Can anyone make any sense of IB's statements?

[Sparky2004]

I am currently trying to submit my tax return, but my Interactive Statements do not make any sense? Even my accountant doesn't understand them!

Does anyone else have this problem? And do you know of an accountants that are used to IB's statements?

Thanks

 

[Trader333]

I dont' understand your problem, what was your opening balance at the start of the tax year and what was your closing balance and the end of the tax year and how much have you withdrawn. That is all you need in my view


Paul

 

[Sparky2004]

Hi

I wish it were that easy, but its for a corparate account so unfortunately I need to be more detailed.

I need to state the amount of commisions, money lost/gained from forex transactions GBP/USD as I trade US options and I changed some money into US to cut down on exchange rate fees. Basically my main concern is the ending cash amount for the end of one mont is 3K less than the starting cash for the next month and I had made no transactions/trades in the last week of the month! The annual statement doesn't even give any balances only fees and transactions! I would have thought if you sell GBP/USD you would have a -GBP and a +USD on the statement. But it only shows the -GBP. Very strange!

 

[neilcharlton]

i agree IB's statements are rubbish - i did an FX swap GBP to JPY , finding that intial trade was a nightmare , no trade logged data etc. not impressed at all

 

[rajibde]

I dont' understand your problem, what was your opening balance at the start of the tax year and what was your closing balance and the end of the tax year and how much have you withdrawn. That is all you need in my view


Paul

Hi Paul- how about the stamp duty- how do you keep a track of it for intraday trading?

Raj

 

[Trader333]

I don't trade instruments that incur stamp duty so it is not an issue for me.


Paul

 

[rajibde]

I don't trade instruments that incur stamp duty so it is not an issue for me.


Paul

Hi Paul- thanks for yout reply- please can you point me towards any link which gives some more details on the stamp duty -the Tradepedia mentions that trading stock would incur stamp duty charges (or something to this effect) but in the forums I find very little discussions on these lines (most of the discussions relate to CGT & Income tax).
For an individual (in UK) who trades US (NYSE & Nasdaq) stocks on an intraday basis- what are the tax implications (including stamp duty).

Any info will be gratefully received.

Cheers!

Raj

 

[Trader333]

Raj,

For an individual (in UK) who trades US (NYSE & Nasdaq) stocks on an intraday basis- what are the tax implications (including stamp duty).

There is no stamp duty for US stock trading which is another reason it is attractive to trade if you are UK based.

I am not able to provide links for this but it is well known


Paul

 

[rajibde]

Raj,



There is no stamp duty for US stock trading which is another reason it is attractive to trade if you are UK based.

I am not able to provide links for this but it is well known


Paul

Thank you very much Paul- I am still trying to learn the (Tax) rules of the game; well with the stamp duty out of the equation, I better start reading about CGT...Income Tax....Company ....Individual...Oh God the list is endless... (till some time ago, as you might know Paul, these terms were very insignificat for me in relation to trading )

Anyone knows any good accountant in/around Luton please?

Cheers!

Raj