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Post by ablrate on Jun 7, 2016 16:37:08 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. Hi It is not as simple as it may first appear... but we are on with it. The admin section deals with it nicely, it is a case of moving over the code and some tweaks. We are on it. .. and the developers... I have been warned elsewhere on this... so suffice to say... 'You may say that, I couldn't possibly comment'
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mickj
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Post by mickj on Jun 23, 2016 18:58:20 GMT
Just had a missive from HM Revenue & Customs, my Tax Calculation for 2015/2016. I have a figure I can use but think it would be nice to be able to click something on the web site to make it easier. Any news on how this is coming along?
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dawn
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Post by dawn on Jun 23, 2016 20:10:05 GMT
Just had a missive from HM Revenue & Customs, my Tax Calculation for 2015/2016. I have a figure I can use but think it would be nice to be able to click something on the web site to make it easier. Any news on how this is coming along? I sent them an email asking for a tax statement last night - early today I had a reply with the appropriate statement. They may not be able to do it through the website yet but they are very quick and helpful if you contact them direct.
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unmadem
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Post by unmadem on Jun 24, 2016 15:47:33 GMT
Yes they (i.e. Philip) are helpful. However the production of the tax certificate involves human judgement and calculation due to various historic corrections to interest payments and to instant investments. There were a number of errors in mine, so be aware.
They really need to sort this out once and for all and make the necessary adjustments to the database in order to allow this to be automated. Everyone at Ablrate seems to agree but the situation has lasted across 2 tax years (so far).
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mickj
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Post by mickj on Jun 29, 2016 10:22:25 GMT
Just had a missive from HM Revenue & Customs, my Tax Calculation for 2015/2016. I have a figure I can use but think it would be nice to be able to click something on the web site to make it easier. Any news on how this is coming along? I sent them an email asking for a tax statement last night - early today I had a reply with the appropriate statement. They may not be able to do it through the website yet but they are very quick and helpful if you contact them direct. Thanks Dawn, Super quick and unexpected reply from Philip on Sunday evening, I am sorted now - but would like to see a download link from the website for next year.......... would save Philip some work as well.
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stevio
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Post by stevio on Jul 12, 2016 17:19:44 GMT
Any ideas how to work out the tax for a company investing through Ablrate?
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SteveT
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Post by SteveT on Jul 12, 2016 17:47:33 GMT
Any ideas how to work out the tax for a company investing through Ablrate? It depends slightly on the accounting policy your company has adopted but it can be as simple as: 1) add up the value of your account at the end of the company tax year (live loans + live bids + available cash) 2) calculate your net cash stake in the platform (total cash deposits minus total cash withdrawals) 3) deduct the latter from the former to arrive at your trading profit.
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stevio
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Post by stevio on Jul 12, 2016 20:40:44 GMT
Any ideas how to work out the tax for a company investing through Ablrate? It depends slightly on the accounting policy your company has adopted but it can be as simple as: 1) add up the value of your account at the end of the company tax year (live loans + live bids + available cash) 2) calculate your net cash stake in the platform (total cash deposits minus total cash withdrawals) 3) deduct the latter from the former to arrive at your trading profit. Thanks Stevet The question I should have asked is there any differences in working out the tax liability for a company for different platforms?
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SteveT
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Post by SteveT on Jul 12, 2016 20:48:15 GMT
Not really. Any "income" you receive (be it from interest, cashback, SM trading, etc) minus any "costs" you incur (fees, bad debts, etc) gives you your net profit.
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stevio
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Post by stevio on Jul 12, 2016 20:54:55 GMT
Thanks, it will be my first year working out P2P tax for the business, so I am glad it seems quite straight forward and similar despite different platforms
One question, generally cash back isn't seen as taxable for an individual, but this would be taxable for a business?
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nick
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Post by nick on Jul 12, 2016 22:07:14 GMT
Thanks, it will be my first year working out P2P tax for the business, so I am glad it seems quite straight forward and similar despite different platforms One question, generally cash back isn't seen as taxable for an individual, but this would be taxable for a business? Yes, under UK generally accepted accounting practices cash back will be taxable as income as part of the trade. Another point, interest should really be recognised on an accrued basis rather than paid basis (unlike income tax on an individual in most cases). However, if accrued interest amounts are unlikely to be significant, you could ignore it on the basis that they are immaterial.
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goopy
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Post by goopy on Aug 11, 2016 12:24:40 GMT
This lack of tax statement is really starting to be a pain. I now need to prove my monthly income for a visa application, all of the other P2P sites I use have a tax statement which can be manipulated to show monthly, bi monthly or whatever you want, on this site I can't even export to XL!! I know this may sound churlish but if I can't show a monthly income from this site I may be forced to invest my money on a site where I can.
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jonah
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Post by jonah on Aug 11, 2016 20:25:42 GMT
This lack of tax statement is really starting to be a pain. I now need to prove my monthly income for a visa application, all of the other P2P sites I use have a tax statement which can be manipulated to show monthly, bi monthly or whatever you want, on this site I can't even export to XL!! I know this may sound churlish but if I can't show a monthly income from this site I may be forced to invest my money on a site where I can. Send them an email... I got mine next day.
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