rogerbu
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Post by rogerbu on Apr 14, 2018 12:29:47 GMT
As HMRC owes me a bunch of Tax Refunds for TY 2017/18, I shall be submitting my 2017/18 Tax Return very soon.
This raises the interesting question - How much interest to declare for Collateral TY 2017/18 as we won't have a Tax Statement anytime soon.
I have full records of all interest & capital paid to me by Col up to 28/02/18 when all visability of interest being credited to our Col Accounts ceased.
So I will declare that figure and note that the Col figure is as per my records to 28/02/18.
Should the Administrator produce a 2017/18 Tax Statement that differs from the figure I declare, I will have to update my return and pay/receive to the new figures.
Anyone see anything wrong with this?
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IFISAcava
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Post by IFISAcava on Apr 14, 2018 13:10:48 GMT
As HMRC owes me a bunch of Tax Refunds for TY 2017/18, I shall be submitting my 2017/18 Tax Return very soon. This raises the interesting question - How much interest to declare for Collateral TY 2017/18 as we won't have a Tax Statement anytime soon. I have full records of all interest & capital paid to me by Col up to 28/02/18 when all viability of interest being credited to our Col Accounts ceased. So I will declare that figure and note that the Col figure is as per my records to 28/02/18. Should the Administrator produce a 2017/18 Tax Statement that differs from the figure I declare, I will have to update my return and pay/receive to the new figures. Anyone see anything wrong with this? Nope - what on earth else could you do (other than wait to submit, which is optional, and may not change things in a hurry)?
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dermot
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Post by dermot on Apr 14, 2018 15:43:26 GMT
I'm going to pass this mess on to my accountant - but since I've not drawn out any interest - and have no idea what it is or might be, I don't see I can enter anything at all, at the moment.
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mason
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Post by mason on Apr 14, 2018 16:15:30 GMT
I have full records of all interest & capital paid to me by Col up to 28/02/18 when all visability of interest being credited to our Col Accounts ceased. So I will declare that figure and note that the Col figure is as per my records to 28/02/18. Should the Administrator produce a 2017/18 Tax Statement that differs from the figure I declare, I will have to update my return and pay/receive to the new figures. Anyone see anything wrong with this? Providing you tick the box saying that your return includes estimated figures, then this is fine and the Col figure you have would be the correct one to use. The interest for February and March was very likely not paid due to the FCA restrictions (the reason COL went into administration when it did) and so if it were paid subsequently it would be treated as being received in the tax year in which it is paid. I'm not sure whether a return with estimated figures will trigger a refund - if not, then you might as well wait, but there is no harm in asking or just giving it a try.
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pom
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Post by pom on Apr 14, 2018 18:32:31 GMT
As HMRC owes me a bunch of Tax Refunds for TY 2017/18, I shall be submitting my 2017/18 Tax Return very soon. This raises the interesting question - How much interest to declare for Collateral TY 2017/18 as we won't have a Tax Statement anytime soon. I have full records of all interest & capital paid to me by Col up to 28/02/18 when all visability of interest being credited to our Col Accounts ceased. So I will declare that figure and note that the Col figure is as per my records to 28/02/18. Should the Administrator produce a 2017/18 Tax Statement that differs from the figure I declare, I will have to update my return and pay/receive to the new figures. Anyone see anything wrong with this? Pretty much what I expect to be doing....won't have all my paperwork needed til July, but not overly confident things will be any clearer by then.
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Post by ratetart666 on Apr 15, 2018 14:48:32 GMT
As HMRC owes me a bunch of Tax Refunds for TY 2017/18, I shall be submitting my 2017/18 Tax Return very soon. This raises the interesting question - How much interest to declare for Collateral TY 2017/18 as we won't have a Tax Statement anytime soon. I have full records of all interest & capital paid to me by Col up to 28/02/18 when all visability of interest being credited to our Col Accounts ceased. So I will declare that figure and note that the Col figure is as per my records to 28/02/18. Should the Administrator produce a 2017/18 Tax Statement that differs from the figure I declare, I will have to update my return and pay/receive to the new figures. Anyone see anything wrong with this? To summarise all that has been said about this, even the funsters at HMRC will not expect us to declare income that we have not yet received. Even though some of us have kept accurate records of our investments in Collateral, and can calculate the interest due, there is no guarantee at present that we will actually ever receive it - this is dependent on the outcome of the receivership. If and when we eventually receive the tax certificates for 2017/18 I think they will only reflect what we have received. If the certificate turns out to be inaccurate, or not received, simply declare what we, in good faith, believe it should be. I am sure that any honest discrepancies will not amount to a hill of beans. Until then, don't lose any sleep over this!
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TitoPuente
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Post by TitoPuente on Apr 15, 2018 19:11:06 GMT
I have not withdrawn any interest or whatsoever from COL in the fiscal year that just ended. Therefore my report to HMRC is nil. If they challenge it the response is that for the time being the only way for me to potentially dispose of my earned interests for the fiscal year is through a lawsuit. Whatever that means.
Hopefully there is more clarity by the deadline.
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Greenwood2
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Post by Greenwood2 on Apr 15, 2018 19:19:09 GMT
I have not withdrawn any interest or whatsoever from COL in the fiscal year that just ended. Therefore my report to HMRC is nil. If they challenge it the response is that for the time being the only way for me to potentially dispose of my earned interests for the fiscal year is through a lawsuit. Whatever that means. Hopefully there is more clarity by the deadline. I think if has been paid it's taxable, whether or not you have withdrawn it, just like any other account.
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TitoPuente
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Post by TitoPuente on Apr 15, 2018 21:28:05 GMT
I have not withdrawn any interest or whatsoever from COL in the fiscal year that just ended. Therefore my report to HMRC is nil. If they challenge it the response is that for the time being the only way for me to potentially dispose of my earned interests for the fiscal year is through a lawsuit. Whatever that means. Hopefully there is more clarity by the deadline. I think if has been paid it's taxable, whether or not you have withdrawn it, just like any other account. Paid to whom? It is not in my account. It is not in any account I have control of. Being cynical, what proof is there that we received any interest? On what grounds HMRC can say I received this so I have to pay that?
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easylender
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Post by easylender on Apr 15, 2018 22:00:58 GMT
How about treating our entire COL accounts as if they were in default? That seems quite reasonable to me and depending on individual circumstances could have tax advantages.
Edit: Oh no. As they are not FCA regulated losses there cannot be offset against interest from elsewhere.
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mason
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Post by mason on Apr 16, 2018 6:04:26 GMT
I think if has been paid it's taxable, whether or not you have withdrawn it, just like any other account. Paid to whom? It is not in my account. It is not in any account I have control of. Being cynical, what proof is there that we received any interest? On what grounds HMRC can say I received this so I have to pay that? You were sent an email every time interest was credited, and had access to your online statement showing how much interest was credited until COL entered administration. Your choices are to enter an estimated figure based on information you obtained from the platform before it shut down, or to wait until you can get accurate information. Presumably you wouldn't consider reporting a figure of nil for an offline savings account where you didn't receive a statement/tax certificate until later in the year. COL will likely still provide statutory tax information to HMRC even while under administration - and this may happen in advance of the information being provided to lenders.
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mason
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Post by mason on Apr 16, 2018 6:09:23 GMT
How about treating our entire COL accounts as if they were in default? That seems quite reasonable to me and depending on individual circumstances could have tax advantages. Edit: Oh no. As they are not FCA regulated losses there cannot be offset against interest from elsewhere. There might still be a possibility of utilising capital losses against capital gains made elsewhere - I don't know how our COL lending capital would be treated for tax purposes. Not useful for me as most of my other investments are in an ISA wrapper. Perhaps this is another reason to hold off submitting a tax return.
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pikestaff
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Post by pikestaff on Apr 16, 2018 7:48:07 GMT
There might still be a possibility of utilising capital losses against capital gains made elsewhere... Only on "loans to (UK resident) traders", and only when the loan has become wholly irrecoverable, ie no reasonable prospect of further recovery. Subject to those conditions loans to property developers should be OK. Bling loans won't, unless the borrower happens to be a trader and the borrowing was for the purpose of the trade.
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travolta
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Post by travolta on May 5, 2018 8:12:44 GMT
When do reckon this becomes a loss, viable to offset any P2P profits? I guess some of us must have some. Since the site went down I'm unable to do my tax....
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archie
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Post by archie on May 5, 2018 8:17:56 GMT
When do reckon this becomes a loss, viable to offset any P2P profits? I guess some of us must have some. Since the site went down I'm unable to do my tax.... Only platforms with FCA approval can be used to offset losses against P2P income.
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