walktall7
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Post by walktall7 on Jun 25, 2024 9:22:14 GMT
Just received my Tax Statement and N Gould loans written off.
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Post by bracknellboy on Jun 27, 2024 11:24:02 GMT
can someone remind me please: Yorkshire Ventures: this wasn't an NG loan was it ?
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pikestaff
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Post by pikestaff on Jun 27, 2024 12:32:34 GMT
can someone remind me please: Yorkshire Ventures: this wasn't an NG loan was it ? No. The same guy as Manchester Road. Legals grind slowly but I'm hopeful of a significant recovery.
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Post by bracknellboy on Jun 27, 2024 12:33:06 GMT
so it would seem I lost just north of £8k in the whole Mr Shiny Shoes con man NG debacle.
And that is based in the tax certificate - in reality a chunk of that is being held back by the administrators....and likely I won't actually see it.
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Post by bracknellboy on Jun 27, 2024 13:54:20 GMT
can someone remind me please: Yorkshire Ventures: this wasn't an NG loan was it ? No. The same guy as Manchester Road. Legals grind slowly but I'm hopeful of a significant recovery.Interesting. The Tax Cert is showing it as "Irrecoverable Principal". So I assumed that BLN (sic) have given up on recovery efforts.
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pikestaff
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Post by pikestaff on Jun 27, 2024 16:11:19 GMT
No. The same guy as Manchester Road. Legals grind slowly but I'm hopeful of a significant recovery.Interesting. The Tax Cert is showing it as "Irrecoverable Principal". So I assumed that BLN (sic) have given up on recovery efforts. Not my understanding. More than that I cannot say.
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Greenwood2
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Post by Greenwood2 on Jun 27, 2024 19:16:05 GMT
Interesting. The Tax Cert is showing it as "Irrecoverable Principal". So I assumed that BLN (sic) have given up on recovery efforts. Not my understanding. More than that I cannot say. Irrecoverable seems to be a random amount that they change up or down year on year, causing all sorts of confusion and difficulty filling in a tax return. It seems to bear little relationship to what is or is not going to be paid. But less and less liable for anything to be paid as time goes by.
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ilmoro
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Post by ilmoro on Jun 27, 2024 19:47:47 GMT
No. The same guy as Manchester Road. Legals grind slowly but I'm hopeful of a significant recovery.Interesting. The Tax Cert is showing it as "Irrecoverable Principal". So I assumed that BLN (sic) have given up on recovery efforts. Are they not just using the treatable as irrecoverable definition so any loan that is in legal recovery is claimable for full amount and then recoveries count as taxable income? Most platforms do it that way.
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walktall7
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Post by walktall7 on Jul 23, 2024 19:05:05 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! I have put money into Loanpad with the intention of using the losses from Thincats. My Accountants now say I cannot offset these losses with interest with a different company does anybody know where i can find information to confirm that is the case . Many thanks Walktall
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ilmoro
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Post by ilmoro on Jul 23, 2024 19:44:01 GMT
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! I have put money into Loanpad with the intention of using the losses from Thincats. My Accountants now say I cannot offset these losses with interest with a different company does anybody know where i can find information to confirm that is the case . Many thanks Walktall p15 of the pdf covers sideways relief, p16 covers carried relief which may also be relevant If you want it from the HMRC manual www.gov.uk/hmrc-internal-manuals/savings-and-investment-manual/saim12000
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walktall7
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Post by walktall7 on Jul 23, 2024 19:53:47 GMT
Many thanks and very quick Walktall
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pikestaff
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Post by pikestaff on Sept 6, 2024 17:11:09 GMT
Interesting. The Tax Cert is showing it as "Irrecoverable Principal". So I assumed that BLN (sic) have given up on recovery efforts. Are they not just using the treatable as irrecoverable definition so any loan that is in legal recovery is claimable for full amount and then recoveries count as taxable income? Most platforms do it that way. Nothing so simple I'm afraid. In most cases they have not shown anything as irrecoverable until the probability of full recovery is very low, and then (as far as I can guess without seeing their workings) made some kind of estimate of the expected loss - almost always erring on the low side. For the NG loans nothing at all was shown as irrecoverable until the latest tax year, which was plainly nonsense. Sorry this is very late - I missed your comment before. No idea why.
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Greenwood2
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Post by Greenwood2 on Sept 6, 2024 20:00:55 GMT
Are they not just using the treatable as irrecoverable definition so any loan that is in legal recovery is claimable for full amount and then recoveries count as taxable income? Most platforms do it that way.Nothing so simple I'm afraid. In most cases they have not shown anything as irrecoverable until the probability of full recovery is very low, and then (as far as I can guess without seeing their workings) made some kind of estimate of the expected loss - almost always erring on the low side. For the NG loans nothing at all was shown as irrecoverable until the latest tax year, which was plainly nonsense. Sorry this is very late - I missed your comment before. No idea why. TC are not most platforms and why would they make it so simple when they can make it hugely complicated. They do not often make a whole loan irrecoverable they make a current estimate of the amount they think irrecoverable on each loan. It takes ages every year to figure out what has changed since the previous year since they give irrecoverable as all time and change it up and down for each loan every year (so TC could tell you £100 irrecoverable on a loan one year, £200 irrecoverable the next year meaning £100 extra claimable and then £150 irrecoverable the next year meaning theoretically £50 no longer claimable, but nothing extra has actually been paid back from the loan). And when finally defaulted (if ever) you have to figure out what you have previously declared as irrecoverable which has varied over the years. A good spread sheet is essential and even then it's a nightmare.
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Greenwood2
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Post by Greenwood2 on Oct 18, 2024 9:58:23 GMT
Just launching into doing my tax return. Looking at the TC income statement (apart from the usual difficulties) I notice I have several duplicated Irrecoverable principle, The O**n D**r B****y loans are repeated three times on this year's document with the same figures. I am assuming this is just accidental duplication (one of them is for the whole amount three times!). If anyone is thinking of just using the headline totals (not that it's really possible to do that), I would have a closer look. Does anyone else have similar duplications?
Some of the principal write offs look a bit odd too, but I've lost track a bit so I'm assuming they are right.
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pikestaff
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Post by pikestaff on Oct 18, 2024 12:18:21 GMT
Just launching into doing my tax return. Looking at the TC income statement (apart from the usual difficulties) I notice I have several duplicated Irrecoverable principle, The O**n D**r B****y loans are repeated three times on this year's document with the same figures. I am assuming this is just accidental duplication (one of them is for the whole amount three times!). If anyone is thinking of just using the headline totals (not that it's really possible to do that), I would have a closer look. Does anyone else have similar duplications? Some of the principal write offs look a bit odd too, but I've lost track a bit so I'm assuming they are right. No repetitions on ours. The principal write offs looked OK too.
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