Tax question: UK trade investing in US stocks

psmt1

Newbie
2 0
Hi all,

I live in the UK but trade US stocks. As far as I understand I will have to pay capital gains tax to HMRS (I don't trade actively so it will probably be classified as an investment and not income). There were however a few occasions when I re-balanced my portfolio so the 30 day rule (?) may come into play (my portfolio is thus not just a simple buy and hold). My profit is however below the £11k threshold. My broker is Interactive Brokers.I do have a day job and pay PAYE tax on my income.

A few questions:
1) Which form(s) do I need to complete?
2) Is the deadline the end of January for submitting the form(s)?
3) Is there software that can do the calculations for me? (Taxcalc seems to be able to do this but I'm unsure if I still have to do the calculations and then simply enter the results.)
4) Any accountants anyone can recommend who will do this for a reasonable fee?

Thanks
Phil
 

malaguti

Senior member
2,374 459
Hi all,

I live in the UK but trade US stocks. As far as I understand I will have to pay capital gains tax to HMRS (I don't trade actively so it will probably be classified as an investment and not income). There were however a few occasions when I re-balanced my portfolio so the 30 day rule (?) may come into play (my portfolio is thus not just a simple buy and hold). My profit is however below the £11k threshold. My broker is Interactive Brokers.I do have a day job and pay PAYE tax on my income.

A few questions:
1) Which form(s) do I need to complete?
2) Is the deadline the end of January for submitting the form(s)?
3) Is there software that can do the calculations for me? (Taxcalc seems to be able to do this but I'm unsure if I still have to do the calculations and then simply enter the results.)
4) Any accountants anyone can recommend who will do this for a reasonable fee?

Thanks
Phil
W-8BEN form for us tax exemption otherwise capital gains tax on your annual income due in January. You really don’t need an accountant. It’s just so simple you can do it online yourself and get it calculated for you
If you’re really only doing 11k that’s your annual exemption anyway
Send me a pm and I can take you through the calculations
I’ll be doing my tax returns in the next week or so
First thing you want to do is register on Hmrc website for on line submission. That’s probably the longest and hardest part of the process! Not joking
 

psmt1

Newbie
2 0
W-8BEN form for us tax exemption otherwise capital gains tax on your annual income due in January. You really don’t need an accountant. It’s just so simple you can do it online yourself and get it calculated for you
If you’re really only doing 11k that’s your annual exemption anyway
Send me a pm and I can take you through the calculations
I’ll be doing my tax returns in the next week or so
First thing you want to do is register on Hmrc website for on line submission. That’s probably the longest and hardest part of the process! Not joking
Thanks malaguti, I appreciate your offer to help! I'll register on the HMRC website and then PM later.
 

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