shimself
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Post by shimself on Apr 21, 2024 16:54:06 GMT
So I've just observed that something happened end Aug 2023
And now I'm trying to work out what my tax declaration needs to say I think it says that no interest received (bitter laugh)
I think it says that some money has been held back (retention) to cover liquidators costs
I think it says that we have received some dribbles back on loans (mainly to that aristo bastard). I can't find and would want to find some schedule of write offs, anybody know?
The transaction list looks like this 01/09/2023 Payment Received(#2 Periodic principal payment (Somerset Community Housing Loan 3 [R1])) BLN00419 BLN-P01745 retention -£1.48 Open
01/09/2023 [Reconciled PR 7015]Payment Received(#2 Periodic principal payment (Somerset Community Housing Loan 3 [R1])) £5.91 Reconciled
01/09/2023 Payment Received(#2 Periodic principal payment (SCTBL Loan 2 [R1])) BLN00529 BLN-P01745 retention -£2.96 Open
01/09/2023 [Reconciled PR 7014]Payment Received(#2 Periodic principal payment (SCTBL Loan 2 [R1])) £11.82 Reconciled
So what do Open and Reconciled mean?
Yours glumly (doubly so, Port Vale were relegated yesterday)
Steve
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Greenwood2
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Post by Greenwood2 on Apr 21, 2024 20:34:39 GMT
Tax statement will give written off to date and default to date (plus recoveries) for each loan from which you have to deduct default to date last year to find out what happened this year! If anyone gets it right I applaud them. So wait for the equally unintelligible tax statement probably in about July.
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billt
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Post by billt on May 13, 2024 8:57:43 GMT
I am sure that there will not be any payments made on my outstanding loans ( Gould and Odyssey) Is there any way that I can see outstanding principle then write everything off this year then repay next year in the unlikely event that anything is paid back, My loans go back more than five years.
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grumpsimus
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Post by grumpsimus on May 13, 2024 10:21:30 GMT
I am sure that there will not be any payments made on my outstanding loans ( Gould and Odyssey) Is there any way that I can see outstanding principle then write everything off this year then repay next year in the unlikely event that anything is paid back, My loans go back more than five years. I am sure that you are right that there won't be any further payments from NG or Oddy. The Tax Statement from BLN usually arrives towards the end of June and I would expect them to write off all of the outstanding NG loans. Therefore it might be worth waiting until then as your tax return doesn't have to be completed untila 31 January 2025.
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Post by bracknellboy on May 13, 2024 10:26:48 GMT
I am sure that there will not be any payments made on my outstanding loans ( Gould and Odyssey) Is there any way that I can see outstanding principle then write everything off this year then repay next year in the unlikely event that anything is paid back, My loans go back more than five years. I used to keep a spreadsheet - quite a few years ago - of my loans and the amount outstanding on them. The last time I got this uptodate was when I decided to simply write everything off in that tax year. I've not bothered since, and instead have kept a separate - or rather updated - record based on the tax certs (which allows me to track what the current position is viz a viz recoveries etc. relative to the amount I wrote off). So I'm rusty. However I've just logged in to see if I could tickle the old memory as to how I did it. But needless to say once in the system froze up whenever I tried to do anything. However, I think I saw just enough to tickle the brain into action. On the dashboard there is a Loan Parts tab. From there you can download all of the loans you've ever had. You will probably need to do some filtering, given all the refactoring of refactoring of refactoring that used to go on. If I recall, once you have them into a spreadsheet, you can filter on status of 'Active' (or not Inactive). What you might miss here, and will need to also derive, is any amounts that have been written off by TC in this tax year.
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pikestaff
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Post by pikestaff on May 14, 2024 10:57:22 GMT
To confirm/amplify what's been said above: - The tax statement (expected end June) will show amounts written off by BLN in the year.
- The tax statement will also show any cumulative amounts that BLN considers should be provided for tax purposes against loans not yet written off. For tax, if you are using BLN's numbers, you need the amount provided in the year. To find this you need to compare to the previous year's tax statement.
- To find outstanding balances not yet written off by BLN, download a loan parts list in Excel format [log in, go to dashboard, navigate to "loan parts list" tab, click on "export" (toward the top right), then "export all to excel"]. Open in a spreadsheet and find all rows with nonzero balances in the "remaining" column.
I expect BLN to write off all unpaid NG balances in this year's tax statement, but I doubt that they will write off Ody. It remains to be seen what provision (if any) they will make against Ody.
Whether you consider BLN's provision numbers relevant or prefer to substitute your own is up to you. For some years I've been putting in my own numbers for NG, and I'm now doing it for all remaining loans - partly because of the administrator's 25% retentions.
I do not expect to see anything back from the retentions - certainly not anything significant. I am taking the view that, from lenders' perspective, unpaid retentions are just another cost of collection to be provided for or, ultimately, written off. As such, I am deducting them as additional provisions in my tax return. I hope I'm right!
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billt
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Post by billt on May 14, 2024 13:12:01 GMT
To confirm/amplify what's been said above: - The tax statement (expected end June) will show amounts written off by BLN in the year.
- The tax statement will also show any cumulative amounts that BLN considers should be provided for tax purposes against loans not yet written off. For tax, if you are using BLN's numbers, you need the amount provided in the year. To find this you need to compare to the previous year's tax statement.
- To find outstanding balances not yet written off by BLN, download a loan parts list in Excel format [log in, go to dashboard, navigate to "loan parts list" tab, click on "export" (toward the top right), then "export all to excel"]. Open in a spreadsheet and find all rows with nonzero balances in the "remaining" column.
I expect BLN to write off all unpaid NG balances in this year's tax statement, but I doubt that they will write off Ody. It remains to be seen what provision (if any) they will make against Ody.
Whether you consider BLN's provision numbers relevant or prefer to substitute your own is up to you. For some years I've been putting in my own numbers for NG, and I'm now doing it for all remaining loans - partly because of the administrator's 25% retentions.
I do not expect to see anything back from the retentions - certainly not anything significant. I am taking the view that, from lenders' perspective, unpaid retentions are just another cost of collection to be provided for or, ultimately, written off. As such, I am deducting them as additional provisions in my tax return. I hope I'm right!
Thanks for the comprehensive reply, I had considered calculating the total from the outstanding “Loans parts list” and using this to write off against other p2p returns, I will now take the view that given length of time that these loans have been outstanding it is acceptable to write them off and in the unlikely event that there are any repayments add them as repaid capital on future returns.
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pikestaff
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Post by pikestaff on May 14, 2024 15:18:48 GMT
Thanks for the comprehensive reply, I had considered calculating the total from the outstanding “Loans parts list” and using this to write off against other p2p returns, I will now take the view that given length of time that these loans have been outstanding it is acceptable to write them off and in the unlikely event that there are any repayments add them as repaid capital on future returns. I think that's reasonable as far as it goes. However, I'm pretty sure that retentions don't show as outstanding. Subject to checking this (I'm busy with other things at the moment) you may wish to add the cash retention to your write offs.
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billt
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Post by billt on May 14, 2024 17:25:53 GMT
Good point thank you
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Post by bracknellboy on May 14, 2024 17:38:19 GMT
Thanks for the comprehensive reply, I had considered calculating the total from the outstanding “Loans parts list” and using this to write off against other p2p returns, I will now take the view that given length of time that these loans have been outstanding it is acceptable to write them off and in the unlikely event that there are any repayments add them as repaid capital on future returns. I think that's reasonable as far as it goes. However, I'm pretty sure that retentions don't show as outstanding. Subject to checking this (I'm busy with other things at the moment) you may wish to add the cash retention to your write offs. That is a very good point. When did retentions start ? Are they recording 'Recoveries' in tax certs inclusive of retentions or ex. retentions I wonder ? To be fair, in my case it probably doesn't make a lot of difference as I have a stack of historic losses and I've been declaring zero net P2P income for some considerable time. The 4 year rule could come into play, but TBH that just requires me to rejig my assumed date for loans I've written off that haven't been by TC.
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pikestaff
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Post by pikestaff on May 14, 2024 18:00:22 GMT
All recoveries since they went into administration in April 2021 have been subject to the 25% retention. Other Q's I can't answer off the top of my head. Going offline now until Thursday. Will look back then.
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pikestaff
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Post by pikestaff on May 16, 2024 7:10:58 GMT
[...] Are they recording 'Recoveries' in tax certs inclusive of retentions or ex. retentions I wonder ? To be fair, in my case it probably doesn't make a lot of difference as I have a stack of historic losses and I've been declaring zero net P2P income for some considerable time. [...] I've checked this morning and AFAICS BLN's tax statements don't mention the word 'Recoveries' at all. You might be thinking of Assetz, who provide a statement of 'Loans in Recoveries'. All write offs and provisions currently made in the tax statements are made by reference to the net amount recovered by BLN, before deducting the retention. I'm not expecting this to change any time soon. Re your stack of tax losses, we faced a similar problem and opened accounts at Loanpad to use them up. Whether that turns out to be a good idea or not depends on whether Loanpad continues to perform. We were previously using Assetz to soak up our TC losses, which does not look like such a good idea at the moment!
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Post by bracknellboy on May 16, 2024 7:36:18 GMT
[...] Are they recording 'Recoveries' in tax certs inclusive of retentions or ex. retentions I wonder ? To be fair, in my case it probably doesn't make a lot of difference as I have a stack of historic losses and I've been declaring zero net P2P income for some considerable time. [...] I've checked this morning and AFAICS BLN's tax statements don't mention the word 'Recoveries' at all. You might be thinking of Assetz, who provide a statement of 'Loans in Recoveries'. All write offs and provisions currently made in the tax statements are made by reference to the net amount recovered by BLN, before deducting the retention. I'm not expecting this to change any time soon. Re your stack of tax losses, we faced a similar problem and opened accounts at Loanpad to use them up. Whether that turns out to be a good idea or not depends on whether Loanpad continues to perform. We were previously using Assetz to soak up our TC losses, which does not look like such a good idea at the moment! Thanks. I went back and looked at the statements and could see no mention of retentions. I didn't do checks - not sure I easily could - to see whether that was net or gross of retentions, so thanks for the info. I should make adjustments to my records accordingly (from 21-22) as I will have overestimated actual recoveries.....although....if fees are not deductible then maybe from a tax perspective then maybe they should be included. Still, likely to be all academic I think. I thought about going somewhere else to make use of the losses, but I decided I simply did not wat to make further investments into P2P: good money after bad was my thinking. I hope Loanpad works out well. Maybe I should dip my toe in.....
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billt
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Post by billt on May 16, 2024 12:47:55 GMT
We did the same invested quite a lot in loanpad which to date has worked well (fingers crossed) we have managed to offset most of the losses from TC/BLN which are significant. Never entered my head about retentions.
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Post by oliveau on May 21, 2024 18:50:52 GMT
..... We were previously using Assetz to soak up our TC losses, which does not look like such a good idea at the moment!..... Assetz not too good at the moment, but I have done well with Kuflink, who don't mess about when it comes to recoveries.
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