Post by nick on Oct 19, 2021 16:37:46 GMT
Just when I thought I could forget ever that I ever invested in FO (having taken 12+ months and countless calls to get my money out) I've noticed that their tax statements have a systemic error which results in the general overstatement of interest reported earned in any given year. The annual summary pulls all interest for each "investment" that was active during the selected tax year. However, it pulls all interest for these investments including interest received in prior periods if the investments were created earlier than the current tax year! I only noticed this year as all my investments were pending withdrawal last year, yet I was showing a large interest earnt figure for 2020-21 (as most of my investments had been active in 2019/20 and report was pulling all interest from prior years).
You can check you have a problem by adding up interest earnt per all your annual tax summaries and comparing this with total interest earnt as reported under "Returntodate" in the "event history" page or from summing all interest earnt as reported in your investment summary. Fortunately, it is straight forward to calculate what the correct interest figure should be for each tax year by reviewing interest for each investment listed in the summary and deducting the interest reported in the prior year.
I've reported the issue to FO, but I don't expect a prompt fix (or even any fix) given my experience of them - hence the warning here to help others potentially over paying tax. Fortunately in my case the over statements in prior years were not too large (well not large enough for me to file amendments) and I picked up the large overstatement for this tax year.
You can check you have a problem by adding up interest earnt per all your annual tax summaries and comparing this with total interest earnt as reported under "Returntodate" in the "event history" page or from summing all interest earnt as reported in your investment summary. Fortunately, it is straight forward to calculate what the correct interest figure should be for each tax year by reviewing interest for each investment listed in the summary and deducting the interest reported in the prior year.
I've reported the issue to FO, but I don't expect a prompt fix (or even any fix) given my experience of them - hence the warning here to help others potentially over paying tax. Fortunately in my case the over statements in prior years were not too large (well not large enough for me to file amendments) and I picked up the large overstatement for this tax year.