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Post by easteregg on Dec 30, 2017 17:02:21 GMT
I always remember the quote:
But then perhaps someone should have told HMRC. While the online form is better than the paper one, it is not easy to follow, even if you have a non-complicated tax situation.
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Post by dan1 on Dec 30, 2017 17:29:25 GMT
I always remember the quote: But then perhaps someone should have told HMRC. While the online form is better than the paper one, it is not easy to follow, even if you have a non-complicated tax situation. Personally, I blame our politicians for the endless tinkering although I agree that HMRC could and should do better.
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Greenwood2
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Post by Greenwood2 on Dec 30, 2017 20:18:33 GMT
Apparently HMRC will not be taking credit card payments after the 18th? of January, so if you hope to spread your payments by using your credit card do it soon.
They cannot pass on the credit card excess (1.5%?) any more so won't be taking credit card payments, not exactly sure of the date.
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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 Dec 31, 2017 0:35:44 GMT
Apparently HMRC will not be taking credit card payments after the 18th? of January, so if you hope to spread your payments by using your credit card do it soon. They cannot pass on the credit card excess (1.5%?) any more so won't be taking credit card payments, not exactly sure of the date. 13th Jan. Not just HMRC but all businesses and as its an EU directive will be applicable to whole EEA.
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Post by dan1 on Jan 13, 2018 16:46:15 GMT
I did this last week and followed the HMRC guidance as ilmoro suggests - "Other UK income" The guidance is quite handy in that it is detailed per-box, and all the boxes are numbered to match the old-fashioned paper form. If only the same box numbers were available on the on-line system it would have been a whole lot more obvious!! Come on HMRC - it's not hard! A note of caution when entering P2P income on your SA. If you enter it in Other UK income not included on supplementary pages Box 17 Other taxable income then it won't be taxed as interest but instead be taxed the same way as employment income. This means that the savings allowance and starting rate for savings will not be applied to P2P interest. Presumably, P2P interest should be entered on the Additional information - Other UK income - Interest from gilt-edged and other UK securities, deeply discounted securities and accrued income profits Box 1 Gilt etc interest after tax taken off (or Box 3 Gross amount before tax) ?
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treeman
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Post by treeman on Jan 13, 2018 17:34:30 GMT
I did this last week and followed the HMRC guidance as ilmoro suggests - "Other UK income" The guidance is quite handy in that it is detailed per-box, and all the boxes are numbered to match the old-fashioned paper form. If only the same box numbers were available on the on-line system it would have been a whole lot more obvious!! Come on HMRC - it's not hard! A note of caution when entering P2P income on your SA. If you enter it in Other UK income not included on supplementary pages Box 17 Other taxable income then it won't be taxed as interest but instead be taxed the same way as employment income. This means that the savings allowance and starting rate for savings will not be applied to P2P interest. Presumably, P2P interest should be entered on the Additional information - Other UK income - Interest from gilt-edged and other UK securities, deeply discounted securities and accrued income profits Box 1 Gilt etc interest after tax taken off (or Box 3 Gross amount before tax) ? I have entered my (gross) P2P income in Box 3 ( as above) for the last 3 returns with no issues. The calculations applied all relevant allowances. I used the info in www.gov.uk/guidance/peer-to-peer-lending particularly paragraph 'How to claim tax relief in a tax return'
Note: this is my non-professional opinion only, not advice etc
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kermie
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Post by kermie on Jan 13, 2018 18:44:25 GMT
Presumably, P2P interest should be entered on the Additional information - Other UK income - Interest from gilt-edged and other UK securities, deeply discounted securities and accrued income profits Box 1 Gilt etc interest after tax taken off (or Box 3 Gross amount before tax) ? Exactly so.
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