LittleBear
Member of DD Central
Posts: 98 
Likes: 76
|
Post by LittleBear on Jan 9, 2021 12:06:10 GMT
On my MT tax statement, in the section Defaults and Recoveries, there are now three lines: New Defaults, Capital Recovered and Crystallised losses. On previous tax returns, I submitted the figure
Total Interest Earned - New Defaults + Capital Recovered
Where do Crystallised losses fit into that equation, please? Are they previous defaults that have no hope of recovery and so I have already used the figure? Or is it a new loss that I can subtract in my sum above?
|
|
archie
Posts: 1,838 
Likes: 1,842
|
Post by archie on Jan 9, 2021 13:20:01 GMT
On my MT tax statement, in the section Defaults and Recoveries, there are now three lines: New Defaults, Capital Recovered and Crystallised losses. On previous tax returns, I submitted the figure Total Interest Earned - New Defaults + Capital Recovered Where do Crystallised losses fit into that equation, please? Are they previous defaults that have no hope of recovery and so I have already used the figure? Or is it a new loss that I can subtract in my sum above? it's a previous default with no hope of recovery. To see what it refers to see 'My Loans> Crystallised Losses'.
|
|
upland
Member of DD Central
Posts: 478
Likes: 175
|
Post by upland on May 8, 2021 16:01:50 GMT
So is it just there for information purposes and does not get into the tax return ?
|
|
ilmoro
Member of DD Central
'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
Posts: 10,848
Likes: 11,077
|
Post by ilmoro on May 8, 2021 16:17:50 GMT
So is it just there for information purposes and does not get into the tax return ? That would depend how you have treated the relevant loans previously. If you have claimed the losses already then you can't claim them again, if you haven't then it effectively gives you another chance.
|
|
upland
Member of DD Central
Posts: 478
Likes: 175
|
Post by upland on May 9, 2021 18:09:22 GMT
So is it just there for information purposes and does not get into the tax return ? That would depend how you have treated the relevant loans previously. If you have claimed the losses already then you can't claim them again, if you haven't then it effectively gives you another chance. Many thanks ilmoro. I seem to have a lot of messy stuff to account for with my p2p investments which is a great shame. So unlike 5 years ago when p2p was seeming to go somewhere.
|
|
|
|
Post by winger on Oct 17, 2021 8:57:30 GMT
So is it just there for information purposes and does not get into the tax return ? That would depend how you have treated the relevant loans previously. If you have claimed the losses already then you can't claim them again, if you haven't then it effectively gives you another chance. How can you work out 'how you have treated the loans previously'? The Tax Statement just has the 3 summary figures on it (for New defaults, Capital recovered & Crystallised losses) - there is no detail behind it.
|
|
archie
Posts: 1,838
Likes: 1,842
|
Post by archie on Oct 17, 2021 11:36:28 GMT
That would depend how you have treated the relevant loans previously. If you have claimed the losses already then you can't claim them again, if you haven't then it effectively gives you another chance. How can you work out 'how you have treated the loans previously'? The Tax Statement just has the 3 summary figures on it (for New defaults, Capital recovered & Crystallised losses) - there is no detail behind it. The records you kept when filling out your tax return. 
|
|
ilmoro
Member of DD Central
'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
Posts: 10,848
Likes: 11,077
|
Post by ilmoro on Oct 17, 2021 12:25:44 GMT
That would depend how you have treated the relevant loans previously. If you have claimed the losses already then you can't claim them again, if you haven't then it effectively gives you another chance. How can you work out 'how you have treated the loans previously'? The Tax Statement just has the 3 summary figures on it (for New defaults, Capital recovered & Crystallised losses) - there is no detail behind it. The platform should have supplied the net income position on the platform (taxable income + recoveries - defaults) to HMRC down to a net £0. Their internal records will know what has been claimed so as not to duplicate. Anything outside the basic platform position eg offsetting losses against another platform, carrying losses forward, claiming or not claiming losses outside the platform's determination, has to be done by the lender through self assessment and presumable records kept. For more detail, you would need to interrogate your loan book for dates on DEFAULT loans both those active and repaid. MT was straightforward in applying HMRC rules on losses so it is relatively easy.
|
|
