Zopa - Bizarre Annual Certificate of Interest

GrubbyGirl_2

I've just downloaded the annual certificate of interest to find they only give you one sum for all accounts including ISAs.  So taxable interest and non taxable interest are shown as one sum.  I know they are new to the ISA game but they don't seem to realise that we need to know the 2 amounts separately.  I hope they don't report the total amount to HMRC

masonic

I didn't think ISAs should be included at all.

gravel_2

I had my doubts when seeing this OP but just checked my partner's and yes it's reporting total interest paid across Smart Saver and Smart ISA. Not very clever.

masonic

Let's hope people completing tax returns don't use this figure without checking it!

GrubbyGirl_2

I'm going to try and contact them today

badger09

Oh dear. 

As a fairly early adopter of P2P lender ZOPA in 2006 I had several conversations with Giles Andrews, co founder who became CEO, about tax. No idea who was advising them about tax at the time but the advice, which they were passing on to lenders, was wrong. 

RG2015

GrubbyGirl_2 said:

I've just downloaded the annual certificate of interest to find they only give you one sum for all accounts including ISAs.  So taxable interest and non taxable interest are shown as one sum.  I know they are new to the ISA game but they don't seem to realise that we need to know the 2 amounts separately.  I hope they don't report the total amount to HMRC

Thank you for alerting us to this “oversight” from Zopa, which I consider to be unforgivable. Hopefully they will up their game very soon.

I recently opened a ISA, and fortunately I have only has the minimum £1 in my primary, non ISA pot. I had an account up to a few months back but had closed it when it became uncompetitive. Therefore my certificates of interest are separate.

It is though a serious concern about them splitting the amount reported to HMRC. I really find the lack of visibility of HMRC interest amounts by account very frustrating. They do get quite close to my annual total, but never exact to even within a few pounds. So some of the reported figures must be either incorrect or missing.

masonic

One other thing to check is that Zopa are one of very few providers that categorically state interest on multi-year fixes arises at maturity, despite being credited monthly(?), but they are required to report it to HMRC annually. I haven't checked what they do on their Annual Certificate of Interest, but they could be 'doing things differently' in this respect also.

GrubbyGirl_2

I messaged them on Twitter and they have replied to say they are aware of the issue and are working to resolve it. 

1spiral

Seems they're all at it. Just got an email from monument to say they've used incorrect dates. Just logged in to see their date range is 8/4/23-7/4/24.

GrubbyGirl_2

Just logged on to Zopa and it looks like they have corrected the tax statement