qwakuk
Member of DD Central
Posts: 259 
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Post by qwakuk on May 2, 2021 11:57:37 GMT
I had an email around 4am saying now available.....(classic only for me anyway) Cannot find anything on my Classic pages, I go to Statements, pick year but only 18>19 & 19>20, I may be looking in the wrong place or is it email only ? Got a message yesterday evening, logged in yesterday and today and still only shows upto 2019/20
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mickj
Member of DD Central
Posts: 435
Likes: 191
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Post by mickj on May 3, 2021 8:28:28 GMT
And here, message this morning and notification within account, but 2020>2021 statement still to appear, nice of them to waste my time.
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qwakuk
Member of DD Central
Posts: 259
Likes: 96
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Post by qwakuk on May 3, 2021 9:36:21 GMT
I now have annual and April statements on the Standard account. For the ISA just the April statement, annual and March still missing in the ISA
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mickj
Member of DD Central
Posts: 435
Likes: 191
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Post by mickj on May 3, 2021 9:59:32 GMT
An hour later and 2020>2021 statement now there, I only have classic.
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Post by helpis on May 3, 2021 16:55:35 GMT
I now have annual and April statements on the Standard account. For the ISA just the April statement, annual and March still missing in the ISA Looks like I'm not the only one.
Did you write to them about the missing statements?
The March monthly statement and the 2020-2021 annual statement are both missing for my ISA account too.
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upland
Member of DD Central
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Post by upland on May 8, 2021 13:41:50 GMT
Does anyone know what these negative shield contribution adjustments correspond to in the usual tax return that we make ?
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Post by flatbroke on May 25, 2022 17:20:12 GMT
My 2021/22 annual statement from LW indicates that my shield contribution adjustments were, for a second year, greater than the interest received.
On my tax return there is of course an obvious section for untaxed interest but how should the shield contributions be indicated?
If the shield contributions are treated as a capital loss when I have made no capital gain elsewhere then I’m hit with a double whammy of a net loss plus tax. It's not morally right (!) but is it technically right?
Thanks
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Post by mw on May 27, 2022 10:52:46 GMT
My 2021/22 annual statement from LW indicates that my shield contribution adjustments were, for a second year, greater than the interest received. On my tax return there is of course an obvious section for untaxed interest but how should the shield contributions be indicated? If the shield contributions are treated as a capital loss when I have made no capital gain elsewhere then I’m hit with a double whammy of a net loss plus tax. It's not morally right (!) but is it technically right? Thanks I don't think they can be "capital" losses because the P2P legislation provides that losses on unpaid loans be deducted from P2P income. (By and large). www.gov.uk/guidance/peer-to-peer-lending#claiming-tax-relief-on-unpaid-loans
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Post by flatbroke on May 31, 2022 20:37:46 GMT
My 2021/22 annual statement from LW indicates that my shield contribution adjustments were, for a second year, greater than the interest received. On my tax return there is of course an obvious section for untaxed interest but how should the shield contributions be indicated? If the shield contributions are treated as a capital loss when I have made no capital gain elsewhere then I’m hit with a double whammy of a net loss plus tax. It's not morally right (!) but is it technically right? Thanks I don't think they can be "capital" losses because the P2P legislation provides that losses on unpaid loans be deducted from P2P income. (By and large). www.gov.uk/guidance/peer-to-peer-lending#claiming-tax-relief-on-unpaid-loansI was not aware of this guidance, many thanks mw
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Post by flatbroke on Jun 1, 2022 17:18:11 GMT
My 2021/22 annual statement from LW indicates that my shield contribution adjustments were, for a second year, greater than the interest received. On my tax return there is of course an obvious section for untaxed interest but how should the shield contributions be indicated? If the shield contributions are treated as a capital loss when I have made no capital gain elsewhere then I’m hit with a double whammy of a net loss plus tax. It's not morally right (!) but is it technically right? Thanks I don't think they can be "capital" losses because the P2P legislation provides that losses on unpaid loans be deducted from P2P income. (By and large). www.gov.uk/guidance/peer-to-peer-lending#claiming-tax-relief-on-unpaid-loansThanks again mw for the gov link. Having read the government guidance I reflect that LW dealt with bad debt by a) not paying interest and by b) requiring shield contributions. So how should an LW lender indicate bad debt on the tax form – by calculating lost interest (almost impossible to do this accurately) and by obtaining b) from the annual statement (easy)?
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Greenwood2
Member of DD Central
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Post by Greenwood2 on Jun 1, 2022 17:38:29 GMT
Thanks again mw for the gov link. Having read the government guidance I reflect that LW dealt with bad debt by a) not paying interest and by b) requiring shield contributions. So how should an LW lender indicate bad debt on the tax form – by calculating lost interest (almost impossible to do this accurately) and by obtaining b) from the annual statement (easy)? It's lost capital that's tax deductible, lost interest isn't (on any platforms I use now anyway). I don't know about shield contributions but usually lender fees are not deductible before tax, which is why many P2P companies stopped charging lender fees and put them all on the borrower side, ie, deducted before the lender got the interest. Best to use the platform tax statement to quantify capital losses, but you can make your own decision if you are prepared to defend it to HMRC, usually this means you might declare a capital loss before the platform admits it although you think it is obviously a loss apart from a miracle, if funds are eventually recovered you have to report that. As always do your own DD and others will know much more about LW than me! Not been there for years.
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Post by flatbroke on Jun 1, 2022 20:28:17 GMT
Thanks for that Greenwood2
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Post by mw on Jun 8, 2022 16:29:21 GMT
Thanks again mw for the gov link. Having read the government guidance I reflect that LW dealt with bad debt by a) not paying interest and by b) requiring shield contributions. So how should an LW lender indicate bad debt on the tax form – by calculating lost interest (almost impossible to do this accurately) and by obtaining b) from the annual statement (easy)? You will observe a line "Shield contribution adjustments (irrecoverable loans)" on your statement. This is item (b) (and the wording is a bit of a hint). I shall be deducting that from the line "Interest received" to arrive at my taxable income. As @greenwood2 has already indicated, that's it. Item (a) is simply "lost profit". In consequence your "Interest received" line is already somewhat diminished from what it might, otherwise, have been.
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