Monetus
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Post by Monetus on Apr 4, 2017 12:03:56 GMT
This has now been officially marked as "unredeemed"
"The status on one of your investments has been changed to "Unredeemed", meaning it has been formally defaulted as we have determined the loan to be "irrecoverable" in accordance with SAIM 12050. This means that it is eligible to be offset against interest earned for income tax purposes.
This does not mean that you have lost money, as we retain the security and will continue with the appropriate action to recover funds. In the meantime, interest will continue to accrue up to the point of sale.
Further details will be added to the loan as they become available."
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littleoldlady
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Post by littleoldlady on Apr 4, 2017 19:12:05 GMT
My "loss" on the turbine will be more than total interest earned on FS. I assume that I can offset it against interest earned on better other platforms?
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Liz
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Post by Liz on Apr 4, 2017 19:26:15 GMT
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Post by bracknellboy on Apr 4, 2017 19:39:24 GMT
My "loss" on the turbine will be more than total interest earned on FS. I assume that I can offset it against interest earned on better other platforms? : how are figuring that out ? I'Ve yet to receive/see anything which gives any clue as to what a possible/likely loss might be ? And yes, unused losses can be used against cross platform aggregated earnings.
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mason
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Post by mason on Apr 4, 2017 20:05:47 GMT
My "loss" on the turbine will be more than total interest earned on FS. I assume that I can offset it against interest earned on better other platforms? : how are figuring that out ? I'Ve yet to receive/see anything which gives any clue as to what a possible/likely loss might be ? And yes, unused losses can be used against cross platform aggregated earnings. My understanding is that one would claim a 100% loss in that situation. Any recovery would then count as income in the tax year in which it is received.
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mikes1531
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Post by mikes1531 on Apr 4, 2017 20:38:36 GMT
littleoldlady : how are figuring that out ? I'Ve yet to receive/see anything which gives any clue as to what a possible/likely loss might be ? My understanding is that one would claim a 100% loss in that situation. Any recovery would then count as income in the tax year in which it is received. I can see that this might be one interpretation of the FCA guidelines/rules, but it does seem a bit unreasonable to claim a 100% loss on a secured loan just because LPA receivers have been called in. OTOH, if the platform doesn't provide investors with a reasonable estimate of the expected loss, I really don't see how we as laypeople can be expected to make an estimate of that ourselves. ISTM that we ought to report income and losses that match what the platforms report to us, and if they put the whole amount of my investments in these loans into the 'loss' total on their tax statement then that's what I'll put into my tax return. I don't expect that I can justify any other number to HMRC's satisfaction, and the platforms are supposed to be the experts so I intend to use their numbers. The downside of taking this position is that the income I report from my P2P investments is going to be rather erratic and unpredictable, but I don't see what else I can do. I suppose that this first year is going to be the worst case, and that in future years I'll have recoveries from prior years' 100% losses to set against those years' new 100% losses.
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mason
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Post by mason on Apr 4, 2017 20:50:29 GMT
OTOH, if the platform doesn't provide investors with a reasonable estimate of the expected loss, I really don't see how we as laypeople can be expected to make an estimate of that ourselves. ISTM that we ought to report income and losses that match what the platforms report to us, and if they put the whole amount of my investments in these loans into the 'loss' total on their tax statement then that's what I'll put into my tax return. I don't expect that I can justify any other number to HMRC's satisfaction, and the platforms are supposed to be the experts so I intend to use their numbers. Indeed. I'll only be using figures from the platform.
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littleoldlady
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Post by littleoldlady on Apr 4, 2017 21:41:12 GMT
OTOH, if the platform doesn't provide investors with a reasonable estimate of the expected loss, I really don't see how we as laypeople can be expected to make an estimate of that ourselves. ISTM that we ought to report income and losses that match what the platforms report to us, and if they put the whole amount of my investments in these loans into the 'loss' total on their tax statement then that's what I'll put into my tax return. I don't expect that I can justify any other number to HMRC's satisfaction, and the platforms are supposed to be the experts so I intend to use their numbers. Indeed. I'll only be using figures from the platform. Me too. Risky to do anything else.
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Post by bracknellboy on Apr 5, 2017 12:28:10 GMT
My "loss" on the turbine will be more than total interest earned on FS. I assume that I can offset it against interest earned on better other platforms? : how are figuring that out ? I'Ve yet to receive/see anything which gives any clue as to what a possible/likely loss might be ? And yes, unused losses can be used against cross platform aggregated earnings. OK, now I get it: hence the use of "loss" rather than loss.
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stevio
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Post by stevio on Apr 5, 2017 16:02:55 GMT
My understanding is that one would claim a 100% loss in that situation. Any recovery would then count as income in the tax year in which it is received. I can see that this might be one interpretation of the FCA guidelines/rules, but it does seem a bit unreasonable to claim a 100% loss on a secured loan just because LPA receivers have been called in. OTOH, if the platform doesn't provide investors with a reasonable estimate of the expected loss, I really don't see how we as laypeople can be expected to make an estimate of that ourselves. ISTM that we ought to report income and losses that match what the platforms report to us, and if they put the whole amount of my investments in these loans into the 'loss' total on their tax statement then that's what I'll put into my tax return. I don't expect that I can justify any other number to HMRC's satisfaction, and the platforms are supposed to be the experts so I intend to use their numbers. The downside of taking this position is that the income I report from my P2P investments is going to be rather erratic and unpredictable, but I don't see what else I can do. I suppose that this first year is going to be the worst case, and that in future years I'll have recoveries from prior years' 100% losses to set against those years' new 100% losses. It is up to you, within reason, 'when' you declare the loss. So say you were well within the basic rate tax band this tax year, but next year expected to be in the higher rate band, you might decide to delay the loss till the following tax year. In that way your P2P income might slightly less 'erratic'
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Post by wottalot on Jun 2, 2017 15:45:21 GMT
Aren't we now well overdue the report on this loan's current status from the administrator ?
It was supposedly due to be sent to holders on 31 May - where is it FS ?
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Monetus
Member of DD Central
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Post by Monetus on Jun 2, 2017 15:51:35 GMT
Aren't we now well overdue the report on this loan's current status from the administrator ? It was supposedly due to be sent to holders on 31 May - where is it FS ? I was told on chat earlier it was allegedly coming today but nothing as yet. I'm not getting my hopes up of it containing any positive news - probably just the same old story
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Post by wottalot on Jun 2, 2017 16:09:36 GMT
Aren't we now well overdue the report on this loan's current status from the administrator ? It was supposedly due to be sent to holders on 31 May - where is it FS ? I was told on chat earlier it was allegedly coming today but nothing as yet. I'm not getting my hopes up of it containing any positive news - probably just the same old story Thanks for the reply - I'm afraid you're probably correct.
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littleoldlady
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Post by littleoldlady on Jun 3, 2017 15:41:44 GMT
Aren't we now well overdue the report on this loan's current status from the administrator ? It was supposedly due to be sent to holders on 31 May - where is it FS ? I was told on chat earlier it was allegedly coming today but nothing as yet. I'm not getting my hopes up of it containing any positive news - probably just the same old story Probably. But that is no excuse for not doing what they said they would.
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Monetus
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Post by Monetus on Jun 3, 2017 17:26:34 GMT
I was told on chat earlier it was allegedly coming today but nothing as yet. I'm not getting my hopes up of it containing any positive news - probably just the same old story Probably. But that is no excuse for not doing what they said they would. Looks like it's not even going to come today either. Appalling communications and expectation management (plus defaults) mean I'm not reinvesting anything else into FS... time to say farewell.
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