johnfleet
Member of DD Central
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Post by johnfleet on Jul 10, 2018 5:54:31 GMT
I'm in a similar position. With MT's defaults, plus a couple from Funding Secure, my accountant advises that I'll not, in fact, have to pay a potential tax bill of circa £2.5K due at the end of this month, as he will be claiming relief in this way. Sadly when Lendy do finally admit that they have a number (i.e. lots) of disastrous loans (really gifts of our money to unscrupulous and / or incompetent developers) then I expect to be in a negative income position for some years to come.. The happy days of £20K plus income from my P2P 'investments' seem a distant memory now....
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ramblin rose
Member of DD Central
“Some people grumble that roses have thorns; I am grateful that thorns have roses.” — Alphonse Karr
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Post by ramblin rose on Aug 22, 2018 16:47:03 GMT
Hmmph. I'm still very well-disposed towards MT, but this tax statement is causing me immense annoyance. Had I looked at it on 6th April, all would most likely have been clear and added up. Now it isn't as activity, further defaults and recoveries have occured and working out what was and wasn't included in the defaults is a NIGHTMARE. And this is year one. God help us all next year! Why do I care? Because in common with others who have commented here, I have the situation on an account whereby the losses on the MT tax form are in excess of total p2p income, so I only wish to claim certain of the losses for the tax year.
Anyways, I have worked through the currently listed defaults, worked out which occured since April and which have repaid or partially repaid since then, and I almost have it reconciled, but not quite. I believe it will be my maths astray, but I can't seem to make it work out. The discrepancy is exactly equal to the amount of MTAIR2945 P*******Y capital outstanding, so can anybody enlighten me where I've gone wrong?
My calculation reckons that the amount repaid plus the amount outstanding today equals the total that would have been declared as defaulted back at the start of the tax year. But the amount declared as default in the tax statement is too low by that outstanding capital amount, as if somehow in the process of repaying most of it, the residual has got missed out of the tax statement. Could that have happened?
Does anybody who took their statement before that loan was mostly repaid and a new one made for the residual now get a statement that differs from their original? As I say, more likely to be me at fault, but if anybody could help I would be grateful.
Edit: I think that loan got mostly repaid on 4th May, which means you would need to have been a real early bird
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archie
Posts: 1,840
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Post by archie on Aug 22, 2018 17:10:41 GMT
Hmmph. I'm still very well-disposed towards MT, but this tax statement is causing me immense annoyance. Had I looked at it on 6th April, all would most likely have been clear and added up. Now it isn't as activity, further defaults and recoveries have occured and working out what was and wasn't included in the defaults is a NIGHTMARE. And this is year one. God help us all next year! Why do I care? Because in common with others who have commented here, I have the situation on an account whereby the losses on the MT tax form are in excess of total p2p income, so I only wish to claim certain of the losses for the tax year.
Anyways, I have worked through the currently listed defaults, worked out which occured since April and which have repaid or partially repaid since then, and I almost have it reconciled, but not quite. I believe it will be my maths astray, but I can't seem to make it work out. The discrepancy is exactly equal to the amount of MTAIR2945 P*******Y capital outstanding, so can anybody enlighten me where I've gone wrong?
My calculation reckons that the amount repaid plus the amount outstanding today equals the total that would have been declared as defaulted back at the start of the tax year. But the amount declared as default in the tax statement is too low by that outstanding capital amount, as if somehow in the process of repaying most of it, the residual has got missed out of the tax statement. Could that have happened?
Does anybody who took their statement before that loan was mostly repaid and a new one made for the residual now get a statement that differs from their original? As I say, more likely to be me at fault, but if anybody could help I would be grateful.
Edit: I think that loan got mostly repaid on 4th May, which means you would need to have been a real early bird 17/18 tax statement shows the same figures as it did before. 18/19 shows recovery amount. Current amount in default equals 17/18 defaults less 18/19 recoveries. We really need a way to get a breakdown of the figures involved for defaults and recoveries on the tax statements or future years are going to be very difficult to calculate.
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Post by brummiefred on Aug 22, 2018 17:11:29 GMT
I may be wrong of course but it does appear to me that the sum shown as defaulted as at 6th April included the sum recovered instead of it being deducted from the total
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ramblin rose
Member of DD Central
“Some people grumble that roses have thorns; I am grateful that thorns have roses.” — Alphonse Karr
Posts: 1,370
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Post by ramblin rose on Aug 22, 2018 17:43:38 GMT
Does anybody who took their statement before that loan was mostly repaid and a new one made for the residual now get a statement that differs from their original? As I say, more likely to be me at fault, but if anybody could help I would be grateful. 17/18 tax statement shows the same figures as it did before. 18/19 shows recovery amount. Current amount in default equals 17/18 defaults less 18/19 recoveries. We really need a way to get a breakdown of the figures involved for defaults and recoveries on the tax statements or future years are going to be very difficult to calculate. Aha - thank you for your reply archie which has helped me sort out my mistake. After now looking at the current tax year statement and finding the amount recovered to be too low by the same amount I then looked at what I'd been repaid and saw immediately that I hadn't taken into account the way MT do it. On the Completed Loans page they show the amount repaid, which is not the recovered amount (as I had been thinking) but also includes the outstanding amount, and then of course the outstanding balance was then opened up as a new loan and I 'purchased' a part of it. Doh!!
But really, if I'm struggling with my numerate background I'm certain there's going to be some confused and frantic punters come January when they are in a rush
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ramblin rose
Member of DD Central
“Some people grumble that roses have thorns; I am grateful that thorns have roses.” — Alphonse Karr
Posts: 1,370
Likes: 857
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Post by ramblin rose on Aug 22, 2018 17:44:59 GMT
I may be wrong of course but it does appear to me that the sum shown as defaulted as at 6th April included the sum recovered instead of it being deducted from the total That is correct brummiefred - it wasn't recovered until early May, so it was all in default in early April.
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