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Thread: Harmoney

  1. #1961
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    Hello! New to the forum! I just wanted to point out something I discovered recently about the dashboard RAR. I tried doing a bit of an analysis on the dashboard RAR compared to a calculated RAR using their methodology. I obviously couldn't. But I emailed Harmoney to figure out why and found out that they actually calculate RAR using actual interest receipts in real time so they can (if they wanted) pull a real time RAR figure for you.

    I also found out that the two RAR (dashboard vs calculated) were different but only slightly. The kicker was that they put your charge off amounts on the dashboard before they show up in your RAR which led me to believe my RAR included the charge offs. It could be that it didn't occur to me to sense check my RAR but I thought I'd share my experience.

    Now on to my main question. TAX. The new taxation period is coming and I was wondering how you guys disclosed your charge offs on your tax return last year. There hasn't been any guidance from IRD but many articles by the accounting firms. The official stand is that you can only recognise charge offs if you are in the business of investing in loans. There are a number of rules and precedence that have been set but really is up to each persons circumstances. How have you guys recognised P2P loan charge offs?

  2. #1962
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    Maybe they they've been quite focused on looks! As in a new font!!

  3. #1963
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    Quote Originally Posted by Art View Post
    FIsave, I have been investing with Harmoney for about 18 months, but 3/4 of my funds went in about 8 months ago. These are my statistics top row is A's, second row B's etc. Net interest being gross less fees and charge-offs:

    spread of net interest spread of investments Difference
    14% 20% -6%
    33% 40% -7%
    16% 15% 1%
    14% 10% 4%
    16% 10% 6%
    6% 5% 1%
    Probably too early to tell yet since write-offs are apparently loaded towards the first 18 moths of a loan, but looking like F's aren't worth the risk, A's and B's under perform in a buoyant economy (but what would happen in a recession?) and E's give the best return. But still early days yet for my statistics.
    D's and E's look like they provide you with the best return. However it could depend on whether you are able to deduct charge-offs for tax purposes. Otherwise the percentage of your net interest received for grades D and E that would be payable in tax could be well above 33%.

  4. #1964
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    i have my browser refresh every 30 seconds on the marketplace page. There were just two E grade loans that appeared and were completely filled within 60 seconds...

  5. #1965
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    Quote Originally Posted by XxOrooxX View Post
    Hello! New to the forum! I just wanted to point out something I discovered recently about the dashboard RAR. I tried doing a bit of an analysis on the dashboard RAR compared to a calculated RAR using their methodology. I obviously couldn't. But I emailed Harmoney to figure out why and found out that they actually calculate RAR using actual interest receipts in real time so they can (if they wanted) pull a real time RAR figure for you.

    I also found out that the two RAR (dashboard vs calculated) were different but only slightly. The kicker was that they put your charge off amounts on the dashboard before they show up in your RAR which led me to believe my RAR included the charge offs. It could be that it didn't occur to me to sense check my RAR but I thought I'd share my experience.

    Now on to my main question. TAX. The new taxation period is coming and I was wondering how you guys disclosed your charge offs on your tax return last year. There hasn't been any guidance from IRD but many articles by the accounting firms. The official stand is that you can only recognise charge offs if you are in the business of investing in loans. There are a number of rules and precedence that have been set but really is up to each persons circumstances. How have you guys recognised P2P loan charge offs?
    Last year the numbers were immaterial for me so declared interest less fees. This year I plan to also deduct write-offs less recoveries on the basis I am an active investor (1000's of loans) and use filters and manual screening so effectively it is a home business. I don't think I am even able to identify write-offs on my UK P2P book.

  6. #1966
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    Quote Originally Posted by XxOrooxX View Post
    .....I was wondering how you guys disclosed your charge offs on your tax return last year. There hasn't been any guidance from IRD but many articles by the accounting firms. The official stand is that you can only recognise charge offs if you are in the business of investing in loans. ....
    Item 12 on IR10.

  7. #1967
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    Quote Originally Posted by RMJH View Post
    Last year the numbers were immaterial for me so declared interest less fees. This year I plan to also deduct write-offs less recoveries on the basis I am an active investor (1000's of loans) and use filters and manual screening so effectively it is a home business. I don't think I am even able to identify write-offs on my UK P2P book.
    Yea, to be quite honest if the IRD gets a slice of our profits they should share in a slice of the risks as well. I will probably do the same as well. Would be good if there was something official on it though.

    Has anyone complained about the lack of loans to Harmoney? I've put one through. Hoping if more people complain they might do something about it.

  8. #1968
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    Quote Originally Posted by Art View Post
    Item 12 on IR10.
    Art... That's a different answer to what 777 menioned in post #1913!

    Any further clarification from Art or 777 please?

    TAX 2.jpg

  9. #1969
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    Don't get too concerned about the box number. It will be different on different forms. I file online (IR3) and the "other expenses" is box 26. The paper IR3 may be a different number.

    The IR10 http://www.ird.govt.nz/forms-guides/...s-summary.html

    I have never found it necessary to complete the IR10 but if you are a trader then maybe it could be used.

  10. #1970
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    Quote Originally Posted by 777 View Post
    Don't get too concerned about the box number. It will be different on different forms. I file online (IR3) and the "other expenses" is box 26. The paper IR3 may be a different number.

    The IR10 http://www.ird.govt.nz/forms-guides/...s-summary.html

    I have never found it necessary to complete the IR10 but if you are a trader then maybe it could be used.
    Hey 777,

    I follow that... Get that - Cheers

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