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Post by bracknellboy on Dec 29, 2020 16:38:27 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! 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 Based on the letter I received from HMRC 'querying' my "Investment Income", the figure they are getting from the platforms ain't that sophisticated. They are being given the Gross number not any net of losses number. This was for 18-19, hence why some raised eyebrows from HMRC regarding my return.
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ilmoro
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Post by ilmoro on Dec 29, 2020 16:47:40 GMT
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 Based on the letter I received from HMRC 'querying' my "Investment Income", the figure they are getting from the platforms ain't that sophisticated. They are being given the Gross number not any net of losses number. This was for 18-19, hence why some raised eyebrows from HMRC regarding my return. I was expecting that response as I rather suspected that the reality was different to the manual. Not sure how you can give relief automatically if you dont know about it ...
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Post by bracknellboy on Dec 29, 2020 18:02:21 GMT
Based on the letter I received from HMRC 'querying' my "Investment Income", the figure they are getting from the platforms ain't that sophisticated. They are being given the Gross number not any net of losses number. This was for 18-19, hence why some raised eyebrows from HMRC regarding my return. I was expecting that response as I rather suspected that the reality was different to the manual. Not sure how you can give relief automatically if you dont know about it ... and I should add to that then, there was no indication they even recognised those entries as being P2P....they were just lumped together with teh banks etc (including NS&I).
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aju
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Post by aju on Dec 29, 2020 18:18:44 GMT
After all that I got a let off from HMRC for 2019/20 according to www.gov.uk/check-if-you-need-tax-returnBit confusing for mere mortals such as myself but as long as you have the relevant info to hand you can get a report that suggests one may not need to send a tax return anyway. Of course some of the big players on here will be wasting their time probably but this does suggest they have the info they need or worse are not that interested in small bit players either. Mrs Aju probably will probably sail through too! Good job I split our shares and the like up otherwise I might have been caught out. The 2020/21 year will be even worse I feel.
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Greenwood2
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Post by Greenwood2 on Dec 29, 2020 22:45:26 GMT
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 Based on the letter I received from HMRC 'querying' my "Investment Income", the figure they are getting from the platforms ain't that sophisticated. They are being given the Gross number not any net of losses number. This was for 18-19, hence why some raised eyebrows from HMRC regarding my return. The figures I saw from HMRC did include losses declared by the platforms, or at least their figures reconciled with my figures including losses, fees etc (but not exactly to the pound).
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aju
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Post by aju on Dec 30, 2020 0:44:30 GMT
Based on the letter I received from HMRC 'querying' my "Investment Income", the figure they are getting from the platforms ain't that sophisticated. They are being given the Gross number not any net of losses number. This was for 18-19, hence why some raised eyebrows from HMRC regarding my return. The figures I saw from HMRC did include losses declared by the platforms, or at least their figures reconciled with my figures including losses, fees etc (but not exactly to the pound). Perhaps its the rounding issues that some p2p systems always seem to have problems with!
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aju
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Post by aju on Dec 30, 2020 15:47:23 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? ...<snipped> 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.
...<snipped> I've had the following response from RS customer services I did not ask how i would deal with this if RS no longer existed but I assume they will still be available way beyond even when they close their doors as Metro is not going to go anywhere, yet!.
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