jimbob
Member of DD Central
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Tax
Apr 5, 2016 15:40:26 GMT
Post by jimbob on Apr 5, 2016 15:40:26 GMT
In Tax year abcd, If person E has net payments of X, and bad debts of Y ( X > Y) might the theoretical tax due (X - Y)*0.2 if person E is on a marginal tax rate of 20% ?    |
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guff
Posts: 730
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Tax
Apr 5, 2016 15:42:02 GMT
Post by guff on Apr 5, 2016 15:42:02 GMT
I think you can only write bad debts off against CGT at the moment.
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jimbob
Member of DD Central
Posts: 317
Likes: 74
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Tax
Apr 5, 2016 15:49:35 GMT
Post by jimbob on Apr 5, 2016 15:49:35 GMT
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Tax
Apr 5, 2016 15:54:19 GMT
Post by GSV3MIaC on Apr 5, 2016 15:54:19 GMT
It depends what abcd is, since the rules just changed. Google is your friend (or forum search).
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min
Member of DD Central
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Tax
Apr 5, 2016 16:11:59 GMT
Post by min on Apr 5, 2016 16:11:59 GMT
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guff
Posts: 730
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Tax
Apr 5, 2016 16:39:45 GMT
Post by guff on Apr 5, 2016 16:39:45 GMT
Very interesting, but it was only published on the 30th March and I've just got back from Spain. And I've only got a hundred quid that Folding Companies have lost.
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Tax
Apr 5, 2016 23:22:53 GMT
via mobile
Post by profunder on Apr 5, 2016 23:22:53 GMT
In Tax year abcd, If person E has net payments of X, and bad debts of Y ( X > Y) might the theoretical tax due (X - Y)*0.2 if person E is on a marginal tax rate of 20% ? If net payments mean interest payments less fees then yes, but of course from next year there is a new allowance of £1000 tax free. No tax of promotional payments or cashback.
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happy
Member of DD Central
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Tax
Apr 6, 2016 12:01:59 GMT
Post by happy on Apr 6, 2016 12:01:59 GMT
So for FC can anyone confirn if tax is liable on interest net of service fee less capital losses or simply on gross interest less capital losses? Thanks.
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Post by accumul8 on Apr 18, 2016 13:39:49 GMT
So for FC can anyone confirn if tax is liable on interest net of service fee less capital losses or simply on gross interest less capital losses? Thanks. Tax is liable on interest net of service fees. From 6 April 2015 to 5 April 2016, capital losses may be offset against either net interest for income tax purposes or against capital gains. From 6 April 2016, capital losses must be offset against net interest for income tax purposes.
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Tax
Apr 18, 2016 14:10:12 GMT
happy likes this
Post by GSV3MIaC on Apr 18, 2016 14:10:12 GMT
So for FC can anyone confirn if tax is liable on interest net of service fee less capital losses or simply on gross interest less capital losses? Thanks. You need to ask FC over in the other place (their own forum) if you want an official ducking of the answering .. you've had the unofficial answer here already. What is rather harder to sort out is 'what is a/my capital loss', where the Fc site isn't exactly very helpful.
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blender
Member of DD Central
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Post by blender on Apr 18, 2016 19:18:58 GMT
Unfortunately I had no losses in 2015-6 and so can claim nothing.
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Post by bracknellboy on Apr 18, 2016 20:55:02 GMT
Unfortunately I had no losses in 2015-6 and so can claim nothing. smug *********
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adrianc
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Post by adrianc on Apr 19, 2016 8:07:08 GMT
Unfortunately I had no losses in 2015-6 and so can claim nothing. smug ********* I didn't think Chameleons lived in Egyptian rivers.
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blender
Member of DD Central
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Tax
Apr 19, 2016 12:19:32 GMT
Post by blender on Apr 19, 2016 12:19:32 GMT
Sorry about that, BarnacleBoy; couldn't resist the wind up. Especially as I now have a few £k RBRd from playing with E loans. I can do croc colouring, but the puffing-up part is impossible.  |
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nick
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Tax
Jun 1, 2016 19:24:53 GMT
Post by nick on Jun 1, 2016 19:24:53 GMT
I'm finally getting round to collecting my 2015/16 tax return data. I have been trying to determine whether interest earnt on FC needs to be declared net or gross of the servicing fee for 2015/16. A number of sources report that from 2015/16 onwards, gross interest needs to be declared (whereas prior to 2015/16, HMRC have provided a concession that the net income is declarable due to a lack of clarity of existing tax legislation, which remains unchanged). FC and Zopa have previously communicated a change in fee characterisation from a lender fee to a servicing fee that is deducted prior to interest being paid/credited should mean that these fees will be deductible (following industry discussion with HMRC). However, I have been unable to find any definitive source including tax legislation and HMRC guidance that corroborates this. Does anyone have an informed view on this?
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