dave
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Post by dave on Apr 12, 2017 19:34:44 GMT
Assuming that it does not add too much extra load on the database ... could we have a number on each of the tabs on the investment page showing how many entries are on that tab?
Dave
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Post by stevefindlay on Apr 13, 2017 9:41:28 GMT
A good suggestion - we will add it to the list.
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ashtondav
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Post by ashtondav on Apr 15, 2017 12:11:33 GMT
Can FAQ have a section on taxation. AIUI you pay tax on the pre-fee return of 8%, rather than the post fee return of 6.5%. A 20% taxpayer therefore nets 4.9% and a 40% taxpayer nets 3.3%. I can't find this stated anywhere yet it is of fundamental interest to taxpayers.
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ashtondav
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Post by ashtondav on May 20, 2017 15:25:00 GMT
Just as I thought. Silence. I can't afford another battle with HMRC and therefore need a definitive answer. c4% post 40% tax acceptable. c3.2% post 40% not worth the risk.
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adrianc
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Post by adrianc on May 20, 2017 15:43:00 GMT
Just as I thought. Silence. I can't afford another battle with HMRC and therefore need a definitive answer. c4% post 40% tax acceptable. c3.2% post 40% not worth the risk. What does your own tax advisor/accountant say?
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ashtondav
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Post by ashtondav on May 21, 2017 7:57:18 GMT
That is neither sensible or advisable.
My tax advisor ( one of the big four) advised me incorrectly before, on another matter, using the Weasley words "our interpretation of existing legislation" - that did not stop me enduring lots of worry and a substantial penalty for my then employer.
i want the words to come from HMRC, much as they did when they permitted p2p bad debt to be tax deductible a couple of years ago. Before that you had to pay tax on the gross amount. There is no logic in HMRC
the fact BM resort to "ask your advisor" is pathetic. I can't think of any financial institution that does that. Is the blasted fee (now an astonishing 1.5% near as dammit) tax deductible or not.
i want to invest to diversify from Z+, RS, FS, but I want an answer first.
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dandy
Posts: 427
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Post by dandy on May 21, 2017 8:46:20 GMT
That is neither sensible or advisable. My tax advisor ( one of the big four) advised me incorrectly before, on another matter, using the Weasley words "our interpretation of existing legislation" - that did not stop me enduring lots of worry and a substantial penalty for my then employer. i want the words to come from HMRC, much as they did when they permitted p2p bad debt to be tax deductible a couple of years ago. Before that you had to pay tax on the gross amount. There is no logic in HMRC the fact BM resort to "ask your advisor" is pathetic. I can't think of any financial institution that does that. Is the blasted fee (now an astonishing 1.5% near as dammit) tax deductible or not. i want to invest to diversify from Z+, RS, FS, but I want an answer first. From my "very limited"understanding you must pay tax on all income including fees. The question that then arises is whether YOU are being charged any fees, or the borrower. In the case of BM I don't think it is possible to claim that these are fees paid by borrowers (unlike some other platforms). Therefore tax on BM fees would seem to be payable. Until HMRC state otherwise, which I am sure they will one day, but unlikely to be retrospective anyway.
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adrianc
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Post by adrianc on May 21, 2017 9:23:28 GMT
That is neither sensible or advisable. My tax advisor ( one of the big four) advised me incorrectly before, on another matter So why do you continue to use them? Which is all they can ever give, of course. And all that a platform can give. So ask HMRC directly. Of course, all they'll give is their interpretation of existing legislation...
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ashtondav
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Post by ashtondav on May 21, 2017 10:17:16 GMT
Why doesn't BM clarify with HMRC? I think I can guess the answer - they won't give a commitment either way. In fact that is what the sweet young thing at BM said when I asked her that question. To quote her: "the BM model is so new HMRC don't know how to treat it".
Which means possible negative exposure AFAIAC.
So why is the BM position ref. Fees and tax clarity not clearly stated in FAQ or elsewhere? When bad debt was not deductible Z and others made it abundantly clear.
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adrianc
Member of DD Central
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Post by adrianc on May 22, 2017 8:43:16 GMT
...the sweet young thing at BM... Seriously? <scratches head> I don't know. Perhaps it's because HMRC haven't decided yet...? BM can tell you whatever they like. It will just be their <clears throat> "interpretation of existing legislation". That interpretation may or may not be shared by HMRC. HMRC's interpretation is - unless a prosecution follows, and a court decides - the only one that actually matters, because they are the people who decide.
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muh3
Posts: 52
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Post by muh3 on May 23, 2017 15:16:12 GMT
stevefindlay not sure if it has been mentioned but I would like the date a loan has been repaid. Currently there is only the purchase date shown on repaid loans. Thank you.
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adrianc
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Post by adrianc on May 30, 2017 15:20:47 GMT
stevefindlay - I've just spotted the deployment graph. LOVE IT. That's a great idea, and works very well indeed.
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xtab
Posts: 41
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Post by xtab on Oct 12, 2017 15:06:13 GMT
Steve, BM would be better if . . . you got someone to take a look at the (presumably automated) emails you send out to tell lenders that all their funds** have been invested.
I've had two of these in the past month and today, for example, when I went to look, with half a mind to add a deposit, I find that it just isn't so. There is still Cash at Bank. It's possible that the cash was added to bank in the 15 or so minutes between the time of the email and the time I checked, but the odds aren't high on that being the case. I believe the notification was incorrect in the email I received earlier in the month too, but can't swear to it now.
You know how we all hate cash drag - that being the reason I've already halved my BM investment - so it's extra annoying to be given incorrect info in this way.
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** Of course it's possible that it's just that someone is playing with semantics because I note that the figure quoted as being fully invested is in fact less than the current total value of the holding. I haven't done the math but I suppose it's possible that the "fully invested" figure represents only actual deposits and ignores interest paid and still in the account. TBH if this was the case I'd find that even more disturbing.
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Brainer
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Post by Brainer on Oct 17, 2017 14:58:08 GMT
stevefindlay not sure if it has been mentioned but I would like the date a loan has been repaid. Currently there is only the purchase date shown on repaid loans. Thank you. Just came on to ask for this as well.
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shimself
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Post by shimself on Nov 13, 2017 9:26:46 GMT
No idea if others have already said this, but my watchlist tells me the purchase date (not very interesting) but DOESN'T tell me the due date, which is much more important. OK I can work it out - ish purchase date + term but still why not make it easy? In any case I have reason to believe that purchase date may not be the same as commencement of term (or why else is my hotel in default given purchase date june 2017 term 12 months).
as for this helpful instruction Please ask if you have any questions, quoting the Investment Reference number. Only one problem, unless I am ever more blind than usual .....
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