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Post by funtimedave on Jan 21, 2019 21:21:38 GMT
Need a bit of guidance on filling in my Self Assessment Tax Return please
When I download the tax statement from MT website for the tax year just gone. There is a line that states New Defaults - do I use this in my tax calculations? I am slightly confused as technically I don't see it as a write off so was not sure if I claim tax relief on it or not?
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hazellend
Member of DD Central
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Post by hazellend on Jan 21, 2019 21:26:23 GMT
Need a bit of guidance on filling in my Self Assessment Tax Return please When I download the tax statement from MT website for the tax year just gone. There is a line that states New Defaults - do I use this in my tax calculations? I am slightly confused as technically I don't see it as a write off so was not sure if I claim tax relief on it or not? Yes you can offset it against profits from any other savings income. MT will update the tax statement for any funds successfully returned from defaults so you may still need to pay tax on it in a future year
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Post by funtimedave on Jan 21, 2019 21:31:40 GMT
Thank you
Just to check the logic with random numbers
My interest earned = £350
Cashback = £2.50
New Defaults: £450
Then my taxable interest is £350+£2.50-£450 = -£97.50 which I can offset against interest made on other platforms
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hazellend
Member of DD Central
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Post by hazellend on Jan 21, 2019 21:57:30 GMT
Thank you Just to check the logic with random numbers My interest earned = £350 Cashback = £2.50 New Defaults: £450 Then my taxable interest is £350+£2.50-£450 = -£97.50 which I can offset against interest made on other platforms I believe cashback is not taxable but otherwise yes that is correct
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Post by GSV3MIaC on Jan 22, 2019 8:32:00 GMT
Need a bit of guidance on filling in my Self Assessment Tax Return please When I download the tax statement from MT website for the tax year just gone. There is a line that states New Defaults - do I use this in my tax calculations? I am slightly confused as technically I don't see it as a write off so was not sure if I claim tax relief on it or not? Yes you can offset it against profits from any other savings income. MT will update the tax statement for any funds successfully returned from defaults so you may still need to pay tax on it in a future year Is that 'other savings income' or 'other p2p savings income'. I thought the latter, but i could be wrong ( there is no place on self assessment form to distinguish, afaik)
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ilmoro
Member of DD Central
'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
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Post by ilmoro on Jan 22, 2019 8:53:24 GMT
Yes you can offset it against profits from any other savings income. MT will update the tax statement for any funds successfully returned from defaults so you may still need to pay tax on it in a future year Is that 'other savings income' or 'other p2p savings income'. I thought the latter, but i could be wrong ( there is no place on self assessment form to distinguish, afaik) No, youre right. Any net loss on one platform can only be set against net gains on other P2P platforms. It can't be deducted from income from any other source. www.gov.uk/guidance/peer-to-peer-lending
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