zopa lending fun or not

ard123en

HI ALL

ive maxed out all my tax free options for this tax year so a few months ago. just for fun put a couple of hundred pounds into zopa as a lender

I know its got a bad rap on here but have to say its fun in an ebay sort of way seeing the deals moving around

ive been quite active in re lending the money once there is £10 back in my holding account and it seems to be getting a better rate than my high street savings (average is about 7.5%)

I would not tell any one to stick any money in there they may need/miss if it goes belly up but the a bit of fun its ok

ard123en

Carnifex

What is the tax situation with the profit you make from lending?

Do they deduct tax automatically like a bank does from interest you receive on savings?

michaels

No - you get the money gross so have to declare it on your tax return

If you search for zopa on the referers board you will find my referral giving you an extra 45 quid if you do sign up.

Carnifex

No - you get the money gross so have to declare it on your tax return

I think for me the tax issues would not be worth the extra couple of % return over a normal savings account so I think I will leave it alone for now.

ard123en

im a 40% tax payer so will have to fill in a return on my non isa tax saving anyway