jlend
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Post by jlend on Apr 10, 2018 11:35:51 GMT
It would be helpful if the RS representative could clarify when they expect to provide the 17/18 tax statement and perhaps why the text on the tax statements page differs for different investors. Email from RS Unfortunately, we are not currently able to generate any Tax Statements for any year just now. I'm sorry for any inconvenience caused by this. We endeavor to have this issue fixed by May 2018.
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ashtondav
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Post by ashtondav on Apr 10, 2018 13:05:41 GMT
my employer rarely sends out the p60s before the end of May, so it’s not unusual.
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cb25
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Post by cb25 on Apr 10, 2018 13:12:36 GMT
my employer rarely sends out the p60s before the end of May, so it’s not unusual. "You must give your employees a P60 by 31 May." www.gov.uk/payroll-annual-reporting/give-employees-p60-formIf your employer often misses it, they could be reported for it (though I've no idea if there's any real penalty)
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Post by skint4achange on Apr 10, 2018 13:24:02 GMT
my employer rarely sends out the p60s before the end of May, so it’s not unusual. "You must give your employees a P60 by 31 May." www.gov.uk/payroll-annual-reporting/give-employees-p60-formIf your employer often misses it, they could be reported for it (though I've no idea if there's any real penalty) Is the end of May not around the 31st anymore?
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cb25
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Post by cb25 on Apr 10, 2018 13:30:46 GMT
Is the end of May not around the 31st anymore? I'll check on that. I was picking up on ashtondav's point that their employer rarely sent them out by the end of May.
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Post by skint4achange on Apr 10, 2018 13:33:00 GMT
Is the end of May not around the 31st anymore? I'll check on that. I was picking up on ashtondav 's point that their employer rarely sent them out by the end of May. I think he actually said that his employer rarely sent them out "Before" the end of may and not "By" the end of May, but this could go on for a while!
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Post by aroominyork on Apr 11, 2018 8:17:28 GMT
They just told me "early May, we hope" on the phone. The guy I spoke to was surprised it was not available (maybe his first day on the job...) and went away to ask. Apparently the reason is that when they went through FCA registration they found their tax statements were not compliant so they are having to change them. I guess it's not the form itself which is the problem but the IT programming which generates the data. I also was doing it now because I am due a tax refund.
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Post by ruralres66 on Apr 11, 2018 12:28:26 GMT
I had cause to ring RS to change my linked current account details. On asking when the tax statement situation was to be resolved, I was given some interesting info. It's HMRC who have caused RS to take down the statements as HMRC will require all statements to be in a different format. I asked the RS guy why no explanation about this and that the removal of the statements reflects badly on RS and people will criticism them. It appears it is not entirely their fault- thought not giving us a legit reason for the hiatus is entirely their fault!
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jlend
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Post by jlend on Apr 11, 2018 13:40:52 GMT
I had cause to ring RS to change my linked current account details. On asking when the tax statement situation was to be resolved, I was given some interesting info. It's HMRC who have caused RS to take down the statements as HMRC will require all statements to be in a different format. I asked the RS guy why no explanation about this and that the removal of the statements reflects badly on RS and people will criticism them. It appears it is not entirely their fault- thought not giving us a legit reason for the hiatus is entirely their fault! Interesting. I wonder if any other platforms might be asked to change their statements. Particularly any that are running a PF like AC or Growth Street if it's anything related to that.
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sl75
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Post by sl75 on Apr 17, 2018 7:04:59 GMT
As mentioned in the OP, I'm due a tax refund. There's no point spending hours faffing around to eek out extra percentage points of P2P interest and then leaving £5K sat with HMRC until Jan next year. As above, why put it off? Last time I had a refund, HMRC not only refunded the overpayment, but also paid interest... and at a higher rate and/or for a lower risk than a typical P2P investment.
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Greenwood2
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Post by Greenwood2 on Apr 17, 2018 7:20:18 GMT
The amount of interest on my tax statement from RS last year was a few pounds different than the information HMRC had, no idea why, but if this was a general problem they may be tidying things up.
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jlend
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Post by jlend on Apr 17, 2018 8:38:01 GMT
I had cause to ring RS to change my linked current account details. On asking when the tax statement situation was to be resolved, I was given some interesting info. It's HMRC who have caused RS to take down the statements as HMRC will require all statements to be in a different format. I asked the RS guy why no explanation about this and that the removal of the statements reflects badly on RS and people will criticism them. It appears it is not entirely their fault- thought not giving us a legit reason for the hiatus is entirely their fault! This is the reply i got We are making the adjustments to the statements as we are aware a number of different loans are now handled differently. The new statements will show a number of figures and will provide a detailed breakdown of each area of interest earned.
As we are still finalising the statements, I cannot comment at this stage wither the Property developer loans mentioned will be listed however, the statements we provide will be signed off by HMRC and FCA so if they require this information it will be included.
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cb25
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Post by cb25 on Apr 17, 2018 8:38:32 GMT
The amount of interest on my tax statement from RS last year was a few pounds different than the information HMRC had, no idea why, but if this was a general problem they may be tidying things up. Where did you see (or how did you become aware of) the 'information HMRC had' ?
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Greenwood2
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Post by Greenwood2 on Apr 17, 2018 9:49:12 GMT
They queried my P2P income and losses, and in the course of correspondence sent some of their figures for me to confirm. I had all the details so they were happy in the end, but odd anomalies in what I had from tax statements and what they had from the platforms.
Edit: Make sure you can justify what you claim, they may check!
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cb25
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Post by cb25 on Apr 17, 2018 10:00:20 GMT
I go with what the P2P platform gives me as i) especially with defaults, I can't see any practical way of determining when a loan is irrecoverable and it's OK to get relief on losses ii) if I use different figures, I think HMRC might pounce on it straight away asking what makes me think I know the state of the loans better than the P2P platform.
Never had a query yet from HMRC on P2P
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