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Post by mrclondon on Apr 6, 2016 23:04:41 GMT
Oh well, time for this time served hack to ask a newbie question 
To be able to claim income tax loss relief for loans which can be treated having become irrecoverable during 2015-16, I'll need to know the capital outstanding currently (and on 5th April of subsequent years) on those loans which defaulted during the last 12 months.
The list of loans is easy as I have all the emails from FC, but I'm struggling to see how on the website to retrieve the current outstanding capital for a loan net of recoveries (All I can seem to get is the value of the parts as at the day of default)
Any thoughts ?
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sl75
Posts: 2,092 
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Post by sl75 on Apr 6, 2016 23:15:15 GMT
Oh well, time for this time served hack to ask a newbie question
To be able to claim income tax loss relief for loans which can be treated having become irrecoverable during 2015-16, I'll need to know the capital outstanding currently (and on 5th April of subsequent years) on those loans which defaulted during the last 12 months.
The list of loans is easy as I have all the emails from FC, but I'm struggling to see how on the website to retrieve the current outstanding capital for a loan net of recoveries (All I can seem to get is the value of the parts as at the day of default)
Any thoughts ? If you're happy with a slight under-estimate for an easy life (and to save having to make the totals yourself from individual loans), the figure marked as "Capital loss (eligible for loss relief)" on the "Tax statement" might be good enough. This may be lower than the figure you want, as it may also be reduced it by the amount of recoveries from previous years' bad debt, but will at least be a readily justifiable figure if challenged. (the guidance linked from some previous discussion seemed to suggest that for 2015/16 an investor could claim it as a capital loss as in previous tax years, OR offset it against P2P income, but not both).
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Post by mrclondon on Apr 6, 2016 23:19:34 GMT
sl75 Good point, unfortunately that's the figure for capital gains loss relief (which is no use to me), what I'm after is the data for the specific few loans I have that defaulted during 2015-16 for income tax loss relief.
I'm kind of resigned to not being able to claim for FC. I've amassed a tidy sum on AC,FS and FK so far so won't be too upset.
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sl75
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Post by sl75 on Apr 6, 2016 23:23:42 GMT
sl75 Good point, unfortunately that's the figure for capital gains loss relief, what I'm after is the data for the specific few loans I have that defaulted during 2015-16 for income tax loss relief.
I'm kind of resigned to not being able to claim for FC. I've amassed a tidy sum on AC,FS and FK so far so won't be too upset. I don't understand why the total value of loans that defaulted in 2015/16 would differ if you claim it against capital gains or against P2P income?
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Post by mrclondon on Apr 6, 2016 23:35:13 GMT
Your right, it wouldn't.
But if I claim income tax loss relief for those loans, I will also need to know the recoveries made against (just) those loans in 2015-16 (and for future years when the time comes) to pay the tax on the recoveries.
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wysiati
Member of DD Central
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Post by wysiati on Apr 7, 2016 2:18:15 GMT
Previous guidance from FC suggested that it would indeed be a long-winded affair involving matching the IDs for loan parts in a defaulted loan with any recovery payment entries in the transaction statements. Statements with a large number of entries are often not available to the end user, however, as FC's system simply times out. You can obtain a data dump from FC as a support request rather than having to deal with separate monthly statements. In future, FC might even be more helpful and/or add in new functionality to obtain this information via the annual tax statements.
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blender
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Post by blender on Apr 7, 2016 7:52:03 GMT
Fortunately I had no new losses in 2015-6. If you do year-end screenshots of your summary you could subtract the total recoveries in the year, which would overstate the number due to recoveries on old losses, but that may be better than no claim. Otherwise it is a trawl through transactions, if you have them.
My understanding is that from 2016-7 the FC tax statement will deduct new 'irrecoverable' losses in the year and add back recoveries in the year from 'irrecoverable' losses incurred from 6 April 2016. My guess is that all defaults will be 'irrecoverable' losses, but I do not think that has been confirmed (tax statement not yet changed for 2017).
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Post by Butch Cassidy on Apr 7, 2016 8:04:39 GMT
Oh well, time for this time served hack to ask a newbie question
To be able to claim income tax loss relief for loans which can be treated having become irrecoverable during 2015-16, I'll need to know the capital outstanding currently (and on 5th April of subsequent years) on those loans which defaulted during the last 12 months.
The list of loans is easy as I have all the emails from FC, but I'm struggling to see how on the website to retrieve the current outstanding capital for a loan net of recoveries (All I can seem to get is the value of the parts as at the day of default)
Any thoughts ?
Copied below is FC reply to a very similar query I raised with them a couple of weeks ago, hope it helps ;
“Currently, the best way for you to view the principal remaining on defaulted loans would be to view our Loanbook. This can be accessed from the bottom of the Statistics page, available from your account.
This will show you the amount that has been recovered on each defaulted loan, as well as the number of repayments remaining. By subtracting this recoveries amount from the principal remaining at the point of default, you would be able to view the outstanding principal amount on defaulted loans. Should the 'recoveries' exceed the 'principal remaining' amount, this means that contractual interest has been recovered additionally.
To track the additional interest payments that have been made to you, please view your transaction statement. You can use this transaction statement to find each payment linked to the loans using your individual Loan Part IDs. To find the Loan Part IDs linked to the loan you quote, you would be able to using your list of Loan Parts. This is downloadable from your Summary page.
I understand that the process of finding the total recoveries received for individual loan parts is not convenient for investors, and this is something we will be looking to improve upon as we are planning on making significant upgrades to the investor experience.”
I found the last highlighted line particularly relevant, as I've been repeatedly asking for clarity/improvements on this issue for over 3 years now without success!
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Post by bracknellboy on Apr 7, 2016 8:29:16 GMT
Butch Cassidy's post is the same conclusion I had come to and hence why I downloaded both my own and the platforms loan book the other day (for analysis when I have time and its an 'indoors' kinda of day). It is also the same mechanism I have used when I was more active on FC to estimate / calculate the actual recovery rate for individual loans and thereby some guesstimate of possible recovery level.
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sl75
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Post by sl75 on Apr 7, 2016 8:34:14 GMT
Your right, it wouldn't.
But if I claim income tax loss relief for those loans, I will also need to know the recoveries made against (just) those loans in 2015-16 (and for future years when the time comes) to pay the tax on the recoveries. Which is why I started my first comment with a conditional "If you're happy with a slight under-estimate for an easy life (and to save having to make the totals yourself from individual loans)"... It may be that FC revise the format of the annual statement to make the figure you want more readily accessible, but for me personally, I'd rather use a readily-accessible figure that falls a few pounds short of the maximum deduction I could justifiably make, than go into all manner of extra calculations just in order to avoid a few more pounds of tax (which ultimately ends up squeezing the amount available to be spent on useful public services - how many hours of a junior doctor's time would I be demanding I don't pay for, for example). YMMV of course, perhaps depending in part on the value of the total 2015/16 recoveries. For me it is relatively small, so "an easy life" is worth more than the few quid I might possibly be able to justify by using a far more complicated calculation of my own making, rather than simply being able to point to a "tax statement" and say "look, there's the number I used".
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