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My 2016-17 tax statement from Funding Circle is here (

https://i.imgur.com/WvhqXTI.jpg). Funding Circle's guidance on...
My 2016-17 tax statement from Funding Circle is here ( https://i.imgur.com/WvhqXTI.jpg). Funding Circle's guidance on tax is here (https://support.fundingcircle.com/hc/en-us/articles/214636966). The interest payment made to me is clear, £6,682.61, so that's no problem. But how do I treat the figures of £15.78 (Recoveries on principal defaulted in prior periods since 6.4.15) and £0.56 (Recoveries on loans defaulted prior to availability of bad debt relief)? Please let me know if you need more information.
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Answered in 3 hours by:
11/6/2017
bigduckontax
bigduckontax, Accountant
Category: UK Tax
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Hello, I am Keith, one of the experts on Just Answer, and pleased to be able to help you with your question.

Life is short, but the art is long. I would suggest that you deduct them from the interest credited and declare the net amount. The first 1K of interest is tax free, remember.

I do hope that you have found my reply of assistance.

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Customer reply replied 8 months ago
But they're recoveries. Shouldn't I add (not deduct) them from the interest?

I had assumed that they were recoveries by Funding Circle. They look like liquidated damages so are outside the scope on UK taxation.

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Customer reply replied 8 months ago
how should I treat the £15.78 and £0.56 on my tax return?

You need not declare them at all as they are outside the scope of UK tax.

bigduckontax
bigduckontax, Accountant
Category: UK Tax
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