unmadem
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Post by unmadem on Apr 7, 2014 20:32:36 GMT
I was trying to see how much interest I had accumulated in the year since there is no tax statement/cert on the Assetz web site yet. I have spotted a bug in the transaction statement exports.
The range 06/04/2013 to 05/04/2014 gives the correct transactions on the screen. However if you do an export the last day is missed off. So if, like me, you have an interest payment on the 05/04/2014 it is dropped off.
Till it is fixed if you can get the right records by increasing the range to 06/04/2014.
I'm no excel expert but in case it is any help to others, once you have downloaded put this formula in any cell in the sheet and you should get the total.
=SUMIF(D:D, "interest repayment*",E:E )
Hopefully Assetz will have a proper tax statement in place soon. chris ?
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mikes1531
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Post by mikes1531 on Apr 7, 2014 21:08:15 GMT
I'm no excel expert but in case it is any help to others, once you have downloaded put this formula in any cell in the sheet and you should get the total.
=SUMIF(D:D, "interest repayment*",E:E ) This formula will miss out interest on loan parts that you've sold. To identify that, another similar formula is required, looking for "Deferred interest". Hopefully Assetz will have a proper tax statement in place soon. I believe this has been scheduled for release in the Jul-Sep quarter.
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Post by whitmanthecat on Apr 7, 2014 21:32:48 GMT
Good spot, one of the recent big bridging loans paid interest on the 5th and so this may affect quite a few people. Agree with Mike that you do need to make sure all transactions are included.
I tried to reconcile my statement with the closing balance to make sure I counted everything. It's worth pointing out that if there were offers made on the cancelled chip shop loan, then the statement shows the money being offered but not being returned on cancellation. The actual balance shown at the top right is correct though and it makes no difference if just trying to count interest.
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mikes1531
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Post by mikes1531 on Apr 7, 2014 21:38:03 GMT
It's worth pointing out that if there were offers made on the cancelled chip shop loan, then the statement shows the money being offered but not being returned on cancellation. If this is true, it should be brought to AC's attention and fixed. The chip shop isn't the only application that went to auction but never turned into a loan. So this could affect a lot of people unless it's unique in this behaviour for some odd reason.
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unmadem
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Post by unmadem on Apr 8, 2014 11:58:08 GMT
I'm no excel expert but in case it is any help to others, once you have downloaded put this formula in any cell in the sheet and you should get the total.
=SUMIF(D:D, "interest repayment*",E:E ) This formula will miss out interest on loan parts that you've sold. To identify that, another similar formula is required, looking for "Deferred interest". Thanks. Personally I don't have any this year, but a good point never the less.
I did have a separate calc for "cashback*" though to get my overall return. I realise from previous posts this is not taxed.
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mikes1531
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Post by mikes1531 on Apr 8, 2014 15:46:59 GMT
I did have a separate calc for "cashback*" though to get my overall return. I realise from previous posts this is not taxed. Do we have that directly from AC? Or is it just the opinions -- learned or otherwise -- of forum contributors? If it's the latter, then I'd recommend waiting until we hear from AC, as the last thing you want to do when dealing with HMRC is to submit a tax return containing AC income numbers that don't match with the numbers that will be supplied by AC -- eventually.
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unmadem
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Post by unmadem on Apr 8, 2014 16:18:17 GMT
I did have a separate calc for "cashback*" though to get my overall return. I realise from previous posts this is not taxed. Do we have that directly from AC? Or is it just the opinions -- learned or otherwise -- of forum contributors? If it's the latter, then I'd recommend waiting until we hear from AC, as the last thing you want to do when dealing with HMRC is to submit a tax return containing AC income numbers that don't match with the numbers that will be supplied by AC -- eventually. When I wrote the above I was confident I had seen a definitive statement on cashback. But can't find it so think I must be imagining things.
But either way you are right the best solution is for AC to provide a proper tax cert. Hopefully it will be high up the priority list.
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mikes1531
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Post by mikes1531 on Apr 8, 2014 19:19:36 GMT
But either way you are right the best solution is for AC to provide a proper tax cert. Hopefully it will be high up the priority list. Admittedly, they've had plenty of time to get their systems geared up for it, but as an indication of what's possible I can report that Zopa have made their 2013/14 tax statements available today.
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oldgrumpy
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Post by oldgrumpy on Apr 8, 2014 20:04:44 GMT
But either way you are right the best solution is for AC to provide a proper tax cert. Hopefully it will be high up the priority list. Admittedly, they've had plenty of time to get their systems geared up for it, but as an indication of what's possible I can report that Zopa have made their 2013/14 tax statements available today. ...and Ratesetter mailed us to say ours were available today.
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duck
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Post by duck on Apr 9, 2014 4:42:00 GMT
I keep a spreadsheet of all my transactions which I usually update on a 2 weekly basis. I have noticed this glitch more than one occasion. Unfortunately I haven't seen a pattern yet which would make it easier to track down, sometimes it is one day, other times 2 or 3.
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mikeb
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Post by mikeb on Apr 9, 2014 17:40:27 GMT
Admittedly, they've had plenty of time to get their systems geared up for it, but as an indication of what's possible I can report that Zopa have made their 2013/14 tax statements available today. Yes, and then they re-issued them having got the sums right on the 2nd attempt.
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Post by chris on Apr 28, 2014 20:59:20 GMT
It's worth pointing out that if there were offers made on the cancelled chip shop loan, then the statement shows the money being offered but not being returned on cancellation. If this is true, it should be brought to AC's attention and fixed. The chip shop isn't the only application that went to auction but never turned into a loan. So this could affect a lot of people unless it's unique in this behaviour for some odd reason. It's actually an issue with the bids being on the statement in the first place as until the loan is drawn down there isn't actually a movement of funds. The funds remain in your account but are reserved, much in the same way as a pre-authorisation on a debit card. I believe it is erroneous to show those pre-authorisations / reservations of funds on your statement, just as a real bank statement excludes them, but there is still some internal debate about this. But it is for this reason that when a loan fails there is no movement of funds from the borrower to the lender as the funds never left the lender's account in the first place, the reservation of the funds is just removed freeing them to be used elsewhere. It is highly likely, if I get my way, that bids will be removed from the statement at some point in the future and a separate summary showing all reservations of fees will be shown. This allows the statement to be set in stone making it behave in the same way as a bank statement. A tax statement / summary is actively in the works and should be completed in the next week or two, subject to then testing and sign off by the accounting types within the business. 99% certain it'll be live within May, hopefully the first half of May but no promises.
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j
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Post by j on Apr 28, 2014 21:53:12 GMT
If this is true, it should be brought to AC's attention and fixed. The chip shop isn't the only application that went to auction but never turned into a loan. So this could affect a lot of people unless it's unique in this behaviour for some odd reason. It's actually an issue with the bids being on the statement in the first place as until the loan is drawn down there isn't actually a movement of funds. The funds remain in your account but are reserved, much in the same way as a pre-authorisation on a debit card. I believe it is erroneous to show those pre-authorisations / reservations of funds on your statement, just as a real bank statement excludes them, but there is still some internal debate about this. But it is for this reason that when a loan fails there is no movement of funds from the borrower to the lender as the funds never left the lender's account in the first place, the reservation of the funds is just removed freeing them to be used elsewhere. It is highly likely, if I get my way, that bids will be removed from the statement at some point in the future and a separate summary showing all reservations of fees will be shown. This allows the statement to be set in stone making it behave in the same way as a bank statement. A tax statement / summary is actively in the works and should be completed in the next week or two, subject to then testing and sign off by the accounting types within the business. 99% certain it'll be live within May, hopefully the first half of May but no promises. The sooner the better. I'm too lazy to set up an xl sheet 
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bugs4me
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Post by bugs4me on Apr 28, 2014 22:06:24 GMT
If this is true, it should be brought to AC's attention and fixed. The chip shop isn't the only application that went to auction but never turned into a loan. So this could affect a lot of people unless it's unique in this behaviour for some odd reason. It's actually an issue with the bids being on the statement in the first place as until the loan is drawn down there isn't actually a movement of funds. The funds remain in your account but are reserved, much in the same way as a pre-authorisation on a debit card. I believe it is erroneous to show those pre-authorisations / reservations of funds on your statement, just as a real bank statement excludes them, but there is still some internal debate about this. But it is for this reason that when a loan fails there is no movement of funds from the borrower to the lender as the funds never left the lender's account in the first place, the reservation of the funds is just removed freeing them to be used elsewhere. It is highly likely, if I get my way, that bids will be removed from the statement at some point in the future and a separate summary showing all reservations of fees will be shown. This allows the statement to be set in stone making it behave in the same way as a bank statement. A tax statement / summary is actively in the works and should be completed in the next week or two, subject to then testing and sign off by the accounting types within the business. 99% certain it'll be live within May, hopefully the first half of May but no promises. No urgency (I think) but a tax statement will be something that will be required so pleased to see AC are onto it. And by the way, welcome back - your contributions were missed round these parts.
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