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Question P2P lending and tax
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iBeast
Posts: 36 Forumite
Im going to try and keep it short.
I am lending Via a P2P saving site which i started doing last week when and how do i declare the intrest and pay my tax.
Thanks
I am lending Via a P2P saving site which i started doing last week when and how do i declare the intrest and pay my tax.
Thanks
Nobody has signatures anymore everyone has chip and pin!
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At the end of the tax year (4 April), there will be s statement of income earned that year which will be accessible via the website. Declare any interest earned via your tax return as interest not taxed at source, or inform HMRC directly, eg via a letter, if you do not normally complete a tax return.I am one of the Dogs of the Index.0
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Thanks Chester DogNobody has signatures anymore everyone has chip and pin!0
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ChesterDog is spot on. Just me being a bit pedantic but end of tax year is 5th April... you have one more day
If you complete self assessment online, you must do this before 31st Jan the following year, or by 31st October the same year if done by post."If you will change, everything will change for you." - Jim Rohn
I simply use these forums to share my knowledge, reinforce my learning and experience as an IFA. Please remember, if your circumstances are complex, speak with your local IFA from Unbiased or VouchedFor directories for regulated financial advice.0 -
Sorry to push in but are you saying P2P do not deduct tax like a high st bank would?ChesterDog wrote: »At the end of the tax year (4 April), there will be s statement of income earned that year which will be accessible via the website. Declare any interest earned via your tax return as interest not taxed at source, or inform HMRC directly, eg via a letter, if you do not normally complete a tax return.I choose the rooms that I live in with care,
The windows are small and the walls almost bare,
There's only one bed and there's only one prayer;
I listen all night for your step on the stair.0 -
That is correct. Although there might be exceptions I suppose.I am one of the Dogs of the Index.0
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The other thing to remember is that you have to declare the total interest earned. You cannot offset any losses you may have incurred (through defaults) against interest earned.0
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