pip
Posts: 542
Likes: 725
|
Post by pip on May 20, 2016 13:01:21 GMT
Have now had a reply from LC - " We are still investigating this and have sought legal advice on this matter to clarify it finally.
I can only apologise for how long this has taken to sort out. "Any update on this, I cannot do my tax return until this is completed
|
|
pom
Member of DD Central
Posts: 1,922
Likes: 1,244
|
Post by pom on May 20, 2016 13:35:37 GMT
You can, you'll just have to tick the box that you've used provisional figures....and actually if you do it online you can easily update/re-submit any time up to a year after the deadline - I've had to do it a couple of times when I suddenly became aware of new information. Not that that gives LC any excuse for dragging their heels tho....
|
|
stevio
Member of DD Central
Posts: 2,065
Likes: 894
|
Post by stevio on May 20, 2016 14:07:48 GMT
You can, you'll just have to tick the box that you've used provisional figures....and actually if you do it online you can easily update/re-submit any time up to a year after the deadline - I've had to do it a couple of times when I suddenly became aware of new information. Not that that gives LC any excuse for dragging their heels tho.... Do you still get refunded any tax you've overpaid if submitting provisional figures? If you do, do you have to pay it back if revised figures mean you haven't overpaid?
|
|
pip
Posts: 542
Likes: 725
|
Post by pip on May 20, 2016 15:11:10 GMT
Pom you are right, however would prefer to get the tax return correct before submitting. In my experience if you make your tax return anything other than straightforward HMRC can't cope and you will get letters for months.
|
|
treeman
Member of DD Central
Posts: 1,026
Likes: 557
|
Post by treeman on May 20, 2016 15:23:56 GMT
I submitted my return a while ago as I was due a fair sized refund. I put down what I believed my LC taxable income was (ie including the bonuses as on the statement), with a note about provisional figures only being available, and that I would update my return if any variation came to light compared to my estimate. (made a similar comment re ABL as no Tax Statement is available......) Got the refund 5 days after submission, now earning me 12% ...... will see what LC finally decide then revise and cough up if necessary. <EDIT - see bold, got it totally ass-about-face. trying to do 3 things at once. Note to self - read wot u wrote b4 posting ............. >
|
|
pom
Member of DD Central
Posts: 1,922
Likes: 1,244
|
Post by pom on May 20, 2016 15:37:28 GMT
You can, you'll just have to tick the box that you've used provisional figures....and actually if you do it online you can easily update/re-submit any time up to a year after the deadline - I've had to do it a couple of times when I suddenly became aware of new information. Not that that gives LC any excuse for dragging their heels tho.... Do you still get refunded any tax you've overpaid if submitting provisional figures? If you do, do you have to pay it back if revised figures mean you haven't overpaid? Well if it's owed you'll definitely have to pay it but no idea on what the revised timings might be. Never yet used the provisional tick box myself (tho can't see I'm likely to escape it this year even tho some of my other paperwork won't turn up until the end of the quarter) and I've yet to end up eventually owing more - in my case it was sections I had to add in later because of stuff I hadn't been aware of - in one case my employer messed up on something and I was then due a refund (and they annoyingly/obligingly changed my tax code for the following year expecting it to happen again) which they repaid me pretty quickly. In the second it didn't make any difference to the amount of tax due and I've not heard anything (this was when I suddenly realised that even tho I didn't owe any CGT I still needed to include all the figures...ahem!). So you might get a temporary refund, but probably not a good idea to do that too often....
|
|
pip
Posts: 542
Likes: 725
|
Post by pip on May 20, 2016 16:31:00 GMT
I submitted my return a while ago as I was due a fair sized refund. I put down what I believed my LC taxable income was (ie without the bonuses), with a note about provisional figures only being available, and that I would update my return if any variation came to light compared to my estimate. (made a similar comment re ABL as no Tax Statement is available......) Got the refund 5 days after submission, now earning me 12% ...... will see what LC finally decide then revise and cough up if necessary. This is a REALLY REALLY bad idea. The FCA body is responsible for calculating your tax statement on their account, not you. You should ALWAYS submit the amounts on the tax statements and if not correct, you should be asking the institution to update the numbers before you submit your tax return. Yes you have up to the 31 Jan to correct your statement, but I can see no justification for your actions. You should have put the amount from the tax statement and mark as provisional if wrong, them resubmitted with the updated statement if it is released. Otherwise people would be getting huge refunds all the time by altering their own statements. You will get caught out when the FCA compares your submission vs the financial institutions.
|
|
treeman
Member of DD Central
Posts: 1,026
Likes: 557
|
Post by treeman on May 20, 2016 16:55:06 GMT
I submitted my return a while ago as I was due a fair sized refund. I put down what I believed my LC taxable income was (ie without the bonuses), with a note about provisional figures only being available, and that I would update my return if any variation came to light compared to my estimate. (made a similar comment re ABL as no Tax Statement is available......) Got the refund 5 days after submission, now earning me 12% ...... will see what LC finally decide then revise and cough up if necessary. This is a REALLY REALLY bad idea. The FCA body is responsible for calculating your tax statement on their account, not you. You should ALWAYS submit the amounts on the tax statements and if not correct, you should be asking the institution to update the numbers before you submit your tax return. Yes you have up to the 31 Jan to correct your statement, but I can see no justification for your actions. You should have put the amount from the tax statement and mark as provisional if wrong, them resubmitted with the updated statement if it is released. Otherwise people would be getting huge refunds all the time by altering their own statements. You will get caught out when the FCA compares your submission vs the financial institutions. Thanks for the comment pip. You are totally right. Note my edited post above. Been a long day ...........
|
|
alanp
Member of DD Central
Posts: 168
Likes: 72
|
Post by alanp on Jun 1, 2016 11:28:11 GMT
lendingcrowd - Hi, tried to download a statement and got the following error: The app.lendingcrowd.com page isn’t working app.lendingcrowd.com is currently unable to handle this request. HTTP ERROR 500 Have emailed it in via HELP pages and will try again later but looks like there might be a gremlin at work somewhere.
|
|
alanp
Member of DD Central
Posts: 168
Likes: 72
|
Post by alanp on Jun 7, 2016 11:21:54 GMT
Should have come back on this but forgot. Emailed customer services, response within 5 mins asking for OS & Browser details. Fixed by the following day. Good Service - well done lendingcrowd
|
|
awk
Posts: 275
Likes: 146
|
Post by awk on Jun 7, 2016 11:56:41 GMT
lendingcrowd - any update on the main issue? Most other P2P lenders report: all interest earnt reportable as interest, with platform fees NOT deductible (I don't like it, but it appears to be the current rules); bad debt as a capital loss (doesn't help me this year); but any general platform bonus/inducement not reportable to HRMC This is now the only thing stopping me from submitting my return, so some timeline would be much appreciated.
|
|
|
Post by GSV3MIaC on Jun 7, 2016 11:57:02 GMT
Have now had a reply from LC - " We are still investigating this and have sought legal advice on this matter to clarify it finally.
I can only apologise for how long this has taken to sort out. "Any update on this, I cannot do my tax return until this is completed It's been about 5 weeks now .. I really hope we might get an answer before 31/Jan/17, when we ALL need to have input our tax returns. 8>.
|
|
pom
Member of DD Central
Posts: 1,922
Likes: 1,244
|
Post by pom on Jul 6, 2016 16:52:12 GMT
Phoned them earlier in an attempt to maybe get more of an idea where they are with this as I now have all the other info I need to do my return. The person who answered was apparently from the wrong department and knew nothing about it....so hopefully he will succeed in getting someone to call me back before I actually get to that page ....
|
|
pom
Member of DD Central
Posts: 1,922
Likes: 1,244
|
Post by pom on Jul 7, 2016 16:55:05 GMT
Got an email from them today saying they've consulted various people and got conflicting advice, are consulting a lawyer and hope to have an answer for us early next week
|
|
awk
Posts: 275
Likes: 146
|
Post by awk on Jul 19, 2016 8:05:33 GMT
Got an email from them today saying they've consulted various people and got conflicting advice, are consulting a lawyer and hope to have an answer for us early next week Well, "next week" came and went ..... I just get the same response each time I call them. Has anyone heard anything different?
|
|