pom
Member of DD Central
Posts: 1,922 
Likes: 1,244
|
Post by pom on Apr 5, 2016 13:52:48 GMT
So I've started downloading my tax statements already where they're available - and 10/10 to lendingcrowd that they ARE. However they've (incorrectly) put bonuses under taxable...every other platform excludes them (provided they're an incentive from the platform not the borrowers). Makes a big difference after those joining bonuses..... Edit: thanks ablender |
|
ablender
Member of DD Central
Posts: 2,204 
Likes: 555
|
Post by ablender on Apr 5, 2016 14:46:11 GMT
I think you meant from the borrowers (instead of from the lenders).
|
|
jimbob
Member of DD Central
Posts: 317
Likes: 74
|
Post by jimbob on Apr 5, 2016 15:23:31 GMT
So I've started downloading my tax statements already where they're available - and 10/10 to lendingcrowd that they ARE. However they've (incorrectly) put bonuses under taxable...every other platform excludes them (provided they're an incentive from the platform not the borrowers). Makes a big difference after those joining bonuses..... Edit: thanks ablender Haha Yes, I think at least S* M* should be in bad debt too, perhaps G*F* also.
|
|
ablender
Member of DD Central
Posts: 2,204
Likes: 555
|
Post by ablender on Apr 5, 2016 16:02:58 GMT
As things are going, I see LC to be in bad debts. (at least in my books)
|
|
jimbob
Member of DD Central
Posts: 317
Likes: 74
|
Post by jimbob on Apr 5, 2016 16:16:21 GMT
As things are going, I see LC to be in bad debts. (at least in my books) "Proceedings are in course against both the Company and the Director (Guarantor). " "Company has ceased trading" I'm going to consider those bad debts for tax purposes ! Overall Lending Crowd has done very very nicely for me, so don't mind too much 
|
|
grahamg
Member of DD Central
Posts: 220
Likes: 62
|
Post by grahamg on Apr 5, 2016 18:28:31 GMT
So I've started downloading my tax statements already where they're available - and 10/10 to lendingcrowd that they ARE. However they've (incorrectly) put bonuses under taxable...every other platform excludes them (provided they're an incentive from the platform not the borrowers). Makes a big difference after those joining bonuses..... Edit: thanks ablender Another reason that it should not be there is that we have not earned it yet I can't withdraw it and they can still take it away. Its not fixed until the promotion period ends.
|
|
ablender
Member of DD Central
Posts: 2,204
Likes: 555
|
Post by ablender on Apr 5, 2016 21:20:16 GMT
lendingcrowd Can you please comment on the inclusion of the £100 promotion in the taxable income, especially considering that it can be taken back?
|
|
pom
Member of DD Central
Posts: 1,922
Likes: 1,244
|
Post by pom on Apr 5, 2016 21:29:52 GMT
lendingcrowd Can you please comment on the inclusion of the £100 promotion in the taxable income, especially considering that it can be taken back? It's more than that if we've been signed up by existing members or signed others up...
|
|
ablender
Member of DD Central
Posts: 2,204
Likes: 555
|
Post by ablender on Apr 6, 2016 7:34:04 GMT
I rung them a few minutes ago. Actually I was not aware that it was so early. I left a message with a lady and she said someone will ring me back.
|
|
stevio
Member of DD Central
Posts: 2,065
Likes: 894
|
Post by stevio on Apr 6, 2016 7:49:32 GMT
I rung them a few minutes ago. Actually I was not aware that it was so early. I left a message with a lady and she said someone will ring me back. Can you ask her to call us all lol
|
|
|
|
Post by ydobon on Apr 6, 2016 8:01:47 GMT
I was also confused by both the absence of bad debt (I'm receiving regular updates about at least one dud) and the fact that they've included a tied bonus that I can't spend/withdraw as taxable income.
Downloading tax statements for 6-7 platforms has been an interesting experience, so far RS is my favourite as it's a single (correct) line.
If LC have a representative posting on this forum, an update would be appreciated, this is the only outstanding item for me before I can declare my untaxed income.
|
|
adrianc
Member of DD Central
Posts: 8,948
Likes: 4,787
|
Post by adrianc on Apr 6, 2016 10:12:51 GMT
As things are going, I see LC to be in bad debts. (at least in my books) "Proceedings are in course against both the Company and the Director (Guarantor). " "Company has ceased trading" I'm going to consider those bad debts for tax purposes ! Definitely not! They aren't irrecoverable yet. The proceedings against the guarantor should see them stand up to their guarantee and repay some/all of the money. Just look at any of a squillion Finalising Courtcases brought by other platforms on their defaulted loans. The platform I might be thinking of even have a separate section in their summary for post-default recoveries.
|
|
jimbob
Member of DD Central
Posts: 317
Likes: 74
|
Post by jimbob on Apr 6, 2016 11:27:35 GMT
"Proceedings are in course against both the Company and the Director (Guarantor). " "Company has ceased trading" I'm going to consider those bad debts for tax purposes ! Definitely not! They aren't irrecoverable yet. The proceedings against the guarantor should see them stand up to their guarantee and repay some/all of the money. Just look at any of a squillion Finalising Courtcases brought by other platforms on their defaulted loans. The platform I might be thinking of even have a separate section in their summary for post-default recoveries. Yeah but that allowance kicks in next year, and I'm a small player 
|
|
adrianc
Member of DD Central
Posts: 8,948
Likes: 4,787
|
Post by adrianc on Apr 6, 2016 11:59:13 GMT
If you're a small player, then unless you've been monumentally daft in your (lack of) diversification, then the effect will be minimal anyway - so even less point in claiming for things you shouldn't be claiming for.
|
|
LittleBear
Member of DD Central
Posts: 98
Likes: 76
|
Post by LittleBear on Apr 7, 2016 9:40:56 GMT
|
|
