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Post by karloshi on Nov 1, 2016 8:10:47 GMT
In the hope of avoiding hours on the phone with the tax office and dealing with a language barrier...
Does anyone on this forum have any experience dealing with the Finnish tax office with regards to tax on p2p interest? How is it calculated? Also how do they tax the interest on money from non Euro sources? I have several UK platforms i use in addition to ones in Euro.
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Post by buttchopf23 on Nov 1, 2016 9:26:33 GMT
are you talking about fellow finance? the only finnish p2p platform I know of. Maybe you could ask them. I have some Money with ff but, no experience.
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Post by karloshi on Nov 1, 2016 18:32:57 GMT
Thanks for the reply. No I haven't used any of the Finnish P2P platforms. I meant if anyone on here knows how the Finnish government tax the interest on money earn through p2p. Still, Fellow Finance probably would be able to answer that question better than the tax office  |
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Post by buttchopf23 on Nov 1, 2016 19:10:31 GMT
Sorry, misunderstood the question
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gunther
New Member
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Post by gunther on Nov 13, 2016 18:37:29 GMT
Interest income is considered as capital gains for tax purposes in Finland. So you'll got to pay 30-34% of you're income as tax.
Income denominated in other currencies than euros is taxed as interest received in euros, only difference is that if and when you convert the funds to euros there might arise a taxable exchange rate gain (though if the gain is below the 500 euro threshold it is tax free).
When declaring the income received in eg. pounds, the most convenient way is to add up all the income received in pounds and convert the figure to euros using the average exchange rate for that year. Other alternative is to use the exchange rate of that day you received the income, might require a lot of work, if you have many incoming transactions, but might be more favorable for you.
You are allowed to deduct from your taxable income all costs associated with this activity. Capital losses (defaulted loans), working space, computer, phone, internet, etc.
If you have a lot of taxable interest income it might be worth at least estimating your income in the end of the year and paying extra tax based on your assumption, this way you avoid paying "tax interest".
Hope this answered at least some of your questions.
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Post by karloshi on Nov 14, 2016 8:49:58 GMT
Thank you very much. All this information is very helpful.
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Post by guggaburggi on Feb 24, 2017 9:12:03 GMT
Are finnish p2p tax deductable from sale losses in stock market?
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Post by Deleted on Feb 24, 2017 9:48:24 GMT
Do likes of Fellow Finance withhold taxes for non resident of Finland? Or like all other platforms, I'll be responsible for declaring my income to taxman in UK?
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Post by buttchopf23 on Feb 24, 2017 10:13:24 GMT
No withholding taxes are applied at fellow finance
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Post by nesako on Feb 28, 2017 14:32:16 GMT
When there are Withholding Taxes... do you still need to declare that income in UK (and then claim it back and pay UK Tax instead), or can you just omit that platform from declaration?
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Post by Deleted on Feb 28, 2017 16:02:56 GMT
When there are Withholding Taxes... do you still need to declare that income in UK (and then claim it back and pay UK Tax instead), or can you just omit that platform from declaration? They don't withhold tax.
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Post by buttchopf23 on Feb 28, 2017 18:38:37 GMT
When there are Withholding Taxes... do you still need to declare that income in UK (and then claim it back and pay UK Tax instead), or can you just omit that platform from declaration? They don't withhold. But if taxes are withheld you still have to declare it in most countries. I can't speak for uk taxes though
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