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  • FIRST POST
    • jnm21
    • By jnm21 12th Apr 18, 8:49 AM
    • 650Posts
    • 218Thanks
    jnm21
    Kufflink P2P lending chat thread
    • #1
    • 12th Apr 18, 8:49 AM
    Kufflink P2P lending chat thread 12th Apr 18 at 8:49 AM
    I think you will be OK if you stick to self select as both are very close to drawdown, and I think look like they could close today or tomorrow.
    Originally posted by bxboards
    I'm not too sure - the earliest draw down of the 2 is 27/04/2018 - I would recommend going for auto-invest if you can't/won't invest £500. Kuflink have been asked the will reserve suffice twice with no reply on P2PIF & another member has emailed them it too.
Page 4
    • masonic
    • By masonic 14th Sep 18, 5:48 PM
    • 10,108 Posts
    • 7,392 Thanks
    masonic
    Why would it look like tax evasion, when its all within tax free savings allowance?
    Originally posted by pruey
    Because it is their tax free allowance and it would have all the appearances of being your money.

    I assume I could put their bank details in when registering to be sure, and then fund the account by faster payment from my account? It's their money so wont matter when withdrawing if goes to the original registered account. - think i've answered my own question, lol.
    You should definitely register using their bank details. As I mentioned in my previous post, money going in from a different account should not cause any issue.
    • pruey
    • By pruey 17th Sep 18, 2:53 PM
    • 15 Posts
    • 2 Thanks
    pruey
    Because it is their tax free allowance and it would have all the appearances of being your money.


    You should definitely register using their bank details. As I mentioned in my previous post, money going in from a different account should not cause any issue.
    Originally posted by masonic

    Ok, thanks for your help.
    • mkh
    • By mkh 24th Sep 18, 3:54 PM
    • 25 Posts
    • 1 Thanks
    mkh
    what happened to the Kuflink Referrers thread? its gone missing
    • bxboards
    • By bxboards 24th Sep 18, 4:07 PM
    • 1,611 Posts
    • 1,260 Thanks
    bxboards
    what happened to the Kuflink Referrers thread? its gone missing
    Originally posted by mkh
    I started the thread and I hadn't noticed until you posted here. I've seen little activity on it my side for a while, so probably wouldn't have unless you'd posted.

    The Assetz Capital thread started by someone else also vanished.
    • Alexland
    • By Alexland 24th Sep 18, 4:11 PM
    • 3,602 Posts
    • 2,930 Thanks
    Alexland
    what happened to the Kuflink Referrers thread? its gone missing
    Originally posted by mkh
    I agree it's not coming up in searches or my posting history?

    I did mine with bxboards who is a reliable payer and you can PM him for more details.

    Alex
    • BeerMoney
    • By BeerMoney 24th Sep 18, 5:33 PM
    • 5 Posts
    • 3 Thanks
    BeerMoney
    I had an Assetz Capital thread which was removed. They've started removing threads that split a referral bonus for some reason (despite it not mentioning this anywhere on the forum rules that I can see)
    • bxboards
    • By bxboards 24th Sep 18, 6:09 PM
    • 1,611 Posts
    • 1,260 Thanks
    bxboards
    I had an Assetz Capital thread which was removed. They've started removing threads that split a referral bonus for some reason (despite it not mentioning this anywhere on the forum rules that I can see)
    Originally posted by BeerMoney
    Strange, I reckon about 50% of the threads there have split referrals, including the Ratesetter thread which is still active.

    I've started a new Kuflink thread - has no idea it has been pulled until someone else mentioned it further up.

    EDIT - Too be honest, I think a lot of people don't understand the implications of splitting referrals. They are taxable, and I got little traffic from the thread as some folks were offering 80 or 90 quid. A 20% tax payer will get zero offering an 80%-20% referal thread, and someone offer 90%-10% will be a tenner down courtesy of HRMC, if they are a basic rate tax payer.
    Last edited by bxboards; 24-09-2018 at 6:14 PM.
    • Nardge
    • By Nardge 25th Sep 18, 10:03 AM
    • 31 Posts
    • 6 Thanks
    Nardge
    EDIT - Too be honest, I think a lot of people don't understand the implications of splitting referrals. They are taxable, and I got little traffic from the thread as some folks were offering 80 or 90 quid. A 20% tax payer will get zero offering an 80%-20% referal thread, and someone offer 90%-10% will be a tenner down courtesy of HRMC, if they are a basic rate tax payer.
    Originally posted by bxboards
    This assumes they donít move the referral bonus into an IFISA. Moved into the latter, HMRC donít take a slice...
    Last edited by Nardge; 25-09-2018 at 10:06 AM.
    • gingercordial
    • By gingercordial 25th Sep 18, 11:47 AM
    • 1,247 Posts
    • 1,317 Thanks
    gingercordial

    EDIT - Too be honest, I think a lot of people don't understand the implications of splitting referrals. They are taxable, and I got little traffic from the thread as some folks were offering 80 or 90 quid. A 20% tax payer will get zero offering an 80%-20% referal thread, and someone offer 90%-10% will be a tenner down courtesy of HRMC, if they are a basic rate tax payer.
    Originally posted by bxboards

    bxboards, on what basis do you think they are taxable?

    Referral bonuses made by companies to their staff (eg if there's a suggestion box with an incentive) are taxable as that relates to employment. But I can't find anything that suggests a company paying a switching or referral bonus to a customer being taxable - assuming you don't work for Kuflink

    All I could find on non-employee referral bonuses was this MSE thread from 2014/2015 which mentioned at that time that Nationwide said their RAF payment "could" be subject to tax, but I suspect that was them covering themselves against the possibility and also that wording isn't in the Nationwide RAF FAQs anymore.

    https://forums.moneysavingexpert.com/showthread.php?t=5027548

    https://www.nationwide.co.uk/products/current-accounts/our-current-accounts/recommend-a-friend-tab

    (I'm genuinely interested and not trying to catch you out, I promise! I am a tax adviser but I specialise in companies not people so this may have escaped my notice - but personally I have not been declaring referral bonuses on my tax return and would like to know if I'm wrong.)
    • Fatbritabroad
    • By Fatbritabroad 25th Sep 18, 8:18 PM
    • 444 Posts
    • 227 Thanks
    Fatbritabroad
    I had an Assetz Capital thread which was removed. They've started removing threads that split a referral bonus for some reason (despite it not mentioning this anywhere on the forum rules that I can see)
    Originally posted by BeerMoney
    Well that explains why I've had three people ask me for my assetz referral code when I haven't offered to split anything lol
    • bxboards
    • By bxboards 27th Sep 18, 7:41 AM
    • 1,611 Posts
    • 1,260 Thanks
    bxboards
    bxboards, on what basis do you think they are taxable?


    (I'm genuinely interested and not trying to catch you out, I promise! I am a tax adviser but I specialise in companies not people so this may have escaped my notice - but personally I have not been declaring referral bonuses on my tax return and would like to know if I'm wrong.)
    Originally posted by gingercordial
    All P2P sites that offer a referral scheme, report to HMRC and on your individual tax statements referral income as taxable income.

    It really important to understand the difference between cashback (which isn't taxable), and commission, which is taxable income.

    It isn't interest either, so isn't covered by the PSA.
    • bxboards
    • By bxboards 27th Sep 18, 7:43 AM
    • 1,611 Posts
    • 1,260 Thanks
    bxboards
    Well that explains why I've had three people ask me for my assetz referral code when I haven't offered to split anything lol
    Originally posted by Fatbritabroad
    Beermoney's Assetz thread went again as did my new Kuflink thread.

    But it can't be anything to do with splitting referrals.

    No one has said why, the threads just vanish.
    • karlie88
    • By karlie88 27th Sep 18, 8:40 AM
    • 8,647 Posts
    • 107,314 Thanks
    karlie88
    As a side note, the referral amount is going down from £100 to £50 from 1st Oct.
    Official MSE canny forumite and HUKD VIP badge member
    • bxboards
    • By bxboards 27th Sep 18, 9:13 AM
    • 1,611 Posts
    • 1,260 Thanks
    bxboards
    As a side note, the referral amount is going down from £100 to £50 from 1st Oct.
    Originally posted by karlie88
    I'd not heard that but no surprised. I'm honestly surprised they've been running it for so long.

    I can't understand the economics of paying £100 to the referrer and £100 to the referee for a £500 investment, I can only assume the budget came from reducing their co-investment from 20% to 5%.

    For example until recently Assetz Capital have never offered referrals and they've raised 12 million in just over a week with the 1% / 2% rate boost as I type so I'm not sure a referral scheme is viable long term. If your offering is good enough, you'll find customers I think.
    • BeerMoney
    • By BeerMoney 27th Sep 18, 9:15 AM
    • 5 Posts
    • 3 Thanks
    BeerMoney
    Beermoney's Assetz thread went again as did my new Kuflink thread.

    But it can't be anything to do with splitting referrals.

    No one has said why, the threads just vanish.
    Originally posted by bxboards

    Yes, very odd, I removed all references to splitting referrals. No explanation, just removed the post
    • busybee100
    • By busybee100 26th Oct 18, 8:46 PM
    • 1,167 Posts
    • 2,472 Thanks
    busybee100
    Hi Can anyone confirm the referer and referee bonus has gone down to £50 each. I've found links from people suggesting it's still £100 for the referee but when I click through there's no amount mentioned.

    • keyboardworrier
    • By keyboardworrier 26th Oct 18, 9:06 PM
    • 122 Posts
    • 131 Thanks
    keyboardworrier
    Hi Can anyone confirm the referer and referee bonus has gone down to £50 each. I've found links from people suggesting it's still £100 for the referee but when I click through there's no amount mentioned.
    Originally posted by busybee100
    That is correct! The first bonus offered was very attractive, it's a shame they have reduced it.


    I have heard they have implemented a new facial recognition ID system now which could potentially put a lot of people off. I wouldn't have bothered if it was in place when I registered with them.
    • bxboards
    • By bxboards 27th Oct 18, 9:12 AM
    • 1,611 Posts
    • 1,260 Thanks
    bxboards


    I have heard they have implemented a new facial recognition ID system now which could potentially put a lot of people off. I wouldn't have bothered if it was in place when I registered with them.
    Originally posted by keyboardworrier
    I hope they don't try to do that retrospectively, I've got a fair bit to repay with them this year, and have no intention in engaging in anything like that. I will need to rehome my money.

    Like you, I would not have bothered if it was in place back then.
    • masonic
    • By masonic 27th Oct 18, 10:27 AM
    • 10,108 Posts
    • 7,392 Thanks
    masonic
    I hope they don't try to do that retrospectively, I've got a fair bit to repay with them this year, and have no intention in engaging in anything like that. I will need to rehome my money.

    Like you, I would not have bothered if it was in place back then.
    Originally posted by bxboards
    No doubt if they decide it is necessary of older accounts it will be a prerequisite of withdrawing funds. Otherwise it would be clear that it isn't really necessary. Let's hope our existing electronic verification is deemed sufficient.
    • fatherandson
    • By fatherandson 27th Oct 18, 11:33 AM
    • 13 Posts
    • 2 Thanks
    fatherandson
    What's the general feeling about Kuflink from existing investors? Would you do it again? Have you received the interest you were expecting? How does it compare to other P2P providers that you've been involved with?

    I am/was about to invest with them, but the later part of this thread is making me nervous. The dropping of cashback to £50 still represents a 10% gain on £500, but I'm wondering whether it is really worth it.
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