poppyland
Member of DD Central
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Post by poppyland on Oct 29, 2018 15:54:30 GMT
I filed my paper tax return today. In the process I realised that my "tax statement" from Lendy, which states that during the past tax year I received over six thousand points of interest will push my entire income well into the taxable band. So I will be obliged to pay tax and National Insurance on my "interest income" from Lendy, whilst simultaneously facing up to losing large amounts of capital when my many loans in default fail to pay up.
I imagine I'm not the only one in this position, which represents yet another way in which Lendy's deceitful "no one has ever lost any money" hurts their investors.
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copacetic
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Post by copacetic on Oct 29, 2018 16:03:09 GMT
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poppyland
Member of DD Central
Posts: 237
Likes: 243
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Post by poppyland on Oct 29, 2018 16:27:55 GMT
Edit: Also, national insurance on interest?
Thanks for the tip about declaring things as unrecoverable - although I've posted the paperwork off now, so it's too late for this year. Maybe I'm wrong about NI - perhaps that's just on earnt income. The tax office will do the calculations for me in any case: I just have to submit the figures. But with all my supposed interest about to be wiped out by the demise of Lendy, it's rather galling to have to pay the taxman anything on my "profits" from P2P.
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jeremy12
Member of DD Central
Everything's frozen
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Post by jeremy12 on Oct 29, 2018 16:37:22 GMT
You should be alright with regards to NI. Stating the worst loans as suggested may well work and you can illustrate that you were being open and honest and making the best estimate at the time if asked to justify.
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