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Post by newlender on Nov 26, 2016 6:52:26 GMT
I sent my tax certificate for 2015/16 to HMRC as soon as it was published by Zopa. I am dealing with Mr Taxman again about something different, but I have noticed that the tax certificate on my web area is not for the same amount as my declaration in the spring. It is dated on the day of download and not April, so something has changed since the original document. I have gained £40 in interest for that tax year apparently. Has anyone else noticed this happening? Surely a tax certificate should not change.
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aju
Member of DD Central
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Post by aju on Nov 27, 2016 12:15:42 GMT
My book is quite small £10,000+ and I lost a penny in the topline between the initial april statement and the July one. Compared to some people I guess the discrepancies might be quite large for bigger lenders. I have quite a few pre safeguards as well but that is getting smaller and smaller.
I noticed a change from the April one relative to the one I finally used for my tax letter (my affairs are quite simple and they always work from my letter rather than force me to use forms) . I checked again today and since then it has not changed, however, the online statements page shows slightly different figures for the tax year 2015/16 but when I download it from the download button/link the same tax statement as the July one was returned so i guess that's fixed now and not aligned directly with the online statement screen. The differences are pennies and relative to some recovered bad debt items, I think!.
They have made it easier to understand the irrecoverable items that can be netted against the gain for non company, although the detail here is not that great.
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james
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Post by james on Nov 28, 2016 21:12:18 GMT
The original tax certificates didn't use the new reliefs or P2P irrecoverable debts so Zopa produced a new version a few months later. For loans not covered by Safeguard that wold have two effects:
1. Once the loan is declared irrecoverable the capital owed can be deducted from other interest
2. Capital recoveries from such loans are classed as interest so they are taxed appropriately
In future years this could cause capital recoveries to be greater than new defaults but for 2015/16 it can't so that doesn't seem to explain the higher interest amount that you see. presumably Zopa has made another correction of some sort.
Zopa does tend to update things like this without providing notice so someone who didn't save an old version and compare might not even notice the correction.
Just tell HMRC the corrected number and blame Zopa or a revised report. If you contact them privately they might be able to be more specific about what happened to yours.
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