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  • FIRST POST
    • jnm21
    • By jnm21 12th Apr 18, 8:49 AM
    • 651Posts
    • 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 6
    • bxboards
    • By bxboards 9th Nov 18, 7:12 PM
    • 1,671 Posts
    • 1,330 Thanks
    bxboards

    I will still be closing our accounts after the 12 months is up.

    Alex
    Originally posted by Alexland
    I'll keep mine open as I invest a lot in P2P and I like to spread my money around multiple sites, Kuflink are only 1 of the 10+ sites I use.

    I think their referral scheme may only have acquired short term customers, who will exit when they can - and I can't blame them for that, as they'll come out way ahead, either 20%+ or even 50%+ up depending when they opened accounts.
    • Alexland
    • By Alexland 13th Nov 18, 7:05 PM
    • 4,727 Posts
    • 4,059 Thanks
    Alexland
    Kuflink has a new "Refer A Friend" offer.
    Originally posted by Jerryspb1
    Yes I mentioned this in my recent post on this thread but had the decency not to spam a link.
    https://forums.moneysavingexpert.com/showthread.php?t=5846991&page=5#96

    If you want to post referral links there is a dedicated forum.
    https://forums.moneysavingexpert.com/forumdisplay.php?f=42

    Alex
    • Jerryspb1
    • By Jerryspb1 13th Nov 18, 7:59 PM
    • 2 Posts
    • 1 Thanks
    Jerryspb1
    Hi Alex,

    I take your general point though happen to disagree with your description of it as spam. That aside, i'm new to the forum (as you can see from my profile), and so shall learn from this experience.

    To clarify, I thought it was a decent enough proposition from Kuflink for folk to consider and (obviously) also introduced an incentive to hopefully make it of further interest to additionally benefit other MSE forum readers (and myself) - while also taking care to highlight the risk warning and make an assumption that MSE forum readers (almost by definition) will evaluate options to their best advantage, whether it's my message, someone else's link or doing their own thing.

    I hope that clarifies my intentions and clears the air.

    I'm sure there are enough links and propositions for folk to find something that works for them while recognising the principle of choice through this and other threads.

    As I say, I'll learn from your feedback and this experience. I wish MSE members every financial success going forwards, and am grateful to everyone for their patience as I learn how to operate more effectively within this forum.

    Kind regards,
    Jerry
    • Jerryspb1
    • By Jerryspb1 13th Nov 18, 8:13 PM
    • 2 Posts
    • 1 Thanks
    Jerryspb1
    *MSE Administrators - please feel free to delete my posting if it contravenes the rules for posting. Sorry, am new to this and will look at how to make the same information available via the link that Alex kindly provided. Sorry folks.
    • Alexland
    • By Alexland 13th Nov 18, 8:25 PM
    • 4,727 Posts
    • 4,059 Thanks
    Alexland
    Referrals in the main forum do break the rules - see Martin's explanation on below link:

    https://forums.moneysavingexpert.com/showthread.html?t=103393

    However you are fine to Edit your post and remove the offending link. Edit: too late it's been deleted.

    Alex
    Last edited by Alexland; 13-11-2018 at 8:28 PM.
    • Alexland
    • By Alexland 13th Dec 18, 5:00 PM
    • 4,727 Posts
    • 4,059 Thanks
    Alexland
    Kuflink have spend 295k on cashback to get an additional 20m invested during 2018 - circa 1.5%

    https://s3.eu-west-2.amazonaws.com/kuflink-infographics/Lending+Report+InfoGraphic.pdf
    • dont_use_vistaprint
    • By dont_use_vistaprint 14th Dec 18, 12:33 PM
    • 403 Posts
    • 119 Thanks
    dont_use_vistaprint
    What is the most you have lost to date - if anything - on Kufflink ?

    Aside from Cash-backs and referrals what ROI are you getting (after fees and any losses) ?
    "It is not the critic who counts..." - Theodore Roosevelt
    • dont_use_vistaprint
    • By dont_use_vistaprint 14th Dec 18, 12:36 PM
    • 403 Posts
    • 119 Thanks
    dont_use_vistaprint
    Kuflink have spend 295k on cashback to get an additional 20m invested during 2018 - circa 1.5%

    https://s3.eu-west-2.amazonaws.com/kuflink-infographics/Lending+Report+InfoGraphic.pdf
    Originally posted by Alexland
    Thats decent customer acquisition costs, Ive ran adwords campaigns with much higher CPA, Cashback is the new way
    Last edited by dont_use_vistaprint; 14-12-2018 at 12:39 PM.
    "It is not the critic who counts..." - Theodore Roosevelt
    • keyboardworrier
    • By keyboardworrier 14th Dec 18, 1:45 PM
    • 132 Posts
    • 142 Thanks
    keyboardworrier
    What is the most you have lost to date - if anything - on Kufflink ?

    Aside from Cash-backs and referrals what ROI are you getting (after fees and any losses) ?
    Originally posted by dont_use_vistaprint

    There has been no losses on any Kuflink loans so far, I've not been involved in any defaulted loans (If anyone else has been I'd be interested to know how they were handled) . At the moment it seems like a good solid platform
    • Alexland
    • By Alexland 14th Dec 18, 7:00 PM
    • 4,727 Posts
    • 4,059 Thanks
    Alexland
    Thats decent customer acquisition costs, Ive ran adwords campaigns with much higher CPA, Cashback is the new way
    Originally posted by dont_use_vistaprint
    Yes I was surprised how little they spent to get those inflows. Time will tell how many are sticky or how many (like ourselves) will withdraw after 12 months.

    Alex.
    • bluenun
    • By bluenun 30th Jan 19, 9:55 AM
    • 241 Posts
    • 22 Thanks
    bluenun
    I invested with Kuflink last May and have a question regarding tax.
    I understand I get 1000 of banking interest tax free per year.

    Does the 100 cashback from Kuflink need to be included as interest and also the 75 I received for following a referral link?
    • bxboards
    • By bxboards 30th Jan 19, 10:13 AM
    • 1,671 Posts
    • 1,330 Thanks
    bxboards
    I invested with Kuflink last May and have a question regarding tax.
    I understand I get 1000 of banking interest tax free per year.

    Does the 100 cashback from Kuflink need to be included as interest and also the 75 I received for following a referral link?
    Originally posted by bluenun
    Any referral payments (commission) are taxable. You cannot include them in your Personal tax free interest allowance as its not interest.

    Cashback for signing up is treated as a discount and is not taxable.

    A few people have claimed commission payments are not taxable - this is wrong and wishful thinking (or just blatant tax dodging if I was being less charitable!) - HRMC or your local tax office, will confirm. Some people have had wrong advice by calling the referral commission 'cashback' previously when asking HRMC about this.

    Kufllink will also have declare any commission payments + interest to HRMC on the next tax statement which you'll get around May 2019.
    Last edited by bxboards; 30-01-2019 at 10:15 AM.
    • Nardge
    • By Nardge 30th Jan 19, 10:27 AM
    • 125 Posts
    • 21 Thanks
    Nardge
    Cashback (a discount or partial refund applied to a purchase) is not taxable, and not included in the PSA

    Referee referral bonuses are not taxable (are viewed as cashback), and also not included in the PSA.

    Referrer referral bonuses (treated as an 'annual payment' or 'other income' in most cases), are taxable,
    though again are not included in the PSA

    In your case therefore, neither appear taxable (you were the referee), and neither are part of your 1000 PSA.

    With Kind Regards
    Last edited by Nardge; 30-01-2019 at 12:46 PM.
    • bxboards
    • By bxboards 30th Jan 19, 10:43 AM
    • 1,671 Posts
    • 1,330 Thanks
    bxboards
    Referee referral bonuses are not taxable (are viewed as cashback), and also not included in the PSA.


    With Kind Regards[/FONT]
    Originally posted by Nardge
    That is incorrect - sites such as MoneySavingExpert, Quidco, Topcashback or even a door to door seller who tried to get you to sign up for a charity (a 'chugger') or someone selling Tupperware all pay tax on commission from a referral.

    It's income, not cashback.

    I was doing Kuflink referrals when they started the scheme back in early 2018 and have a tax statement for 2017-2018 which shows this is reported to HRMC (correctly) as taxable income.

    I would advise anyone to get your own tax advice not rely on forum posts (from anyone) if in doubt.

    I'd love my referrals to be tax free as I started the referral thread but I confirmed (several times!) they are taxable.
    • Nardge
    • By Nardge 30th Jan 19, 10:58 AM
    • 125 Posts
    • 21 Thanks
    Nardge
    That is incorrect - sites such as MoneySavingExpert, Quidco, Topcashback or even a door to door seller who tried to get you to sign up for a charity (a 'chugger') or someone selling Tupperware all pay tax on commission from a referral.

    It's income, not cashback.

    I was doing Kuflink referrals when they started the scheme back in early 2018 and have a tax statement for 2017-2018 which shows this is reported to HRMC (correctly) as taxable income.

    I would advise anyone to get your own tax advice not rely on forum posts (from anyone) if in doubt.

    I'd love my referrals to be tax free as I started the referral thread but I confirmed (several times!) they are taxable.
    Originally posted by bxboards
    Perhaps 'viewed' wasn't the right word, 'perceived as' may have been better... Ultimately I was going off my interpretation of what an equally authoritative person had relayed to me in answer to essentially the very same question. It is my understanding that an individual does not pay tax on the Referee Referral, and it is essentially Cashback. As described previously too, the Referrer Referral (which is what you appear to discuss and to actively harvest), is something else.

    Certainly tax advice from HMRC or a Financial Adviser might be ideal, though receiving the correct answer (especially with the former) will assume knowing what to ask and how to ask it, as you have correctly stated.

    I think many people would appreciate a clear-cut flow diagram or similar for the above.
    Perhaps (if as you imply, my interpretation is mistaken) you could supply us with the same?

    With Kind regards
    Last edited by Nardge; 30-01-2019 at 4:07 PM.
    • masonic
    • By masonic 30th Jan 19, 12:38 PM
    • 11,380 Posts
    • 8,996 Thanks
    masonic
    That is incorrect - sites such as MoneySavingExpert, Quidco, Topcashback or even a door to door seller who tried to get you to sign up for a charity (a 'chugger') or someone selling Tupperware all pay tax on commission from a referral.

    It's income, not cashback.

    I was doing Kuflink referrals when they started the scheme back in early 2018 and have a tax statement for 2017-2018 which shows this is reported to HRMC (correctly) as taxable income.

    I would advise anyone to get your own tax advice not rely on forum posts (from anyone) if in doubt.

    I'd love my referrals to be tax free as I started the referral thread but I confirmed (several times!) they are taxable.
    Originally posted by bxboards
    This is of course correct for someone who refers someone else to a site. They are performing a service for the company and being paid for it - that's taxable income.

    When someone joins a site and obtains, say, 50 for making a 1,000 investment for 1 year (whether they are referred by someone else or not), then that would normally not be taxable - subject to how this is reported by the company making the payment of course. They are receiving a promotion deal on a purchase. This is often called cashback and that makes the position clear.
    • bluenun
    • By bluenun 30th Jan 19, 4:01 PM
    • 241 Posts
    • 22 Thanks
    bluenun
    I became self employed last year so just trying to be clear what needs to be declared and what does not.

    So on my 2019/2020 tax return form I will declare the interest on the 500 I receive from Kuflink, not declare the 100 cashback and from the differing answers not sure about the 75 I received as a referee.

    If I do need to declare it then it will go down in the "Other Income" section and not as interest.
    • Nardge
    • By Nardge 30th Jan 19, 4:16 PM
    • 125 Posts
    • 21 Thanks
    Nardge
    I became self employed last year so just trying to be clear what needs to be declared and what does not.

    So on my 2019/2020 tax return form I will declare the interest on the 500 I receive from Kuflink, not declare the 100 cashback and from the differing answers not sure about the 75 I received as a referee.

    If I do need to declare it then it will go down in the "Other Income" section and not as interest.
    Originally posted by bluenun
    This is my understanding:

    If you received the 75 because you referred ("referrer referral") someone else, and they invested using your link, it is declared as 'Other Income', it is taxed (according to your tax band), but does not constitute part of your 1000 PSA allowance.

    If you received the 75 because you invested having used someone else's link for that purpose ("referee referral"), it is 'Cashback' of sorts (or at least that's how you can perceive it), and it is not taxed... My caveat would be to note Masonic's words however: "normally not be taxable - subject to how this is reported by the company making the payment of course. They are receiving a promotion deal on a purchase. This is often called cashback and that makes the position clear." Having had this specific conversation myself before regarding Kuflink, I believe Kuflink do not report the latter sum in a manner that would make it taxable...

    With Kind regards
    Last edited by Nardge; 30-01-2019 at 4:26 PM.
    • masonic
    • By masonic 30th Jan 19, 6:03 PM
    • 11,380 Posts
    • 8,996 Thanks
    masonic
    This is my understanding:

    If you received the 75 because you referred ("referrer referral") someone else, and they invested using your link, it is declared as 'Other Income', it is taxed (according to your tax band), but does not constitute part of your 1000 PSA allowance.

    If you received the 75 because you invested having used someone else's link for that purpose ("referee referral"), it is 'Cashback' of sorts (or at least that's how you can perceive it), and it is not taxed... My caveat would be to note Masonic's words however: "normally not be taxable - subject to how this is reported by the company making the payment of course. They are receiving a promotion deal on a purchase. This is often called cashback and that makes the position clear." Having had this specific conversation myself before regarding Kuflink, I believe Kuflink do not report the latter sum in a manner that would make it taxable...
    Originally posted by Nardge
    That's exactly as I understand it. When you are referred by someone else and get paid as a condition of investing, then if it is taxable (for example it is treated as bonus interest rather than cashback) then it will appear on your tax statement, so providing you use those figures given to you by the platform there is no risk of under-declaring.
    • bluenun
    • By bluenun 31st Jan 19, 4:31 PM
    • 241 Posts
    • 22 Thanks
    bluenun
    That's exactly as I understand it. When you are referred by someone else and get paid as a condition of investing, then if it is taxable (for example it is treated as bonus interest rather than cashback) then it will appear on your tax statement, so providing you use those figures given to you by the platform there is no risk of under-declaring.
    Originally posted by masonic
    I see what you are saying Masonic but as the referee I would assume the tax statement that Kuflink will send me after 12 months will only make note of my 500 deposit, 100 cashback and the interest I receive.
    They will not be aware of the 75 I received from the Referrer.
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