Trading and Taxes?

Bayliss27

Newbie
1 0
I live in the UK and so was wondering to other trader's when they report there profits to HMRC do they include profits made from exchange rate.

I had a conversation with my broker:

[Me ] Would it be possible then to get a more detailed report that shows interest swap when we make our profits?

[Me] For example my account is in GBP but when I trade GOOG it will be in Dollars. Is there anyway to show if I made even more profit from this exchange from $ to £ ?

[Broker] We cannot release such a report having in mind that the conversion is done automatically at the current exchange rate available on the platform.

So how am I suppose to get the exact exchange rate if the conversion is done automatically?

Do you guys even bother recording exchange rates with your trades?

Currently I got spreadsheet showing Date, Instrument, Currency it was bought in, Price Per Share, Quantity, Direction, Commissions, Interests and Profit/Loss.

Again Profit/Loss from $ to £ is automatically calculated by the trading platform so when adding in exchange rate for the day profits don't match up because as you know the exchange rate constantly changes...

(I would just like to add i'm currently just paper trading but i'm writing spreadsheets etc to practice for when I start trading real money because I know how important it is to write this info down especially with regards to taxes...)
 
 
AdBlock Detected

We get it, advertisements are annoying!

But it's thanks to our sponsors that access to Trade2Win remains free for all. By viewing our ads you help us pay our bills, so please support the site and disable your AdBlocker.

I've Disabled AdBlock