Hey guys hope everyone is well and safe! Can anyone please help me regarding what I need to do with tax etc if my profits is not over the threshold of £12,300 do I need to anything at all e.g declare to hmrc etc or? Also I sold stocks in Freetrade (that app sucks) and withdraw it but deposited it in my t212 investment acc to reinvest to i need to do anything again at all regarding declaring anything etc?
And possibly other tips/help with tax easiest way to do etc, and other info that can help and be useful please.
Also is there a way to move my investment stocks to the t212 ISA at all soon/ in future.
ANY HELP WOULD BE MUCH APPRECIATED GUYS! Many thanks!
I’m not an accountant or a financial advisor, just a regular investor giving his personal opinion
You need to file a self assessement by 31 January 2021 to declare your income and profits from any investments, rent, online trading, dividents or interest you have received during 6 Apr 2019 - 5 Apr 2020. As you said, if your total profit from capital gains is less than £12300 you will pay no tax for it, cause you are covered by the CGTA (capital gain tax allowance). You also have an allowance for dividents (£2000) and one for bank interest (£1000), so for most people this should cover their gains and keep them tax free
If there’s any tax to pay for 2019-2020, 31 Jan 2021 is also the deadline to pay your taxes so my advice is: do your self assessement asap.
If you had an ISA stocks&shares account this financiar year, with another broker, you can’t open another one with Trading212, but you can do that from 6 April 2021 (10 weeks from now).
You can find this and more details if you browse here:
Personal tax: Self Assessment - detailed information - GOV.UK (also check ISA and more)
You are responsible to keep records of your gains and taxes, but being an UK resident gives you the advantage of CGTA and ISA so that’s pretty cool.
If your trades amounted to less than £49.2k and you don’t exceed the CGT allowance limit, there is no necessity to file a declaration. HMRC like most tax authorities are aware of what you are doing, but don’t need the extra paperwork chasing up small-time traders.
Regarding the transferring shares to ISA, this feature will never come. you cannot move shares into an ISA without first selling them and paying the taxes due on the proceeds. part of ISA limitations require that all relevant taxes due have been paid on the money you wish to deposit and only cash can be deposited. you can transfer shares bought inside an ISA among ISA’s by filling out a transfer form, however the only way to get new shares into an ISA is to buy them with funds deposited.
Thanks guys so I don’t have to do anything at all then? Whatsoever even though I’ve sold some shares and withdrawn it in my bank but deposited it in T212 again to reinvest.
So regarding not enabling to transfer stocks from investment acc to isa account? Is there definitely no other way, as I got told by T212 staff that they are working with this procedure at the moment,
And if that’s the case @Dao wha do you think best way to open isa stock, i obviously can’t open it with T212 if I already have investment acc right? Such so annoying I will loose a lot of gains as I will have to buy other stocks again if that’s the case
And many thanks again guys!
the transfer feature they are working on is for normal investment account held outside of T212. this will not allow transfers into an ISA. you can have both invest and ISA accounts with T212, you will just need to sell your shares, move the funds into the ISA and then repurchase the shares.