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Post by ablrate on Apr 11, 2016 9:38:51 GMT
Hi Guys We are working on the tax reporting solution and I am sorry we haven't been able to get it out yet. The solution is is on our back end at the moment (hence doing manual reports) and I have attached a redacted screenshot of a test account. This will be mirrored into the front end along with a function to PDF into a tax report / Excel dump the data for your own platform reports and. We also aim to be able to use it to produce custom reports on the dashboard. Again, sorry for the inconvenience, and I appreciate it doesn't help now, but we are working to get it done and will do manual reports for anyone who requests.
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blender
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Post by blender on Apr 11, 2016 13:09:02 GMT
Hi Guys We are working on the tax reporting solution and I am sorry we haven't been able to get it out yet. The solution is is on our back end at the moment (hence doing manual reports) and I have attached a redacted screenshot of a test account. This will be mirrored into the front end along with a function to PDF into a tax report / Excel dump the data for your own platform reports and. We also aim to be able to use it to produce custom reports on the dashboard. Again, sorry for the inconvenience, and I appreciate it doesn't help now, but we are working to get it done and will do manual reports for anyone who requests. That looks a very useful facility if I understand that it will enable us to analyse our transactions and provide reports of different account items over a given period. I would love that from FC (where my transactions disappear half way though the month). But we asked for a tax statement and we get a tax reporting solution, which I think is not a tax statement. All we income tax payers need for 2015-6 (and not yet) is a statement from Albrate of our taxable income in the year. I don't see that, unless I have misunderstood. It seems rather like asking Father Christmas for a toy crane, and he leaves you a Meccano set without an instruction book.
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Post by meledor on Apr 11, 2016 15:10:31 GMT
If Ablrate produce a summary by transaction types for a configurable date range with the ability to download all the transaction detail into excel then that should be enough. It is what other platforms like Saving Stream do.
There are different understandings about the tax treatment of instant returns for instance and Ablrate have repeatedly said that it will not give an opinion on tax treatment. If we have all the information then we can make own judgement.
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blender
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Post by blender on Apr 11, 2016 20:42:40 GMT
If Ablrate produce a summary by transaction types for a configurable date range with the ability to download all the transaction detail into excel then that should be enough. It is what other platforms like Saving Stream do.
There are different understandings about the tax treatment of instant returns for instance and Ablrate have repeatedly said that it will not give an opinion on tax treatment. If we have all the information then we can make own judgement. Sorry but I disagree. There should be no different understandings about what is taxable income for income tax purposes. It does not depend on the individual lender, and should not require the consumer-lender to undertake such calculations, even if they feel qualified to do that. What is taxable income for income tax purposes is a function of the loans made and the way they are managed on the platform, and I believe that the platform should resolve any issues with tax accountants and HMRC and should provide tax statements which lenders can use directly, the platform answering for the number. Otherwise the use of the platform should be limited to sophisticated investors who understand that they must either be qualified to decide tax issues which the platform finds too difficult and be willing to do the sums, or to employ a tax accountant to submit their returns. I don't use SS but am happy with the tax statement provided by FC. It is surely quite a problem that a P2P operator does not know the income tax treatment applicable to the service offered. That is rather different from not wishing to give personal tax advice.
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rogerbu
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Post by rogerbu on Apr 12, 2016 17:35:15 GMT
Hi Guys We are working on the tax reporting solution and I am sorry we haven't been able to get it out yet. The solution is is on our back end at the moment (hence doing manual reports) and I have attached a redacted screenshot of a test account. This will be mirrored into the front end along with a function to PDF into a tax report / Excel dump the data for your own platform reports and. We also aim to be able to use it to produce custom reports on the dashboard. Again, sorry for the inconvenience, and I appreciate it doesn't help now, but we are working to get it done and will do manual reports for anyone who requests. That looks a very useful facility if I understand that it will enable us to analyse our transactions and provide reports of different account items over a given period. I would love that from FC (where my transactions disappear half way though the month). But we asked for a tax statement and we get a tax reporting solution, which I think is not a tax statement. All we income tax payers need for 2015-6 (and not yet) is a statement from Albrate of our taxable income in the year. I don't see that, unless I have misunderstood. It seems rather like asking Father Christmas for a toy crane, and he leaves you a Meccano set without an instruction book. I disagree about the 'and not yet' above. The tax man owes me over £8K, so I want to submit my Self Assessment Tax Return ASAP. The @ablerate missing tax statement is my only outstanding figure
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james
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Post by james on Apr 13, 2016 12:47:21 GMT
I disagree about the 'and not yet' above. The tax man owes me over £8K, so I want to submit my Self Assessment Tax Return ASAP. The @ablerate missing tax statement is my only outstanding figure The tax man is entirely happy to take estimated amounts. No need to wait.
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rogerbu
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Post by rogerbu on Apr 13, 2016 13:00:53 GMT
I disagree about the 'and not yet' above. The tax man owes me over £8K, so I want to submit my Self Assessment Tax Return ASAP. The @ablerate missing tax statement is my only outstanding figure The tax man is entirely happy to take estimated amounts. No need to wait. Yup. Already done, but I would still prefer to have the correct figure from @ablerate ASAP
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stevio
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Post by stevio on Apr 16, 2016 18:22:11 GMT
The tax man is entirely happy to take estimated amounts. No need to wait. Yup. Already done, but I would still prefer to have the correct figure from @ablerate ASAP Did you include instant returns and accrued interest as interest in your estimate?
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rogerbu
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Post by rogerbu on Apr 17, 2016 10:39:06 GMT
Yup. Already done, but I would still prefer to have the correct figure from @ablerate ASAP Did you include instant returns and accruedjk interest as interest in your estimate? a That is the reason I want @ablerate's official tax statement. Ablerate is the expert here as it is their system approved by their tax accountants. A search facility will not be enough.
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pikestaff
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Post by pikestaff on Apr 18, 2016 9:57:24 GMT
...There should be no different understandings about what is taxable income for income tax purposes... ... am happy with the tax statement provided by FC....Dfferent lenders will be subject to different rules depending on (among other things) their tax residence; whether or not they are lending through a company; and whether or not they are traders. The very best one could hope for is a tax statement prepared on the assumption that the lender is a UK resident individual who is not a trader, with a bold statement that it won't be suitable for anyone else. But, even then, there are one or two areas of genuine uncertainty. As far as FC's tax statements are concerned, the basis on which they recognise loan losses does not remotely comply with the old CGT rules and it may not be consistent with the new income tax rules either.
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blender
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Post by blender on Apr 18, 2016 12:34:51 GMT
...There should be no different understandings about what is taxable income for income tax purposes... ... am happy with the tax statement provided by FC....Dfferent lenders will be subject to different rules depending on (among other things) their tax residence; whether or not they are lending through a company; and whether or not they are traders. The very best one could hope for is a tax statement prepared on the assumption that the lender is a UK resident individual who is not a trader, with a bold statement that it won't be suitable for anyone else. But, even then, there are one or two areas of genuine uncertainty. As far as FC's tax statements are concerned, the basis on which they recognise loan losses does not remotely comply with the old CGT rules and it may not be consistent with the new income tax rules either. I suggest that I am looking at the wood and you the trees, though what you say may well be true. I am interested in the case of a normal UK resident income tax payer, not ex-pats, incorporated companies (which do not pay income tax) or those who lend as a trade. For UK resident income tax payers, what is chargeable income does not vary by individual and should be a straight number generated by the platform. I am one such straightforward income tax payer, and we are not experts in taxation, nor do we wish to be, nor should we need to be. I was not saying that FC's tax statement is correct according to the tax code - I am not qualified and do not care much. CGT is now irrelevant because new losses are allowed against income tax and recoveries chargeable. FC give me a number and I report it - end of, really. That's what I expect from Ablrate. I will use the interest earned in the last 12 months figure until Ablrate provide a tax statement. It is gross interest received that I must declare, which that number seems to be. When it comes to distinctions between interest received from the borrower and payments from purchasers in consideration of rights to interest which I have accrued, then I am asked to work too hard. I prefer to waste my time as I please (contributing to this forum for example).
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alanp
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Post by alanp on Jun 1, 2016 11:21:19 GMT
ablrateandy - Hi Andy any update on the Tax Statement situation please? Thanks
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alanp
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Post by alanp on Jun 6, 2016 20:45:54 GMT
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Post by ablrate on Jun 7, 2016 9:51:37 GMT
Hi Guys We are able to do manual reports on request and are working on the admin section for users to access statements from their dashboard. We don't have an exact timing yet, but will update when we know exactly the timing. Regards Ablrate
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Post by manxfinch on Jun 7, 2016 15:51:34 GMT
Hi Andy
I really do like investing with AblRate, and I am very much looking forward to when you have more and larger loans on offer. However, if I stand back and consider it objectively, the lack of ability to provide an automated tax statement - despite months of anticipation and it being a pretty basic service component - is at the very least disappointing, and possibly a cause for some concern? As one of the 'converted', I am still (somewhat) okay about giving you the time you need to get this fixed. But others (newcomers and / or prospective investors) may be less understanding and less forgiving! Time to fire the Developers I think.
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