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Post by GSV3MIaC on Nov 10, 2017 19:28:20 GMT
Statement, tax statement (download/open the PDF) .. 'eligible losses' (for that tax year) can be offset against your interest (from FC, other P2P, or IIRC any other (interest?) income .. check the HMRC rules.).
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Post by aroominyork on Nov 11, 2017 11:01:59 GMT
If you have the £20k available now, the quickest way to get it invested is to put it all straight into Funding Circle now because Autobid buys you a maximum of 0.5% in each new loan. So it will take approximately the same time to get 100% invested regardless of whether you have £5k or £20k on the platform. It took Autobid 4 weeks to get 100% of my money invested in September, starting with nothing. So does that mean that I am waiting for new borrowers to be approved, then I am in the queue to have 0.5% of my funds allocated to each new loan (I am on the balanced lending plan)? Since Tuesday morning I have had £373 of my £5000 allocated - is that because I started at the back of the queue to have my money lent and as the days go by I will move further up the queue and see my funds lent at a faster rate?
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markr
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Post by markr on Nov 11, 2017 16:32:39 GMT
I don't think there's a priority queue as such, it seems that when there's stuff to allocate (either new loans or secondary market parts), Autobid just chunters around everyone's account giving a chunk to anyone eligible (>0.5% available funds and you don't already own any of it). Since you have a lot of available funds, you should get a piece of something every time the pointer reaches you, but once you've been given something the pointer moves on the the next account.
So, how quickly you'll get funds lent depends on how many new loans are approved, how much is listed on the secondary market and how much available cash everybody else has, but it won't depend on how much cash you have (as long as it's >0.5%) or how long you've been investing. It also means you won't have funds allocated to each new loan, rather you'll have funds allocated to whatever Autobid has to offer when your number comes up.
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IFISAcava
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Post by IFISAcava on Nov 11, 2017 18:04:40 GMT
And do the sums on bad debts .. claimable against income outside an ISA,which may be worth as much as the tax break, depending. (You'll have to guess a bit). Only if you make a loss, otherwise ISA tax relief will always outweigh bad debt relief.
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Post by GSV3MIaC on Nov 11, 2017 21:56:23 GMT
True, which is why I'm glad my LC / ReBS accounts were not in an ISA this last year.
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IFISAcava
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Post by IFISAcava on Nov 12, 2017 9:24:48 GMT
True, which is why I'm glad my LC / ReBS accounts were not in an ISA this last year. But you only know that after the event, i.e. with hindsight. One has to estimate likelihood of losses in advance. Presumably no one invests in any given platform thinking there is a greater than 50% chance of losing money over the financial year, which is the only scenario in which bad debt relief will probably be larger than ISA tax relief?
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