SteveT
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Post by SteveT on Sept 21, 2016 16:56:01 GMT
Thanks, every little helps, although we already have amount purchased/sold on the SM History page. The tricky bit is splitting out accrued interest from any premium/discount.
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mikes1531
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Post by mikes1531 on Sept 21, 2016 19:23:13 GMT
I keep a record of all my SM purchases and sales to track the premiums / discounts. Am I being simple, but do you not just take the amount paid in capital and accrued interest away from the returned capital and interest to form your profit? If interest is income, and differences between prices paid and prices received are capital gains, and you have to report CGs separately from interest, then the suggestion by stevio would be an oversimplification. Is that the case, or can everything be lumped together on a company tax return?
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SteveT
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Post by SteveT on Sept 21, 2016 20:04:08 GMT
Although they both net through to the trading profit on which CT is paid, accrued interest should be recorded separately from premiums paid / discounts received for an asset bought or sold in the company accounts.
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Post by richardb67 on Sept 22, 2016 7:56:20 GMT
Interestingly I have recently started a Ltd co account and was going to contact FS with some suggestions. fundingsecure at the moment the tax statement has my personal name and NOT the name of the company which can cause issues as the funds are not mine. Where a company name exists could you add this ? Hopefully that should be a quick win. For me it would be good to have a Ltd company tax/summary report which I can generate very quickly and pass to my accountant. This would allow me to select the start and end dates and would need to contain 1) Current loan value as of end date of report ie "balance" 2) Interest accrued (ie not paid yet) at the end date of the report 3) Interest received in the period (present on current report) 4) Capital gain from sold loans in period 5) Capital loss in period (present on current report) 6) cash held as of date of end of report 7) 'Other income' to include bonuses, cashback etc received in the period I appreciate that some of these may not be that straightforward depending on the actual data you hold in the system. The more manual data generation I need to do then the more checking my accountant carries out and the more it costs to get the Ltd company accounts prepared therefore offsetting the interest received and making other platforms more attractive. thanks, R |
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duck
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Post by duck on Sept 22, 2016 10:17:19 GMT
OK I've donned my asbestos suit, so into the flame pit I jump! FS made it very clear in another thread quite some months ago that the statement doesn't work for Ltd Co's. I can accept that and understand why. When you submit your Company accounts you take responsibility for the accuracy of the figures and for that you need to know how the nicely presented figures on a 'Statement' have been arrived at. It is your responsibility. In order that you can either check a statement or provide figures you need to run a spreadsheet (or similar). +95% of my company investments/transactions are on the secondary market. I work from the download available in My Account/My activity. Firstly I check that my spreadsheet is fully up to date with the latest transaction. Then as I buy I note down the discount applied on the next available line. When I have finished buying I download the 'My Activity' spreadsheet and the relevant transaction will be against the discount that I bought at. Automated calcs then calculate the cost of the loan part and how much accrued interest has been bought. When I sell a loan or it repays it is a simple matter of cross referencing and the relevant figures are produced (as this thread and other similar ones show the interpretation of what is required varies so I won't go any further with what I do) When set up a spreadsheet like this takes seconds to update (mainly copy and paste lines of formulas) and to save my accountants time and trouble the completed figures are presented on my own version of a 'Statement' ..... they get a copy of the calculation file if they want to look at it. As for value of investments held (+ other useful figures) this is clearly presented on My Account / Account Balance/Transfers - screen dump and add to the bundle of papers for your accountants. If you buy a lot on the aftermarket these figures will not tally with your Co bank statements since you are effectively loosing money as you purchase accrued interest only to gain it back when you sell/the loan repays. Now without a spreadsheet it is very difficult to explain the 'discrepancy' ...... luckily if you break the transactions down in the way I explained earlier you can have an instant cross check. My thoughts are simple (in more than one sense), get a spreadsheet set up to produce the information that your accountants require, this can never be captured by a simple downloaded Statement and without your own personal calculations you would never be able to argue your case if you were unfortunately chosen for investigation. This approach worked perfectly for me at my Company year end last year and as this Company year draws to a close (30th of this month) the figures that I will need will be available to me on 1st October. Right I'm climbing out of the flame pit but will keep the asbestos suit on, I feel that my feathers are about to receive a ruffling!  |
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