Anyone here who day trades stocks and pays tax.

Any idea how your accountant computes your gains/losses for the year.

I think I read a piece of HMRC guidance that said it is permissible to use the total gains/losses for (i.e. the breakdown that shows gains, losses, sdt, comms etc for the year) the year as per your broker statement but there is a guy in my office who is adamant that the accounts have to analysed on a trade by trade basis and scrutinised in the ordinary way.

Problem is I canny find teh guidance atm.


Anyone any ideas. This my first set of accounts for a day trader and I personally only have experience with losses lol.

To clarify, UK Stocks and UK tax.

Ask your office guy how will scrutinizing individual trades make a difference ? Capital gains relates to how much capital you have gained.

CGT isn't that simple mate. Not going into it now.

Yes but I don't think that applies when the activity is classed as trading, Jon.

I don't remember where I saw it but there's no way I pulled something that vague out of my ar5e.

never done it as sole means of income so i wouldn't really know. this might help though http://www.fool.com/taxes/2000/taxes000609.htm

no that's us stuff. thanks anyway though.

Couldn't find any guidance or legislation to back up my POV so doing it in the longer, more pain in the ar5e way now anyway.