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Post by gusgorilla on Apr 4, 2017 21:42:03 GMT
I want a summary of income and capital losses from Twino for the UK personal fiscal year (6 April to 5 April). I'm looking on the My Investments, Account Statement page. It seems income can be reported OK. You just set the dates in the boxes, set the Account types box to just have Interest and leave the All transaction types box set to all. You can then hit Download and get a spreadsheet you can use a the SUM function on. Does anybody know how to get a capital losses figure? If not it looks like it is only worth lending on Buyback and Payment Guarantee loans, because we cannot write off any capital losses against tax. twino can you help/advise please? |
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JamesFrance
Member of DD Central
Port Grimaud 1974
Posts: 1,323 
Likes: 897
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Post by JamesFrance on Apr 5, 2017 7:22:04 GMT
I think you will have to email them. It is 18 months since twino visited the forum.
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Post by Deleted on Apr 5, 2017 8:29:58 GMT
I thought you could only write off losses for P2P loans in U.K. And not lendings on EU platform like Twino?
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Post by gusgorilla on Apr 5, 2017 8:34:15 GMT
@nancelot I am a UK resident paying only UK tax. Are you saying that my earnings from abroad are treated differently from my UK earnings? If so could you point me at the source of this information please?
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Post by Deleted on Apr 5, 2017 12:38:12 GMT
Well, I am not sure about it as am not qualified, but from my understanding, write off of capital losses against tax could only be done with losses from UK P2P and not EU.
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JamesFrance
Member of DD Central
Port Grimaud 1974
Posts: 1,323
Likes: 897
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Post by JamesFrance on Apr 5, 2017 13:37:37 GMT
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Post by nesako on Apr 5, 2017 14:16:38 GMT
The UK final guidance says this: That last part almost says that none of the Latvian based P2P lenders will "meet conditions", since the main reason for there being that many P2P platforms registered in Latvia is the relaxed nature of law (until changes are made). I may be wrong though...
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Post by gusgorilla on Apr 5, 2017 15:40:12 GMT
I've chatted to Twino support. Their current plan is to adapt their My Investments, Account Statement, Download Income Statement (2016) link report to include capital losses and allow arbitrary start and end dates. I'm not sure when this will happen but they were clear that they would be going ahead with this.
In the meanwhile I have cancelled my autoinvestors that buy loans that are not buyback/guaranteed and sold all these loans. Luckily only a couple of small ones had already gone bad. I'll jump back into these types of loan once the new income statements are up and running.
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