star dust
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Post by star dust on Apr 7, 2018 16:28:58 GMT
On the AC system at the moment the same thing seems to apply to all the preceding tax years for me, back to 2014/15. However, I seem to remember that defaults were not shown on the 2015/16 tax statement as AC had not supplied them, and were applied (added) to the 2016/17 statement as a cumulative figure. At least I think that was my understanding last year, though I may be misremembering. In addition in 2014/15 I don't think defaults were offset-able for tax purposes, the legislation changed subsequently. Certainly the tax statements that I had downloaded from AC in previous years seem to support this. My AC account is quite small and with the endless nano pence transactions I have only ever used the AC statements as the source of figures for my tax return. I think technically it may mean I should go back and amend two preceding years of tax returns, but it amounts to the same tax (in my case) so doesn't seem worth it. At least I have downloads to support why my figures were what they were. However, if cb25 hadn't spotted it for this year I may well not have noticed either, and it really would've been a mistake for me to use the tax statement (rather than extracted by date) figures this year. |
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cb25
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Post by cb25 on Apr 7, 2018 17:05:28 GMT
cb25 - thanks for discovering that. I've circulated it internally and will make sure that a fix is in place next week that is tested and signed off by the relevant other areas of the business. Thanks. I had been intending to email AC on Monday. Won't bother now.
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duck
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Post by duck on Apr 8, 2018 14:08:21 GMT
Is the Tax Statement actually working at present? I've been trying to download a couple since 06/04 and have never got past I hatched a 'cunning plan' and tried downloading the statements at 4.30am today but  must be all those pesky investors in different time zones ..... |
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agent69
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Post by agent69 on Apr 8, 2018 14:22:49 GMT
must be all those pesky investors in different time zones ..... Reminds me of the time I was on holiday in Thailand. Was having an issue with my credit card, so phoned up the bank at the equivalent of about 4am Sunday morning. The recorded message said 'all of our agents are busy. Please phone back at quieter time'
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Post by mike1963 on Apr 8, 2018 22:20:11 GMT
cb25 - thanks for discovering that. I've circulated it internally and will make sure that a fix is in place next week that is tested and signed off by the relevant other areas of the business. Hi chris ...Can you also look into why defaults have been excluded? Of the (current 41) Defaulted/Suspended loans, I have some exposure in 32 of them, yet my Tax Statement show ZERO defaults.
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mason
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Post by mason on Apr 9, 2018 6:30:50 GMT
cb25 - thanks for discovering that. I've circulated it internally and will make sure that a fix is in place next week that is tested and signed off by the relevant other areas of the business. Hi chris ...Can you also look into why defaults have been excluded? Of the (current 41) Defaulted/Suspended loans, I have some exposure in 32 of them, yet my Tax Statement show ZERO defaults. Have those loans formally been placed in recovery? HMRC has a specific definition of defaulted loans that qualify for tax relief.
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Post by mike1963 on Apr 9, 2018 9:03:45 GMT
Hi chris ...Can you also look into why defaults have been excluded? Of the (current 41) Defaulted/Suspended loans, I have some exposure in 32 of them, yet my Tax Statement show ZERO defaults. Have those loans formally been placed in recovery? HMRC has a specific definition of defaulted loans that qualify for tax relief. I haven’t checked all 32 of my “Defaulted/Suspended” loans but it does contain a selection of wind turbine loans, so I would have thought, yes.
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mason
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Post by mason on Apr 9, 2018 17:02:25 GMT
Have those loans formally been placed in recovery? HMRC has a specific definition of defaulted loans that qualify for tax relief. I haven’t checked all 32 of my “Defaulted/Suspended” loans but it does contain a selection of wind turbine loans, so I would have thought, yes. I hold some of the turbine loans that have been suspended. The ones I hold are not yet in recovery according to the 15th March email update. So it seems to me the tax statement is correctly excluding these from qualifying for tax relief.
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jlend
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Post by jlend on Apr 11, 2018 6:16:57 GMT
Do investments in loans in formal recovery in the qaa and 30daa appear as in recovery on the tax statements?
Or is it just investments in loans in the other accounts?
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Post by chris on Apr 11, 2018 7:18:03 GMT
Do investments in loans in formal recovery in the qaa and 30daa appear as in recovery on the tax statements? Or is it just investments in loans in the other accounts? It should just be the other accounts at the moment, as in the QAA / 30DAA thus far the provision fund has fully covered all scheduled payments from those loans.
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jlend
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Post by jlend on Apr 11, 2018 7:34:04 GMT
Do investments in loans in formal recovery in the qaa and 30daa appear as in recovery on the tax statements? Or is it just investments in loans in the other accounts? It should just be the other accounts at the moment, as in the QAA / 30DAA thus far the provision fund has fully covered all scheduled payments from those loans. Thanks chrisI was curious how this was being handled given the wording in the guidelines given to platforms regarding classifying loans in recovery. I couldnt see any reference to allowing for PF payments. Could you point me to that, just for my interest? When is a peer to peer loan treated as irrecoverable? Under the legislation for income tax relief for irrecoverable peer to peer loans in certain circumstances a loan may be treated as irrecoverable for the purposes of the relief even if there may be a prospect that the lender could recover some of the amount outstanding. This is the case for the following situations: Loans with security When loans are made against security, a loan may be treated as becoming irrecoverable as if the security did not exist. Loans where legal recovery action is taken When the borrower has entered legal recovery procedures such as liquidation, administration, receivership or bankruptcy the loan may be treated as becoming irrecoverable as if such action was not available. Subsequent Recoveries If a loan has been treated as irrecoverable in either of the scenarios outlined above then the relief will be given at the point where the loan becomes irrecoverable other than for the specified recovery actions. If any value is then recovered, either through these actions or by any other means, then this recovery would then be taxed as additional interest received by the lender.
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pikestaff
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Post by pikestaff on Apr 11, 2018 8:38:28 GMT
jlend The drafting of the guidance is appalling but it is true that neither the guidance nor the actual legislation makes any reference to provision funds. If HMRC wished to do so I think they could certainly interpret the legislation in such a way that lenders got deductions (if they were otherwise qualified to receive them) regardless of the prospect of a provision fund payout. But one could argue it the other way too, on the grounds that, from the perspective of the lender, the conditions are not met unless and until the provision fund fails to pay out. I think the former is the better view, if you read the legislation strictly, while the latter might be more consistent with what the legislators were trying to achieve. BUT, as you may be aware if you've followed my previous years' posts on this subject (see in particular p2pindependentforum.com/post/218979/thread), I also think that, where loans are secured on the assets of the borrowing company (as opposed to third party security such as PGs), and future recovery is expected from those assets, the legislation strictly denies relief untill that recovery is determined. Which for the vast majority of Assetz loans means no claim just yet. The only Assetz loans for which I've yet claimed losses are the dodgy telco and the south coast plumber.
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jlend
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Post by jlend on Apr 11, 2018 15:35:06 GMT
jlend The drafting of the guidance is appalling but it is true that neither the guidance nor the actual legislation makes any reference to provision funds. If HMRC wished to do so I think they could certainly interpret the legislation in such a way that lenders got deductions (if they were otherwise qualified to receive them) regardless of the prospect of a provision fund payout. But one could argue it the other way too, on the grounds that, from the perspective of the lender, the conditions are not met unless and until the provision fund fails to pay out. I think the former is the better view, if you read the legislation strictly, while the latter might be more consistent with what the legislators were trying to achieve. BUT, as you may be aware if you've followed my previous years' posts on this subject (see in particular p2pindependentforum.com/post/218979/thread), I also think that, where loans are secured on the assets of the borrowing company (as opposed to third party security such as PGs), and future recovery is expected from those assets, the legislation strictly denies relief untill that recovery is determined. Which for the vast majority of Assetz loans means no claim just yet. The only Assetz loans for which I've yet claimed losses are the dodgy telco and the south coast plumber. Thanks Like you I would have thought at the very least the accounts should be treated consistently as per the guidelines. It feels like the qaa and 30daa account are not following the guidance whatever we may feel about the quality of the wording. I can only guess AC have received additional info from hmrc regarding their tax statements which makes it clearer.
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Post by chris on Apr 11, 2018 16:31:39 GMT
jlend - I've raised this internally as I've not personally been particularly involved in the tax statement. Will see what comes back.
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Esmeralda
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Post by Esmeralda on Apr 15, 2018 18:58:19 GMT
The last time that I downloaded a tax statement (and I can't access them over the past few weeks as I too am getting timed out) it came in a hugely long Excel document. I don't do Excel and so I don't know how to get a simple total of all interest received for the financial year. All I want is a total figure, not a breakdown of every penny, like other P2P sites provide. Where do I find that on AC or is the long Excel document all that AC produces? If so, how do I get a grand total?
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