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Post by cyrilmadrid on May 30, 2014 5:38:52 GMT
Chris, something else I have detected.
When you change the tax period (which is great for me, since my tax period is 1st Jan to 31 Dec), you do get the total interest earned on the period, but when you click on the statement, the tax period is still the UK one. Can it be changed ?
Also, can I see the breakdown of the calculation ? You show 516 GBP vs my calculation which is about double. Maybe Nott** as per previous messages.
Thanks.
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Post by adam on May 30, 2014 8:44:51 GMT
I'll have to connect you to the developer responsible, my back's up against the wall with another deadline. After a load of number crunching in Excel I've identified 3 interest payments that are not covered by the tax statement 12th Jun 13 - Auction 8 (the payment was never broken down into interest + capital; and is being treated as 100% capital) 25th Oct 13 - Auction 2 (very large rolled up interest payment from Notts accom omitted entirely) 25th Feb 14 - Auction 60 (manual correction in the long running AM problem, but labeled as interest on my statement) Perhaps the functionality should be removed from the website until it can be corrected ?? Good morning, My name is Adam and I am the developer responsible for the Tax Statement on Assetz Capital. I must apologise for any mistakes it has been showing and I can assure you I shall endeavour to get it fixed ASAP. It has been removed temporarily from the site while I work on a fix. In the meantime mrclondon could you PM me your username on the site so I can track down why those transactions are not appearing. Many thanks.
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Post by adam on May 30, 2014 10:40:17 GMT
Chris, something else I have detected. When you change the tax period (which is great for me, since my tax period is 1st Jan to 31 Dec), you do get the total interest earned on the period, but when you click on the statement, the tax period is still the UK one. Can it be changed ? Also, can I see the breakdown of the calculation ? You show 516 GBP vs my calculation which is about double. Maybe Nott** as per previous messages. Thanks. The links beside the total are purely there as a quick link to filter by fixed dates. These are currently fixed to the UK tax year 06/04 - 05/04. At a later date we may implement functionality to allow you to choose your tax year start and end dates in your profile but at the moment that is not possible. Just use the date pickers to select the date period you require.
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Post by adam on May 30, 2014 10:48:19 GMT
Tax statement has now been re-added to the dashboard with a fix that now picks up accrued interest and manual corrections and adjustments within the period.
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j
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Post by j on May 30, 2014 12:17:27 GMT
Tax statement has now been re-added to the dashboard with a fix that now picks up accrued interest and manual corrections and adjustments within the period. Thanks adam  Had a quick look at mine which now gives a different figure than before so am assuming the issue is resolved. Will have a ore proper look later tonight & report any issues, if any.
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Post by cyrilmadrid on May 30, 2014 16:46:13 GMT
Tax statement has now been re-added to the dashboard with a fix that now picks up accrued interest and manual corrections and adjustments within the period. Had a look at the new figure, and indeed, it is closer to what I had calculated manually. But I still am a bit short of what I calculated manually. Is there a way I can see the breakdown of your figure so that I can compare with what I had calculated (by downloading all the trades and filtering by concept ?) Have others checked their figures ? Is it that the interest shown under tax statement does not include Cashback ?
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duck
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Post by duck on May 30, 2014 16:53:55 GMT
Thanks for the quick fix Adam, much appreciated. The figure now ties up with my spreadsheet and the figure that I have already given to my accountant!
yes.
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mikeb
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Post by mikeb on May 30, 2014 17:02:41 GMT
Have others checked their figures ? Is it that the interest shown under tax statement does not include Cashback ? I downloaded my Tax Statement, it matched my expected figure, but then again I haven't got a hugely complicated account history for TY2013-14. I'm working on that, so I'll see if I can break it by next year And thanks to adam for the feature!
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Post by chris on May 30, 2014 18:37:28 GMT
I'm really pleased the tax statement is in place. Thanks guys. However, can I just ask if the tax statement calculates interest according to how much of the relevant period, that the interest is for, falls into the tax year and how much falls without? e.g. If a monthly interest payment is made on 20th April 2014 then half the interest would be for the current financial year and the other half would be for the previous. I think this is called accruals accounting as opposed to cash accounting. Is this something that the tax man is expecting us to do? My understanding is that it's cash accounting based on actual interest payments made, calculated using your statement history.
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Post by whitmanthecat on May 30, 2014 20:12:18 GMT
I'm really pleased the tax statement is in place. Thanks guys. However, can I just ask if the tax statement calculates interest according to how much of the relevant period, that the interest is for, falls into the tax year and how much falls without? e.g. If a monthly interest payment is made on 20th April 2014 then half the interest would be for the current financial year and the other half would be for the previous. I think this is called accruals accounting as opposed to cash accounting. Is this something that the tax man is expecting us to do? My understanding is that it's cash accounting based on actual interest payments made, calculated using your statement history. My tax statement matches my own value, as calculated on a cash basis. This is what HMRC need; no accrual calculations are necessary. Bank account interest and the annual statement received works the same way.
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duck
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Post by duck on May 31, 2014 4:53:05 GMT
My understanding is that it's cash accounting based on actual interest payments made, calculated using your statement history. My tax statement matches my own value, as calculated on a cash basis. This is what HMRC need; no accrual calculations are necessary. Bank account interest and the annual statement received works the same way. I agree, cash accounting is correct and what is needed by the tax man.
One of my investing criteria is the timing of the interest payment which I can tie in with what I pay myself in order to keep my tax bill (and that of my Company) to a minimum. Some years you want a bit more interest others a spot less. Cash accounting allows you to do this.
My life appears to be run by Excel 
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pikestaff
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Post by pikestaff on Jun 1, 2014 8:30:45 GMT
Cash accounting is correct if you are lending as an individual.
If you are lending as a company (I don't know if AC allows this) then you should (in principle) accrual account.
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duck
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Post by duck on Jun 1, 2014 8:40:22 GMT
Cash accounting is correct if you are lending as an individual. If you are lending as a company (I don't know if AC allows this) then you should (in principle) accrual account. I actually lend as an individual and as a Ltd Co so yes it is allowed. I think the 'principle' is quite loose, my Company has for many years cash accounted for everything apart from VAT.
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pikestaff
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Post by pikestaff on Jun 1, 2014 15:43:36 GMT
Cash accounting is correct if you are lending as an individual. If you are lending as a company (I don't know if AC allows this) then you should (in principle) accrual account. I actually lend as an individual and as a Ltd Co so yes it is allowed. I think the 'principle' is quite loose, my Company has for many years cash accounted for everything apart from VAT.
You must have a very soft accountant. The interest to be recognised for tax purposes (but also in the accounts) should be in accordance with generally accepted accounting practice (GAAP). There are various flavours of GAAP but even the simplest form permitted, for small companies, requires accrual accounting - see paragraph 2.14 of the FRSSE, available here: www.frc.org.uk/Our-Work/Publications/ASB/FRSSE-%28effective-April-2008%29-%28issued-June-2008%29.pdf
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duck
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Post by duck on Jun 1, 2014 18:33:47 GMT
I don't dispute what you are saying pikestaff, but in reality due to the nature of the work, the way in which invoices are paid and the very minimal number of inputs per year the method of calculation makes close to zero difference to in the tax due..... and this of course evens itself out.
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Had a quick look at mine which now gives a different figure than before so am assuming the issue is resolved. Will have a ore proper look later tonight & report any issues, if any. 
