gb007
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Post by gb007 on Dec 5, 2014 12:41:10 GMT
2 updates in 2 days!  Copy of today's update email: |
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spockie
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Post by spockie on Dec 13, 2014 9:27:57 GMT
anybody else not received the weekly update this week?
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kermie
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Post by kermie on Dec 13, 2014 9:43:37 GMT
anybody else not received the weekly update this week? No email so far. I've never had any email problems (unlike some others) so would conclude the email never got sent. I suspect SS were holding back waiting for news on a particular loan before sending. Or maybe Chrimbo hols have started early :-). Glug glug mulled wine glug glug. Sorry - in a daft mood.
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merlin
Minor shareholder in Assetz and many other companies.
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Post by merlin on Dec 13, 2014 10:40:14 GMT
No email. Perhaps like AC they are contemplating what effects of withholding tax might have if any?.
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ramblin rose
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“Some people grumble that roses have thorns; I am grateful that thorns have roses.” — Alphonse Karr
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Post by ramblin rose on Dec 13, 2014 10:53:05 GMT
No email. Perhaps like AC they are contemplating what effects of withholding tax might have if any?. Well, as the set up here is entirely different to AC, it won't be anything like the same. The borrowers are not paying us interest here, SS are. So the only implication might be that they start to withhold tax from us themselves. I wouldn't like that very much at all, but the inevitable mainstreaming of all these platforms brings with it many ways in which our returns will be eroded, and pre-payment of tax looks like becoming one of them.
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bugs4me
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Post by bugs4me on Dec 13, 2014 11:44:21 GMT
No email. Perhaps like AC they are contemplating what effects of withholding tax might have if any?. Well, as the set up here is entirely different to AC, it won't be anything like the same. The borrowers are not paying us interest here, SS are. So the only implication might be that they start to withhold tax from us themselves. I wouldn't like that very much at all, but the inevitable mainstreaming of all these platforms brings with it many ways in which our returns will be eroded, and pre-payment of tax looks like becoming one of them. Think this withholding tax is still a grey area but my impression is that it applies to loans in excess of 365 days. Stand to be corrected (as usual). As SS are not IMO the usual run of the mill P2P then in theory, well the theory floating around inside my head, then there shouldn't be any withholding tax. No doubt though that HMRC will interpret to their advantage in due course.
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merlin
Minor shareholder in Assetz and many other companies.
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Post by merlin on Dec 13, 2014 12:56:56 GMT
Well, as the set up here is entirely different to AC, it won't be anything like the same. The borrowers are not paying us interest here, SS are. So the only implication might be that they start to withhold tax from us themselves. I wouldn't like that very much at all, but the inevitable mainstreaming of all these platforms brings with it many ways in which our returns will be eroded, and pre-payment of tax looks like becoming one of them. Think this withholding tax is still a grey area but my impression is that it applies to loans in excess of 365 days. Stand to be corrected (as usual). You could both be right but as they used to say when I was a child, "it will all come out in the wash". The trouble is the uncertainty it is going to create will I feel have a dilatorius effect on the current growth of the P2P market. There could be no bigger nightmare than having to wait beyond the end of the tax year to get you interest paid.
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merlin
Minor shareholder in Assetz and many other companies.
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Post by merlin on Dec 13, 2014 18:23:43 GMT
1815 13/12/14 email Update just noticed on my PC
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star dust
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Post by star dust on Dec 13, 2014 18:54:32 GMT
1815 13/12/14 email Update just noticed on my PC Mine was timed at 18:02, but have only just seen it. Posting below for any of you still having email problems receiving it. " Existing LoansPBL 3 – Our solicitors have confirmed receipt of these funds and we are awaiting transfer to our account. PBL 4 – Loan extended until end of Feb. PBL 5 – No change from last week. PBL 6 – No change from last week. PBL 7 – No change from last week. PBL 8 – No change from last week. PBL 9/19 – Loan repaid to investors plus interest as we needed to increase the amount to cover a repayment of a creditor and thus the terms of our Particulars have changed. Loan gone back to SS platform for new investment. Ready to draw down. PBL 10 – No change from last week. PBLs 11/12/13 – Still waiting for a decision on the grant of probate. PBL 14 – No change from last week. PBL 15 – Completed last week. PBL 16/17/18 – No change from last week. Pipeline Loans1st Charge over B2L property in ****.Borrower needs funds for further property purchases to add to his portfolio. Deal agreed, solicitors instructed, completion expected towards end of Nov. ** Moving forward. Will be listed on the platform next week for £119k with a value of £170k. 1st charge over a commercial premises in E****** Investor buying a restaurant with resi uppers in this pleasant waterside town. Will tidy, gain planning for additional resi and retain the commercial. B*********r G*****y – Delayed until New Year. Garden Centre business in P********** worth £2.6m total. Property element worth £2.6m; loan of £1.8m to purchase it has been accepted; legals instructed. Site visit by valuers completed on Tuesday. Valuation report received. Farm in S**** W**** parents died, daughter to buy her sister out. Value £1m, loan for c £550/600k 6 months. Farm in B**** area worth £2.6m. Loan c £1.8m for acquisition. Pub in S******* being bought out of auction c £220k, loan c£150k. Gain planning on resi uppers, retain commercial elements below with new tenant. Land in B****** with potential worth £1m, loan c£700k. Existing client; strong PG. Potential PDRs for resi. "
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star dust
Member of DD Central
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Post by star dust on Dec 13, 2014 19:09:41 GMT
Having now read the update too, I hope that some of the pipelines do come through soon, 'cause if PBL 03 gets paid back next week as seems highly likely there'll be £400k of investors money looking for a new home (mine not included!).
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Post by mrclondon on Dec 14, 2014 12:10:08 GMT
Thanks star dust for the copy & paste, I'm now receiving some SS emails but just those sent by the automated platform triggers so still not receiving the weekly newsletter or the launch of new loans etc.
savingstream - I can't see any correlation between the pipeline loans in the weekly email, and the pipeline loans tab on the website ??
Also "1st Charge over B2L property in ****.Borrower needs funds for further property purchases to add to his portfolio. Deal agreed, solicitors instructed, completion expected towards end of Nov. ** Moving forward. Will be listed on the platform next week for £119k with a value of £170k." is unchanged from the previous week - when does "next week" mean "next week" i.e. it would have been better to add a few extra words on thisone given it wasn't listed last week.
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ilmoro
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'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 Dec 14, 2014 12:53:01 GMT
savingstream. Thanks for the regular updates. Any chance of including updates on the existing boat loans where appropriate? As these approach repayment it would be nice to know whether is all is on course or not.
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j
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Penguins are very misunderstood!
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Post by j on Dec 14, 2014 17:24:55 GMT
savingstream. Thanks for the regular updates. Any chance of including updates on the existing boat loans where appropriate? As these approach repayment it would be nice to know whether is all is on course or not. Love the new hat ilmoro...so....pigletty angelic
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mikes1531
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Post by mikes1531 on Dec 14, 2014 21:15:37 GMT
There could be no bigger nightmare than having to wait beyond the end of the tax year to get you interest paid. I don't understand what all the fuss is about. merlin wouldn't have to wait for all of his interest, as 80% of it would be paid as it is now -- it's only 20% that would be withheld. And it's only non-taxpayers who would get the other 20% eventually. He might be one of those, of course, and for them I would hope there would be the equivalant of the R85 form that would allow the borrower to pay interest gross. (Clearly the P2P platform has to get involved, because they have to supply the borrower with the info that tells the borrower what proportion of the lenders qualify to receive gross interest and what proportion don't, but it looks like that has to happen anyway because some lenders are businesses and can receive their interest gross.) For the rest of us who have to pay tax on our P2P interest, and probably already have to submit SA tax returns, the imposition of tax retention would make a one-off difference in the first year only. Once HMRC find that a taxpayer owes them money at the end of the year, then -- unless it's a small amount -- they will want to collect the expected tax for the coming year as the year progresses rather than after the end of the tax year. They can do that by adjusting the taxpayer's PAYE code, or by asking the taxpayer to pay the money in advance in January and July. Either way, the taxpayer will be paying the tax as the year progresses rather than 9-10 months after the year ends. And if the taxpayer knows that there is going to be tax retention by borrowers they can get HMRC to reduce the amount HMRC collect via PAYE or the Jan/Jul payments. So the taxpayer pays the tax on their P2P interest via the borrower instead of via PAYE or directly to HMRC, but the timing isn't much different. Am I missing something?
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merlin
Minor shareholder in Assetz and many other companies.
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Post by merlin on Dec 15, 2014 0:08:02 GMT
There could be no bigger nightmare than having to wait beyond the end of the tax year to get you interest paid. I don't understand what all the fuss is about. merlin wouldn't have to wait for all of his interest, as 80% of it would be paid as it is now -- it's only 20% that would be withheld. And it's only non-taxpayers who would get the other 20% eventually. He might be one of those, of course, and for them I would hope there would be the equivalant of the R85 form that would allow the borrower to pay interest gross. (Clearly the P2P platform has to get involved, because they have to supply the borrower with the info that tells the borrower what proportion of the lenders qualify to receive gross interest and what proportion don't, but it looks like that has to happen anyway because some lenders are businesses and can receive their interest gross.) For the rest of us who have to pay tax on our P2P interest, and probably already have to submit SA tax returns, the imposition of tax retention would make a one-off difference in the first year only. Once HMRC find that a taxpayer owes them money at the end of the year, then -- unless it's a small amount -- they will want to collect the expected tax for the coming year as the year progresses rather than after the end of the tax year. They can do that by adjusting the taxpayer's PAYE code, or by asking the taxpayer to pay the money in advance in January and July. Either way, the taxpayer will be paying the tax as the year progresses rather than 9-10 months after the year ends. And if the taxpayer knows that there is going to be tax retention by borrowers they can get HMRC to reduce the amount HMRC collect via PAYE or the Jan/Jul payments. So the taxpayer pays the tax on their P2P interest via the borrower instead of via PAYE or directly to HMRC, but the timing isn't much different. Am I missing something? I did not make myself clear. I am a higher rate tax payer and use an accountant to sort the tax problems out. My worry was would P2P lenders go over to the same sort of system that Building Societies/Banks etc. do where they only pay out annually as that makes life a lot easier for them. It also allows them to use your earnings locked up in your account during the year for their own benefit.
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