mikes1531
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Post by mikes1531 on Oct 12, 2014 20:31:37 GMT
Apologies if I've started a new thread when there already was one on the same subject. If there is, can someone please point me to it, because I haven't been able to locate it myself? I have a vague recollection that there was some discussion of a tax statement on the P2PIF, but I can't find any. Anyway, I was preparing to complete my Self-Assessment tax return, and I could not locate any statement received from savingstream telling me how much they think I earned from them in 2013-14. That's the amount I need to report to HMRC as I'm pretty sure SS are obligated to report what I earned to HMRC, and the numbers ought to match. It's the sort of thing I would expect to be available via the website but, if it is, I haven't been able to find the right link. Has anyone else received such a statement? If so, can you please tell me how it arrived so that I'll have a clue as to where I should be looking? |
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bugs4me
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Post by bugs4me on Oct 12, 2014 21:45:45 GMT
Apologies if I've started a new thread when there already was one on the same subject. If there is, can someone please point me to it, because I haven't been able to locate it myself? I have a vague recollection that there was some discussion of a tax statement on the P2PIF, but I can't find any. Anyway, I was preparing to complete my Self-Assessment tax return, and I could not locate any statement received from savingstream telling me how much they think I earned from them in 2013-14. That's the amount I need to report to HMRC as I'm pretty sure SS are obligated to report what I earned to HMRC, and the numbers ought to match. It's the sort of thing I would expect to be available via the website but, if it is, I haven't been able to find the right link. Has anyone else received such a statement? If so, can you please tell me how it arrived so that I'll have a clue as to where I should be looking? I think you're a bit on your own with this. SS should provide a tax statement which can be shown to HMRC (if proof required) showing gross income earned 'certified' by SS. It seems as though all you can do ATM is export your personal SS statement to XLS and then simply delete the rows after the 2014 tax year commencing so you're left with 2013-14. A bit messy and not very satisfactory.
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mikes1531
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Post by mikes1531 on Oct 12, 2014 22:46:20 GMT
Apologies if I've started a new thread when there already was one on the same subject. If there is, can someone please point me to it, because I haven't been able to locate it myself? I have a vague recollection that there was some discussion of a tax statement on the P2PIF, but I can't find any. Anyway, I was preparing to complete my Self-Assessment tax return, and I could not locate any statement received from savingstream telling me how much they think I earned from them in 2013-14. That's the amount I need to report to HMRC as I'm pretty sure SS are obligated to report what I earned to HMRC, and the numbers ought to match. It's the sort of thing I would expect to be available via the website but, if it is, I haven't been able to find the right link. Has anyone else received such a statement? If so, can you please tell me how it arrived so that I'll have a clue as to where I should be looking? I think you're a bit on your own with this. SS should provide a tax statement which can be shown to HMRC (if proof required) showing gross income earned 'certified' by SS. It seems as though all you can do ATM is export your personal SS statement to XLS and then simply delete the rows after the 2014 tax year commencing so you're left with 2013-14. A bit messy and not very satisfactory. Thanks for your response. I don't accept I'm on my own, because there must be plenty of savingstream lenders who earned interest in the year ending Apr.'14. I'm pretty sure SS have an obligation to report those earnings to HMRC, so they must be able to generate the data themselves, though I don't know when their deadline might be compared to the deadline for us to file tax returns or to declare the income if we don't have to submit a SA return. I'm afraid that trying to obtain the info myself via downloading my statement is worse than "a bit messy". I can cut the file down to just the tax year easily enough, but there's a lot more in it than just my earnings, what with having bought numerous loan parts during the year. (At least there wasn't the complication of the secondary market during 2013-14.) And when loan parts reach maturity, there's a single combined payment received consisting of both principal and interest. I initially thought I could tell how much was interest because the line item seems to indicate the principal amount, but now I'm not convinced because I can see statement entries which are anomalous. Such as a line that says "Loan part fund, 1999 Dufour 43 (£100.00)", but the debit to my balance is not £100 -- it's greater. So "not very satisfactory" is a significant understatement. The situation is totally inadequate, and I can't imagine the FCA would be happy with this if they knew about it. If the reason that I can't find a tax statement supplied by SS is that SS hasn't supplied one, then I think it's high time that SS did something about it.
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Post by pepperpot on Oct 13, 2014 0:03:00 GMT
If SS need to supply HMRC with a figure, it wouldn't be to much extra work to supply us with it aswell. I'll be interested to see if it matches what I made a note of on Apr 6th.  |
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Post by sammy on Oct 13, 2014 17:18:40 GMT
I don't think SS are obliged to give a list of everyones tax, they can just submit the total amount of interest earned for the year!
If requested by HMRC, they have to give all the names and contact details of everyone who invest with them, but its not their job to give the HMRC each indiviuals amount due on tax, that is for each investor to advise the HMRC. Obviously if the HMRC believe someone is telling porkies about their actual amount of interest earned, HMRC can then request details from SS.
Someone correct me if I am wrong on this.
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unmadem
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Post by unmadem on Oct 13, 2014 18:07:32 GMT
I don't think SS are obliged to give a list of everyones tax, they can just submit the total amount of interest earned for the year! If requested by HMRC, they have to give all the names and contact details of everyone who invest with them, but its not their job to give the HMRC each indiviuals amount due on tax, that is for each investor to advise the HMRC. Obviously if the HMRC believe someone is telling porkies about their actual amount of interest earned, HMRC can then request details from SS. Someone correct me if I am wrong on this. Of course SS don't calculate an individuals tax due. However I think they do have to give you a certificate of income earned in the year and any tax paid on it (zero in the case of p2p platforms).
Even if they don't have to legally it would be daft not to as 1) all the other p2p companies I use give you one via web site. 2) once you have written the programme to give the figure to HMRC it is a tiny amount of effort to make it available to lenders 3) if you don't your customer support will be constantly plagued by requests for it at the end of the tax year. 4) if you don't lenders will calculate it and a number will get it wrong so it will not match the figures supplied by SS to HMRC which is not in any one's interest (pardon the pun)
If I was SS I know what I would do.
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Post by sammy on Oct 13, 2014 19:49:47 GMT
I don't think SS are obliged to give a list of everyones tax, they can just submit the total amount of interest earned for the year! If requested by HMRC, they have to give all the names and contact details of everyone who invest with them, but its not their job to give the HMRC each indiviuals amount due on tax, that is for each investor to advise the HMRC. Obviously if the HMRC believe someone is telling porkies about their actual amount of interest earned, HMRC can then request details from SS. Someone correct me if I am wrong on this. Of course SS don't calculate an individuals tax due. However I think they do have to give you a certificate of income earned in the year and any tax paid on it (zero in the case of p2p platforms).
Even if they don't have to legally it would be daft not to as 1) all the other p2p companies I use give you one via web site. 2) once you have written the programme to give the figure to HMRC it is a tiny amount of effort to make it available to lenders 3) if you don't your customer support will be constantly plagued by requests for it at the end of the tax year. 4) if you don't lenders will calculate it and a number will get it wrong so it will not match the figures supplied by SS to HMRC which is not in any one's interest (pardon the pun)
If I was SS I know what I would do.
I think it is extremely unlikely, unless you are a large money lender with sizeable amounts of interest, that HMRC will worry about any minor discrepencies in not matching up to SS figures! The same as with monies in a bank or similar savings account, HMRC haven't got the time or man power to look an a normal individuals interest and then go back to the bank to ask for info and compare to see if it matches exactly. Apart from that if they did, it wouldn't be worth all the extra cost involved, they rely on the person or their accountant to get the figures correct. Plus if you check with any accountant they will tell you over a third of HMRC calcs are incorrect anyway, but most people never query them! Obviously they do, do random checks, but if you are not too much out, they would not bother, as mentioned they are more interested in individuals not declaring their interest earned at all!
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mikes1531
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Post by mikes1531 on Oct 14, 2014 0:49:45 GMT
Of course SS don't calculate an individuals tax due. However I think they do have to give you a certificate of income earned in the year and any tax paid on it (zero in the case of p2p platforms).
Even if they don't have to legally it would be daft not to as 1) all the other p2p companies I use give you one via web site. 2) once you have written the programme to give the figure to HMRC it is a tiny amount of effort to make it available to lenders 3) if you don't your customer support will be constantly plagued by requests for it at the end of the tax year. 4) if you don't lenders will calculate it and a number will get it wrong so it will not match the figures supplied by SS to HMRC which is not in any one's interest (pardon the pun)
If I was SS I know what I would do. I think it is extremely unlikely, unless you are a large money lender with sizeable amounts of interest, that HMRC will worry about any minor discrepencies in not matching up to SS figures! The same as with monies in a bank or similar savings account, HMRC haven't got the time or man power to look an a normal individuals interest and then go back to the bank to ask for info and compare to see if it matches exactly. Apart from that if they did, it wouldn't be worth all the extra cost involved, they rely on the person or their accountant to get the figures correct. Plus if you check with any accountant they will tell you over a third of HMRC calcs are incorrect anyway, but most people never query them! Obviously they do, do random checks, but if you are not too much out, they would not bother, as mentioned they are more interested in individuals not declaring their interest earned at all! It's very easy to say that it is the taxpayer or their accountant that have to declare the correct amount of interest earned, but how are we supposed to do that if SS don't supply the info? It could be argued that the appropriate info is contained within the statement available from SS, but I shouldn't have to be an Excel expert to extract the necessary number. Can you imagine what an accountant would do if their client presented them with that statement and asked them to work it out? Or how much the client might be charged for the work involved? I dread to think! I honestly don't know what SS are obligated to supply to us -- or HMRC -- but I'm pretty sure I've been told by another P2P platform I use that they are required to supply the interest earned to both lenders and HMRC. If it isn't built into the regulations, and is required only if HMRC asks for it, then I'd suggest it's only a matter of time before they ask for it from every P2P platform. If savingstream don't respond to this thread and clarify the situation, then I suppose I'll just have to ask them for my info and see what they supply.
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Post by savingstream on Oct 14, 2014 10:54:38 GMT
Saving Stream is obliged by the FCA to provide an account statement to all investors which we provide.
In addition to this we are obliged to provide investor earnings to HMRC on a yearly basis, and because of this we are going to be adding the functionality for investors to view this information in a summary format on the platform.
We hope this will alleviate some of the difficulties our investors have been faced with when trying to consolidate all the data from various loan parts, some that pay interest monthly and some that pay interest at the end of the loan term.
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bugs4me
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Post by bugs4me on Oct 14, 2014 10:57:02 GMT
Saving Stream is obliged by the FCA to provide an account statement to all investors which we provide. In addition to this we are obliged to provide investor earnings to HMRC on a yearly basis, and because of this we are going to be adding the functionality for investors to view this information in a summary format on the platform. We hope this will alleviate some of the difficulties our investors have been faced with when trying to consolidate all the data from various loan parts, some that pay interest monthly and some that pay interest at the end of the loan term. Thanks savingstream for the clarification.
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mikes1531
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Post by mikes1531 on Oct 14, 2014 12:36:37 GMT
Saving Stream is obliged by the FCA to provide an account statement to all investors which we provide. In addition to this we are obliged to provide investor earnings to HMRC on a yearly basis, and because of this we are going to be adding the functionality for investors to view this information in a summary format on the platform. We hope this will alleviate some of the difficulties our investors have been faced with when trying to consolidate all the data from various loan parts, some that pay interest monthly and some that pay interest at the end of the loan term. Thank you, savingstream, for that info. That summary info will be most useful. Can you give us any idea of the expected timing of the availability of this? Will we have it before we have to submit our 2013-14 Self Assessment returns? Or do we each have to figure out how to extract the necessary 2013-14 data from the statement we have now?
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mikes1531
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Post by mikes1531 on Dec 3, 2014 18:21:54 GMT
Saving Stream is obliged by the FCA to provide an account statement to all investors which we provide. In addition to this we are obliged to provide investor earnings to HMRC on a yearly basis, and because of this we are going to be adding the functionality for investors to view this information in a summary format on the platform. We hope this will alleviate some of the difficulties our investors have been faced with when trying to consolidate all the data from various loan parts, some that pay interest monthly and some that pay interest at the end of the loan term. Thank you, savingstream, for that info. That summary info will be most useful. Can you give us any idea of the expected timing of the availability of this? Will we have it before we have to submit our 2013-14 Self Assessment returns? Or do we each have to figure out how to extract the necessary 2013-14 data from the statement we have now? : It's now nearly two months since SS said they were going to make this data available, and AFAIK it still hasn't been supplied. Is this data coming soon? The deadline for filing our tax returns is fast approaching and we need this info in order to do that.
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gb007
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Post by gb007 on Dec 18, 2014 17:34:29 GMT
A Tax Statement option has now appeared in the "Accounts" drop down menu. No excuses for not completing your tax return now!  |
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unmadem
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Post by unmadem on Dec 18, 2014 18:38:18 GMT
A Tax Statement option has now appeared in the "Accounts" drop down menu. No excuses for not completing your tax return now! also gives total deposits, total withdrawals, total loans, total sales and total capital repayments for the period specified which could be quite useful sometimes.
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mikes1531
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Post by mikes1531 on Dec 18, 2014 23:25:18 GMT
A Tax Statement option has now appeared in the "Accounts" drop down menu. No excuses for not completing your tax return now! also gives total deposits, total withdrawals, total loans, total sales and total capital repayments for the period specified which could be quite useful sometimes. Has there been any official announcement of this feature from savingstream? I ask because I wonder if it is thought to be finished or whether it's still a 'work in progress'. Has anyone tried to reconcile the reports generated against their own analysis? I've just used it to generate a series of monthly reports for the current tax year, but the total of the months doesn't produce the same answer I get if I ask for a combined report for the full year so far. I now need to go back and re-check my numbers to see whether I've made a mistake or whether the reports produced are inconsistent.
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