building societies and securities etc so I doubt it makes a huge amount of difference.
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Post by martin44 on Oct 16, 2017 21:30:26 GMT
In preparation for this years return, i need to find where i insert a loss, which i suffered at the hands of FS , cannot seem to find it.
Ah.. after another good look.
Income Tax losses and Limit on Income and Tax Relief
1. Earlier years' losses (which can be set against certain other income in 2015-16):
I Hope.
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Post by martin44 on Oct 16, 2017 21:42:18 GMT
I remember a thread on this somewhere , back end of last year, CD sent me some info about the SA101, HMRC had contacted me and asked me to declare the amount of interest i had earned for 2015/16 on my most recent return, which was 2014/15 (so i pay tax on account) they told me to NOT use SA101 and simply declare it on my return, where they would come back to me if they had any questions, never heard anything else.
Needless to say in effect i got 2 tax bills, one i owed, and the other on account of what i might owe for 2016/17. Not a nice day.
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stevio
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Post by stevio on Oct 19, 2017 8:59:01 GMT
I remember a thread on this somewhere , back end of last year, CD sent me some info about the SA101, HMRC had contacted me and asked me to declare the amount of interest i had earned for 2015/16 on my most recent return, which was 2014/15 (so i pay tax on account) they told me to NOT use SA101 and simply declare it on my return, where they would come back to me if they had any questions, never heard anything else. Needless to say in effect i got 2 tax bills, one i owed, and the other on account of what i might owe for 2016/17. Not a nice day.
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Post by martin44 on Oct 19, 2017 9:02:23 GMT
I remember a thread on this somewhere , back end of last year, CD sent me some info about the SA101, HMRC had contacted me and asked me to declare the amount of interest i had earned for 2015/16 on my most recent return, which was 2014/15 (so i pay tax on account) they told me to NOT use SA101 and simply declare it on my return, where they would come back to me if they had any questions, never heard anything else. Needless to say in effect i got 2 tax bills, one i owed, and the other on account of what i might owe for 2016/17. Not a nice day. Perfect. Thanks.
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Post by petebutt43 on Oct 23, 2017 2:44:09 GMT
Every year I have to ring HMRC to get my tax code changed (expat on NT contract). Every year I declare interest received over the phone and ask if i need to fill in a tax return, and each year I am told no!
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HMRC kindly informed me to 'revisit my return and plonk it here, thankyou.' or words to that effect. 
