Anyone here who day trades stocks and pays tax.

[scose-no-doubt]

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.

 

[scose-no-doubt]

To clarify, UK Stocks and UK tax.

 

[BeginnerJoe]

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

 

[scose-no-doubt]

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

 

[barjon]

http://www.hmrc.gov.uk/cgt/shares/calc-cgt.htm#1

 

[scose-no-doubt]

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.

 

[barjon]

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

 

[scose-no-doubt]

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.