jlend
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Post by jlend on Apr 15, 2018 21:22:53 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? Email AC and ask them to send you a pdf statement of the total. They replied in a couple of days when I asked. You might want to hold on until Chris gets back to us about the query regarding the qaa and 30daa loans in recovery. As it stands it might be construde that AC are guaranteeing the PF will cover all recovery issues with these accounts. Am not sure that is what they want to do for a discretionary fund. Of course they may have had advice that it is fine.
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dave2
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Post by dave2 on Apr 15, 2018 21:38:35 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? Esmeralda. In your excitement, you must have selected the wrong option. On the "Tax Statement" screen there are two options: - "Download as CSV"
- "Print Current Statement"
Select the first of these to download a CSV (Comma Separated Variable) file, which will open by default in Excel,
or select the second option to print the statement.
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Esmeralda
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Post by Esmeralda on Apr 16, 2018 18:18:33 GMT
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jlend
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Post by jlend on Apr 17, 2018 8:43:39 GMT
jlend - I've raised this internally as I've not personally been particularly involved in the tax statement. Will see what comes back. Thanks chrisJust FYI Ratesetter for example are getting their tax statements formally sighed off by both the fca and hmrc before issuing them this year. Have AC done that to avoid any potential issues?
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Post by chris on Apr 17, 2018 9:11:32 GMT
jlend - I've raised this internally as I've not personally been particularly involved in the tax statement. Will see what comes back. Thanks chris Just FYI Ratesetter for example are getting their tax statements formally sighed off by both the fca and hmrc before issuing them this year. Have AC done that to avoid any potential issues? Do you have an official source for that so that I can circulate it internally? At present there is an internal tax statement project that is split into two: the technical implementation being massively sped up; a review of the figures being displayed and their suitability. The latter is being taken to third party tax advisers for definitive guidance, particularly around the more difficult areas such as how to treat non-performing loans where the provision fund is still covering interest / capital repayments. This is likely to take a few weeks to shake through.
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cb25
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Post by cb25 on Apr 17, 2018 9:15:21 GMT
Thanks chris Just FYI Ratesetter for example are getting their tax statements formally sighed off by both the fca and hmrc before issuing them this year. Have AC done that to avoid any potential issues? The latter is being taken to third party tax advisers for definitive guidance, particularly around the more difficult areas such as how to treat non-performing loans where the provision fund is still covering interest / capital repayments. This is likely to take a few weeks to shake through. I hope you're not going to change the tax statement again. You did this last year and it's really inconvenient - AC issued it, I used the figures in my tax return, then you changed it !. About time AC got it right first time.
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jlend
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Post by jlend on Apr 17, 2018 9:19:55 GMT
Thanks chris Just FYI Ratesetter for example are getting their tax statements formally sighed off by both the fca and hmrc before issuing them this year. Have AC done that to avoid any potential issues? Do you have an official source for that so that I can circulate it internally? At present there is an internal tax statement project that is split into two: the technical implementation being massively sped up; a review of the figures being displayed and their suitability. The latter is being taken to third party tax advisers for definitive guidance, particularly around the more difficult areas such as how to treat non-performing loans where the provision fund is still covering interest / capital repayments. This is likely to take a few weeks to shake through. Cheers Yes. I have an email from RS customer services. I have posted an extract of it on the RS thread and PM'd you a copy. It would seem prudent to get the fca and hmrc to sign off the AC statements as part of the process to avoid the potential for any later re work and any potential knock on impact on lenders
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Post by chris on Apr 17, 2018 9:47:52 GMT
The latter is being taken to third party tax advisers for definitive guidance, particularly around the more difficult areas such as how to treat non-performing loans where the provision fund is still covering interest / capital repayments. This is likely to take a few weeks to shake through. I hope you're not going to change the tax statement again. You did this last year and it's really inconvenient - AC issued it, I used the figures in my tax return, then you changed it !. About time AC got it right first time. AC do not provide tax advice, and we do not have FCA permission to provide tax advice, we provide the figures that lenders request so that they or their advisers can complete their tax return. If you have any doubts you should be seeking professional advice. Based on the latest feedback from lenders, some confusion around when precisely loans should be classed as written off, and how provision funds affect that, we are reviewing the existing statement with GT to make sure it is providing the information lenders require and that our methodology is correct. If RS are issuing statements on this then they are also reviewing their tax statement and likely have similar questions around how their provision fund interacts with non-performing loans. I've forwarded jlend's information internally to make sure that if there is the option to have HMRC and the FCA review and / or certify our tax statements then we will also do so.
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jlend
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Post by jlend on Apr 17, 2018 9:52:24 GMT
The latter is being taken to third party tax advisers for definitive guidance, particularly around the more difficult areas such as how to treat non-performing loans where the provision fund is still covering interest / capital repayments. This is likely to take a few weeks to shake through. I hope you're not going to change the tax statement again. You did this last year and it's really inconvenient - AC issued it, I used the figures in my tax return, then you changed it !. About time AC got it right first time. I also had to resubmit my tax return last year. I am going to hold off using the AC tax return until AC confirm they have completed the review. Clearly up to them, but i would be more comfortable if the statements had been signed off by hmrc and the fca. It would provide more certainty without providing tax advice.
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cb25
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Post by cb25 on Apr 17, 2018 9:52:35 GMT
I hope you're not going to change the tax statement again. You did this last year and it's really inconvenient - AC issued it, I used the figures in my tax return, then you changed it !. About time AC got it right first time. AC do not provide tax advice, and we do not have FCA permission to provide tax advice, we provide the figures that lenders request so that they or their advisers can complete their tax return. If you have any doubts you should be seeking professional advice. I'm not asking (or expecting) AC to provide tax advice. What I am asking is that they manage to achieve what every other P2P platform I use manages - publish a set of figures (according to whatever methodology you think is correct) and then stick by those figures. Don't keep amending them.
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Post by chris on Apr 17, 2018 9:59:30 GMT
AC do not provide tax advice, and we do not have FCA permission to provide tax advice, we provide the figures that lenders request so that they or their advisers can complete their tax return. If you have any doubts you should be seeking professional advice. I'm not asking (or expecting) AC to provide tax advice. What I am asking is that they manage to achieve what every other P2P platform I use manages - publish a set of figures (according to whatever methodology you think is correct) and then stick by those figures. Don't keep amending them. I have no idea if that's going to happen or not. GT will provide their input and if past methodology was incorrect then a correction may need to be issued, I would assume via adjustments to the current statement rather than changing historic statements, but I'll be tasked with implementing whatever it is the third party recommendation. If RS are making changes to their tax statement presumably they run the same risk. However I will try and make sure there's an internal philosophy of not making changes to previous year's figures.
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cb25
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Post by cb25 on Apr 17, 2018 10:06:12 GMT
chrisWho/what is 'GT' ? Last year's change was to the same tax year (2016/17). I downloaded AC's statement 7 April 2017, used it in my tax return a couple of months later, only to find AC changed it later (sometime before 20 Sept 2017). As the only change in my case was to allow about £10 of losses to be claimed for, I didn't bother telling HMRC (saving a few £s wasn't worth the risk of HMRC thinking all my P2P figures were provisional).
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SteveT
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Post by SteveT on Apr 17, 2018 10:06:56 GMT
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jlend
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Post by jlend on Apr 17, 2018 12:54:14 GMT
I hope you're not going to change the tax statement again. You did this last year and it's really inconvenient - AC issued it, I used the figures in my tax return, then you changed it !. About time AC got it right first time. AC do not provide tax advice, and we do not have FCA permission to provide tax advice, we provide the figures that lenders request so that they or their advisers can complete their tax return. If you have any doubts you should be seeking professional advice. Based on the latest feedback from lenders, some confusion around when precisely loans should be classed as written off, and how provision funds affect that, we are reviewing the existing statement with GT to make sure it is providing the information lenders require and that our methodology is correct. If RS are issuing statements on this then they are also reviewing their tax statement and likely have similar questions around how their provision fund interacts with non-performing loans. I've forwarded jlend 's information internally to make sure that if there is the option to have HMRC and the FCA review and / or certify our tax statements then we will also do so. Cheers I've also emailed growthstreet to see if they have had their statements reviewed and signed off by hmrc and the fca. It's important we can easily combine the information provided by the various PF protected platforms for tax returns.
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jlend
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Post by jlend on Apr 19, 2018 7:56:38 GMT
I find the AC website is even timing out when I try and log in quite often these days. Am not having problems with other sites I access at the same time so I don't think it is my tablet. Never makes it to the dashboard sometimes. Hopefully the improvements chris mentions will help over time.
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