End of Year Tax Reporting

GreyingSurfer

Active member
173 0
Yes, but only if I download and keep each day's accounts, which I don't. If I use the monthly or annual statement they give a single rate of exchange per period (presumably for the end of the period?) and I'd need to use another source of rates (such as Oanda) to work back.

However, if I can see that what you mean is to note the rate into my spreadsheet from the statement on a daily basis with my other record keeping, which looks like a pretty good idea. I'll start doing that.
 

frugi

1
1,827 126
http://www.maxtrader.net/TwsAutoTrack/index.html

This might be handy. Certainly makes one's position easier to understand than the IB statements, though costs $195.

Just received my first monthly statement and I'm not quite sure what the "Gain/Loss Prior Open Future Positions" section is all about. The previous section "Futures US" makes sense and contains the majority of my trades, but I don't understand why some trades were omitted from this section and put in "Gain/Loss Prior Open Future Positions" despite them all being opened/closed in December as well. Dare say I'll figure it out eventually!
 

GreyingSurfer

Active member
173 0
Frugi

Prior Open Positions are positions open overnight. It does not mean positions open before the start of the accounting period.
 

hampy

Well-known member
276 5
Folks, Just looked at today's replies and the IR links posted by Frugi yesterday.
At a guess the accountant and tax inspector I spoke with were not aware of the last link suggesting that futures/options profits may be treated as capital gains.
Just when I thought I had it sorted, back to square 1
Skim, I knew I should have listened when a similar thread came up a couple of months ago. It would appear you were right all along.
Just to complicate matters further I now have to consider whether the best option would be to set up as a business in my wife's name or as a partnership. She has recently been made redundant and from the 2004/5 tax year will have those unused allowances going begging.
Anyway I guess this is all a bit premature As I've no idea whether I will be able to make decent profits from trading or not.
Any advice much appreciated!
cheers,
hampy
 

theknifemac

Well-known member
340 0
hampy

not sure if it will apply to you but the IR is starting to look into so called husband and wife companies which are setup to take advantage of a spouse's tax allowance. The revenue started off by going after people contracting through a limited company and paying a small salary and large dividends - IR35 and are now broadening it to other situations where a company structure has been used to minimise the tax hit on individuals.

Apparently this new legislation or rulings can be retrospective.

Mac
 
 
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