ceejay
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Post by ceejay on Dec 27, 2020 15:03:23 GMT
Well, like a lot of other people I am now 100% out of RS. But here's a reminder: if you want to be able to do your tax return for this year (assuming you weren't entirely in ISA) then you might want to download a statement now. The Tax Statements are only there for completed tax years, and I for one don't want to make the assumption that my account will still be accessible in April.
As an aside, when I went to log into my newly-zeroed account, the only button on offer at first was "Deposit Funds", which for some reason I didn't feel like doing, but don't be put off: click the button, you'll be taken to the "Deposit" page but you can go anywhere else from there. I went to Transaction History and then downloaded all transactions for Period = Latest Tax Year. (If there are >5000 items then you'll have to split the time range).
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Post by greenstar on Dec 28, 2020 7:29:06 GMT
Good thinking ceejay and thanks for the tip........
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aju
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Post by aju on Dec 28, 2020 12:14:22 GMT
You could just put 10p into each invest account and then you will have access I guess. Thing is even if you don't have access RS will still duty bound to supply tax information to you - I think - if not then they should be. The other thing is if they find that they have made an error in the past that has only come to light then that would also need to be flagged for tax reasons as well - again i'm assuming as the company would have to have tax data going back at least 6 years wouldn't they?
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ceejay
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Post by ceejay on Dec 28, 2020 13:52:36 GMT
You could just put 10p into each invest account and then you will have access I guess. Thing is even if you don't have access RS will still duty bound to supply tax information to you - I think - if not then they should be. The other thing is if they find that they have made an error in the past that has only come to light then that would also need to be flagged for tax reasons as well - again i'm assuming as the company would have to have tax data going back at least 6 years wouldn't they? There are three or four bold assumptions just in that one paragraph. All I said was that I prefer not to make any! Each to his own, though, it's a free country (allegedly).
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aju
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Post by aju on Dec 28, 2020 14:32:33 GMT
You could just put 10p into each invest account and then you will have access I guess. Thing is even if you don't have access RS will still duty bound to supply tax information to you - I think - if not then they should be. The other thing is if they find that they have made an error in the past that has only come to light then that would also need to be flagged for tax reasons as well - again i'm assuming as the company would have to have tax data going back at least 6 years wouldn't they? There are three or four bold assumptions just in that one paragraph. All I said was that I prefer not to make any! Each to his own, though, it's a free country (allegedly). I'm not sure they are assumptions rather suggestions that may or may not work. You are right about the free country bit and to be honest allegedly is probably a gross understatement in that too. There is potentially another issue in that the HMRC considers its down to the investor to provide correct and accurate information not RS or anyone else for that matter. In the event that RS or others do not supply the information HMRC will still be on my back not RS or anyone else. I would have thought that RS would have to supply the relevant detail to the HMRC like banks do - it's the reason I don't have to fill out tax forms rather I just tell HMRC my projections for each year and they can double check at the end whether they were correct - recently I downgraded my projections as we are moving more investments to Mrs Aju only to reduce my tax burdon they were happy with my downgrade. Mrs Aju doesn't even tell them, well its me who does it on her behalf if needs be, but they keep marking her up as having paid the correct amount, she has, I checked it myself (She's quite easy though as they know all her incoming earnings. We might need more work when her state pension starts we'll address that when it arises.) I was trying to be helpful it's up to others to determine if it works for them not me or anyone else. Thanks for the vote of confidence in my suggestions though I'll take it on advisement that they may not be useful!. Edit: Just remembered I keep extensive records of all my incoming's especially taxables and conveniently my SP tax is paid through my Company Pension incoming's and with the banks we get cashback on that is not taxed at source (Hfx and others do this) then I usually ensure they know this stuff too. I usually get a reduction in tax payable and Mrs Aju usually gets a refund. (As Tesco says "Every little bit helps") Edit2: I would add that as long as one can at least log into the E/D account then using this link will go to the tax statements page. members.ratesetter.com/your_lending/tax_statement.aspxYou do have to be logged into the E/D page though but in google chrome latest just click on the link above and it will go to the relevant page. Works for me anyway. Edit3: (Yes I have nothing better to do at the moment) I notice also that on the Tax statement page there are some FAQ's one of which states ... I would assume this last facility would be valid even if you no longer had an account although I would also have thought RS might send this automatically if you no longer have an account anyway or as part of the closure procedure. That said I'm not sure that RS Tax statements are an end of tax year process only who knows?. They may even send them if one closed their account anyway.
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Post by oppsididitagain on Dec 29, 2020 8:58:50 GMT
Well, like a lot of other people I am now 100% out of RS. But here's a reminder: if you want to be able to do your tax return for this year (assuming you weren't entirely in ISA) then you might want to download a statement now. The Tax Statements are only there for completed tax years, and I for one don't want to make the assumption that my account will still be accessible in April. As an aside, when I went to log into my newly-zeroed account, the only button on offer at first was "Deposit Funds", which for some reason I didn't feel like doing, but don't be put off: click the button, you'll be taken to the "Deposit" page but you can go anywhere else from there. I went to Transaction History and then downloaded all transactions for Period = Latest Tax Year. (If there are >5000 items then you'll have to split the time range). Are you not able to access the 'Tax statement' button under transaction history ? This should have access to a PDF doc for year 18/19. and 19/20. Obvs the 20/21 Statement will not be produced sometime after April 2021 If its not available online I would contact RS as I'm pretty sure its a legal requirement to give you access to this.
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ceejay
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Post by ceejay on Dec 29, 2020 11:33:15 GMT
Well, like a lot of other people I am now 100% out of RS. But here's a reminder: if you want to be able to do your tax return for this year (assuming you weren't entirely in ISA) then you might want to download a statement now. The Tax Statements are only there for completed tax years, and I for one don't want to make the assumption that my account will still be accessible in April. As an aside, when I went to log into my newly-zeroed account, the only button on offer at first was "Deposit Funds", which for some reason I didn't feel like doing, but don't be put off: click the button, you'll be taken to the "Deposit" page but you can go anywhere else from there. I went to Transaction History and then downloaded all transactions for Period = Latest Tax Year. (If there are >5000 items then you'll have to split the time range). Are you not able to access the 'Tax statement' button under transaction history ? This should have access to a PDF doc for year 18/19. and 19/20. Obvs the 20/21 Statement will not be produced sometime after April 2021 If its not available online I would contact RS as I'm pretty sure its a legal requirement to give you access to this. I think you (and aju) have missed the point ... what makes you so sure that the Ratesetter website will still be accessible come April?
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aju
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Post by aju on Dec 29, 2020 11:47:13 GMT
Are you not able to access the 'Tax statement' button under transaction history ? This should have access to a PDF doc for year 18/19. and 19/20. Obvs the 20/21 Statement will not be produced sometime after April 2021 If its not available online I would contact RS as I'm pretty sure its a legal requirement to give you access to this. I think you (and aju ) have missed the point ... what makes you so sure that the Ratesetter website will still be accessible come April? I don't think either of us have missed the point it doesn't really matter if the site is available i'm pretty sure that RS as a company will have to be contactable in some form so that lenders can get their relevant TAX statements. I'm not sure if it's a legal requirement but I'd be surprised if it wasn't. Metro probably wouldn't want to be associated with the fall out either. If RS is closed down at some point before the end of a Tax year then they are probably going to send them as part of hte "We are closing your account" letters. I'm not planning to close my accounts in RS at the present - I still have some funds anyway - but if they do I myself will be on their back in anyway possible if I do not have the information that is my legal right to have. Whilst I may not always agree with RS at times I still think they are on the whole a reputable company, Metro is a bank and will be even more so I believe. The regulators will be busy if this is not dealt with in a proper manner. (I will be ok either way as I download my statement data every month anyway, if it looks like they will be closing down they will presumably have to give notice as such anyway) I have asked RS a question a day or so ago regarding the availability of this information going forward and I'll report what they say. Edit: Both myself and Mrs Aju are get monthly statements by eMail too so I'm sure the HMRC would accept them in absence of a RS tax statement - not sure how they will line up with specific Tax dates though but it will be pennies in my case anyway and the Taxman is not been that fussy for our small returns in the scheme of things!. (I just need to make sure I have them still - my personal spreadsheet management for RS has this info so I may have forgotten to file them after checking the first few months of my system but I should still have them in my email store. )
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Post by oppsididitagain on Dec 29, 2020 12:22:41 GMT
I think you (and aju ) have missed the point ... what makes you so sure that the Ratesetter website will still be accessible come April? I don't think either of us have missed the point it doesn't really matter if the site is available i'm pretty sure that RS as a company will have to be contactable in some form so that lenders can get their relevant TAX statements. I'm not sure if it's a legal requirement but I'd be surprised if it wasn't. Metro probably wouldn't want to be associated with the fall out either. If RS is closed down at some point before the end of a Tax year then they are probably going to send them as part of hte "We are closing your account" letters. I'm not planning to close my accounts in RS at the present - I still have some funds anyway - but if they do I myself will be on their back in anyway possible if I do not have the information that is my legal right to have. Whilst I may not always agree with RS at times I still think they are on the whole a reputable company, Metro is a bank and will be even more so I believe. The regulators will be busy if this is not dealt with in a proper manner. (I will be ok either way as I download my statement data every month anyway, if it looks like they will be closing down they will presumably have to give notice as such anyway) I have asked RS a question a day or so ago regarding the availability of this information going forward and I'll report what they say. What makes you think they won't be around in April ? Either way, if the aren't - then I cant disclose my interest earnt to HMRC :-) and there is not proof I ever learnt it :-) FYI - Lendy and money thing who both are closed/shut/in trouble. you can still access the website and see whats going on .. I think I have missed your point, im not worried about RS TBH.
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aju
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Post by aju on Dec 29, 2020 12:58:18 GMT
I don't think either of us have missed the point it doesn't really matter if the site is available i'm pretty sure that RS as a company will have to be contactable in some form so that lenders can get their relevant TAX statements. I'm not sure if it's a legal requirement but I'd be surprised if it wasn't. Metro probably wouldn't want to be associated with the fall out either. If RS is closed down at some point before the end of a Tax year then they are probably going to send them as part of hte "We are closing your account" letters. I'm not planning to close my accounts in RS at the present - I still have some funds anyway - but if they do I myself will be on their back in anyway possible if I do not have the information that is my legal right to have. Whilst I may not always agree with RS at times I still think they are on the whole a reputable company, Metro is a bank and will be even more so I believe. The regulators will be busy if this is not dealt with in a proper manner. (I will be ok either way as I download my statement data every month anyway, if it looks like they will be closing down they will presumably have to give notice as such anyway) I have asked RS a question a day or so ago regarding the availability of this information going forward and I'll report what they say. What makes you think they won't be around in April ?
Either way, if the aren't - then I cant disclose my interest earnt to HMRC :-) and there is not proof I ever learnt it :-)FYI - Lendy and money thing who both are closed/shut/in trouble. you can still access the website and see whats going on .. I think I have missed your point, im not worried about RS TBH. 1. I'm not sure but it might have something to do with the rate that people are being paid up perhaps when the queue is finished it may well be that more people see the writing on the wall (Covid wise as well as Metro Wise). I know this recent sped is as a result of RS having sold a large amount recently to another company. Thing is though it may well be that RS will be trying to close things up as quickly as Metro wants them to as well considering Metro only wants RS for its capability not its loans book. 2. I see your smileys but for anyone wathching I'm not sure that HMRC will be overly concerned that you don't have the necessary records to be able to sort your tax liabilities - I'm not a tax accountant but just a quick glance at the self assessment rules in this area if the HMRC wants your tax to be sorted then its expecting you to have records. You have them to a degree at present its why ceejay suggested you should make a copy if you can. Print it to pdf perhaps. A simpler was it to take the monthly email statements already received and just adjust for the few days either side that they overlap the tax dates.
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Greenwood2
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Post by Greenwood2 on Dec 29, 2020 13:54:25 GMT
I thought RS were just ceasing P2P business, but would continue to offer loans directly as a trading name (or whatever) of Metro. If the RS name did disappear I'm sure Metro would have access to all the RS information. And I'm pretty sure it will be obligatory for RS/Metro to keep HMRC informed of interest paid to P2P lenders. If the information you give HMRC is pretty close to the information they get from RS/Metro it won't be a problem, if it's out by a significant amount they may ask you to explain the discrepancy.
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aju
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Post by aju on Dec 29, 2020 14:57:36 GMT
I thought RS were just ceasing P2P business, but would continue to offer loans directly as a trading name (or whatever) of Metro. If the RS name did disappear I'm sure Metro would have access to all the RS information. And I'm pretty sure it will be obligatory for RS/Metro to keep HMRC informed of interest paid to P2P lenders. If the information you give HMRC is pretty close to the information they get from RS/Metro it won't be a problem, if it's out by a significant amount they may ask you to explain the discrepancy. That's interesting, do P2P companies have to supply this info to HMRC at the present there are no P2P sections on the forms I or Mrs Aju have seen but to be fair we've probably not earnt that much from P2P for the HMRC to be that interested though. HMRC knows when I declare it and they have never stated I got it wrong and I have been declaring it by simple letter to them for quite some years now. I've presented the info to them online - not by self assessment though. Not sure what happens for 2020/21 period though as I have picked up the NSP as well as a company pension. My Tax online sections all declare that I have paid the correct amount for the last periods available 2018/19 and 2019/20. I have corrected things with them when I needed to mostly by letter detailing all my savings and investments - Shares, p2p etc. They have never requested that I need to do a self assessment yet. To my knowledge they have used the previous years to estimate the current years but when I tell them online (again just a notify box) they have just accepted my details and adjusted the figures accordingly in Mrs aju's case usually her favour in mine usually increases payment when they know my P2P. Tyhis year due to a number of restructuring to push more interest towards Mrs Aju and the reduced interest due to banks and p2p rates dropping and moving funds around the interest was too high in my case I supplied the relevant changes letter and they just adjusted it. In Mrs Aju's case we had to fill out an R40 form for her interest to be taxed correctly as she does not even use her allowance even for her Work Pension. In all that time I was not aware that they were receiving interest from the P2P organisations I have used. Perhaps they are!
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Greenwood2
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Post by Greenwood2 on Dec 29, 2020 15:25:25 GMT
I thought RS were just ceasing P2P business, but would continue to offer loans directly as a trading name (or whatever) of Metro. If the RS name did disappear I'm sure Metro would have access to all the RS information. And I'm pretty sure it will be obligatory for RS/Metro to keep HMRC informed of interest paid to P2P lenders. If the information you give HMRC is pretty close to the information they get from RS/Metro it won't be a problem, if it's out by a significant amount they may ask you to explain the discrepancy. That's interesting, do P2P companies have to supply this info to HMRC at the present there are no P2P sections on the forms I or Mrs Aju have seen but to be fair we've probably not earnt that much from P2P for the HMRC to be that interested though. HMRC knows when I declare it and they have never stated I got it wrong and I have been declaring it by simple letter to them for quite some years now. I've presented the info to them online - not by self assessment though. Not sure what happens for 2020/21 period though as I have picked up the NSP as well as a company pension. My Tax online sections all declare that I have paid the correct amount for the last periods available 2018/19 and 2019/20. I have corrected things with them when I needed to mostly by letter detailing all my savings and investments - Shares, p2p etc. They have never requested that I need to do a self assessment yet. To my knowledge they have used the previous years to estimate the current years but when I tell them online (again just a notify box) they have just accepted my details and adjusted the figures accordingly in Mrs aju's case usually her favour in mine usually increases payment when they know my P2P. Tyhis year due to a number of restructuring to push more interest towards Mrs Aju and the reduced interest due to banks and p2p rates dropping and moving funds around the interest was too high in my case I supplied the relevant changes letter and they just adjusted it. In Mrs Aju's case we had to fill out an R40 form for her interest to be taxed correctly as she does not even use her allowance even for her Work Pension. In all that time I was not aware that they were receiving interest from the P2P organisations I have used. Perhaps they are! I posted on another thread somewhere that a few years ago I got investigated by HMRC for P2P interest (I made my own assumptions on write offs on one platform which I assume caught their attention). When I explained why I had declared what I had it was fine (after a bit of back and fore!) but in the course of the discussion they gave me the values they had received from several of the platforms, they didn't all agree exactly with what the platforms had given me, but not far off, so I know for certain they do get the figures from the platforms the same as they get Bank and Building Society figures. You declare it in a fairly obscure position on the form under a very unlikely option under other Income, it's in the guidance somewhere, I did my form a while ago and have already forgotten exactly where you have to put it, until next year. Edit: You don't actually declare the individual platforms just the total, so it's if your total looks wrong they may come back to you. Edit: From another thread, this is where you should put it: Additional Information under Other UK income, Interest from gilt-edged and other UK securities, deeply discounted securities and accrued income profits. Obvious really
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aju
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Post by aju on Dec 29, 2020 15:52:26 GMT
That's interesting, do P2P companies have to supply this info to HMRC at the present there are no P2P sections on the forms I or Mrs Aju have seen but to be fair we've probably not earnt that much from P2P for the HMRC to be that interested though. HMRC knows when I declare it and they have never stated I got it wrong and I have been declaring it by simple letter to them for quite some years now. I've presented the info to them online - not by self assessment though. Not sure what happens for 2020/21 period though as I have picked up the NSP as well as a company pension. My Tax online sections all declare that I have paid the correct amount for the last periods available 2018/19 and 2019/20. I have corrected things with them when I needed to mostly by letter detailing all my savings and investments - Shares, p2p etc. They have never requested that I need to do a self assessment yet. To my knowledge they have used the previous years to estimate the current years but when I tell them online (again just a notify box) they have just accepted my details and adjusted the figures accordingly in Mrs aju's case usually her favour in mine usually increases payment when they know my P2P. Tyhis year due to a number of restructuring to push more interest towards Mrs Aju and the reduced interest due to banks and p2p rates dropping and moving funds around the interest was too high in my case I supplied the relevant changes letter and they just adjusted it. In Mrs Aju's case we had to fill out an R40 form for her interest to be taxed correctly as she does not even use her allowance even for her Work Pension. In all that time I was not aware that they were receiving interest from the P2P organisations I have used. Perhaps they are! I posted on another thread somewhere that a few years ago I got investigated by HMRC for P2P interest (I made my own assumptions on write offs on one platform which I assume caught their attention). When I explained why I had declared what I had it was fine (after a bit of back and fore!) but in the course of the discussion they gave me the values they had received from several of the platforms, they didn't all agree exactly with what the platforms had given me, but not far off, so I know for certain they do get the figures from the platforms the same as they get Bank and Building Society figures. You declare it in a fairly obscure position on the form under a very unlikely option under other Income, it's in the guidance somewhere, I did my form a while ago and have already forgotten exactly where you have to put it, until next year. Edit: You don't actually declare the individual platforms just the total, so it's if your total looks wrong they may come back to you. Edit: From another thread, this is where you should put it: Additional Information under Other UK income, Interest from gilt-edged and other UK securities, deeply discounted securities and accrued income profits. Obvious really That's useful to know - in my case I have been doing it online (Very simple options if you ask me) and by letter in the past. Online they state what they think it might be and i query it. Like you I have memory like a seive but I can't locate what I did this last time. I think they had assumed I would having the same for 2019/20 as was 2018/19 and added 5/10% on - well that's what it looked like. I think there was an option amongst the details that asked if anything not right and then that asked me what was not right and I explained my change in interest, reworking of investments etc. I think I gave them my estimate of the amounts and they changed it the following month. Looked pretty close and at the end I think it was estimated again for the 2020/21 and the savings rates reductions gave me more things to advice them of.
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ilmoro
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Post by ilmoro on Dec 29, 2020 15:54:20 GMT
I thought RS were just ceasing P2P business, but would continue to offer loans directly as a trading name (or whatever) of Metro. If the RS name did disappear I'm sure Metro would have access to all the RS information. And I'm pretty sure it will be obligatory for RS/Metro to keep HMRC informed of interest paid to P2P lenders. If the information you give HMRC is pretty close to the information they get from RS/Metro it won't be a problem, if it's out by a significant amount they may ask you to explain the discrepancy. That's interesting, do P2P companies have to supply this info to HMRC at the present there are no P2P sections on the forms I or Mrs Aju have seen but to be fair we've probably not earnt that much from P2P for the HMRC to be that interested though. HMRC knows when I declare it and they have never stated I got it wrong and I have been declaring it by simple letter to them for quite some years now. I've presented the info to them online - not by self assessment though. Not sure what happens for 2020/21 period though as I have picked up the NSP as well as a company pension. My Tax online sections all declare that I have paid the correct amount for the last periods available 2018/19 and 2019/20. I have corrected things with them when I needed to mostly by letter detailing all my savings and investments - Shares, p2p etc. They have never requested that I need to do a self assessment yet. To my knowledge they have used the previous years to estimate the current years but when I tell them online (again just a notify box) they have just accepted my details and adjusted the figures accordingly in Mrs aju's case usually her favour in mine usually increases payment when they know my P2P. Tyhis year due to a number of restructuring to push more interest towards Mrs Aju and the reduced interest due to banks and p2p rates dropping and moving funds around the interest was too high in my case I supplied the relevant changes letter and they just adjusted it. In Mrs Aju's case we had to fill out an R40 form for her interest to be taxed correctly as she does not even use her allowance even for her Work Pension. In all that time I was not aware that they were receiving interest from the P2P organisations I have used. Perhaps they are! HMRC gets info from the P2P companies, they say as much in the guidance, and AIUI actually receive the net income figure for the platform ie including any platform determined loss relief. Thats why if you are only offsetting losses against the same platform there is no requirement to complete self assessment, the relief will be given automatically as the platform has informed them what they have declared as irrecoverable. If you are claiming sideways (ie offsetting income for other platforms) or carried forward relief then a tax return is required. The majority of taxpayers on here I suspect would need to do a tax return
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