Kufflink P2P lending chat thread

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  • masonic
    masonic Posts: 23,070
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    Nardge wrote: »
    Hence why I was asking Masonic for his knowledge...
    Shedman is correct, if you receive vouchers instead of cash then the face value of those vouchers is treated as taxable income. In the case of more obscure benefits received in exchange for providing a service, then these too would be taxable, and the recipient would have the unpleasant job of valuing them in a way in which HMRC would accept.
  • usman330
    usman330 Posts: 131
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    Is Kufflink still a decent place to park a little cash?
    Anyone want to refer me and share their referral bonus?
  • MallyGirl
    MallyGirl Posts: 6,565
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    There is a referrers thread for that - it is not allowed here

    https://forums.moneysavingexpert.com/forumdisplay.php?f=42
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    All views are my own and not the official line of MoneySavingExpert.
  • usman330
    usman330 Posts: 131
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    I couldnt find the referrers thread, has it gone?
  • masonic
    masonic Posts: 23,070
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    It's been deleted at least a couple of times now, so I guess MSE has something against it. There were formerly a few people offering to share at least half of their bonus (not me, I don't want the headache of working out my tax liability). They'll probably pick up on your post and get in touch.
  • Shedman
    Shedman Posts: 1,485
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    As its that time of year (end of tax year) I thought the response I had from Kuflink re treatment of various forms of cashback might be useful to some of you:

    "Any reserve cashback is tax free (ie the cashback in lieu of interest before a reserved loan goes live).
    Cashback you receive being a joining cashback/for being referred to Kuflink is tax free.
    Cashback you receive for referring users to Kuflink is taxable, due to this is classed as commission."
  • masonic
    masonic Posts: 23,070
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    Shedman wrote: »
    "Any reserve cashback is tax free (ie the cashback in lieu of interest before a reserved loan goes live).
    Cashback you receive being a joining cashback/for being referred to Kuflink is tax free.
    Cashback you receive for referring users to Kuflink is taxable, due to this is classed as commission."
    Very good of them to confirm it. I've known other firms say they cannot give tax advice and merely suggest that if you are unsure you should consult an accountant or tax adviser.
  • Shedman
    Shedman Posts: 1,485
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    masonic wrote: »
    Very good of them to confirm it. I've known other firms say they cannot give tax advice and merely suggest that if you are unsure you should consult an accountant or tax adviser.

    Yes - not only did the chat CS confirm this but it was an instant response (whereas like you I was expecting a fob off or a bit of a difficult time getting the info) so that gives me confidence in the staff's knowledge and competence. Seems to be a well run setup.
  • sovsov1357
    sovsov1357 Posts: 38
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    Am interested in signing up for full cashback(£250). Anyone want to refer me and split their referral bonus?(£125 each)
  • chong168
    chong168 Posts: 88
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    sam_scott wrote: »
    Am interested in signing up for full cashback(£250). Anyone want to refer me and split their referral bonus?(£125 each)

    Hi Sam, have PM'ed you
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