I do find it interesting how lots of countries have their own unique tax laws. In the short term, would the broker statement confirming your holding as at ex date, the information on the company website, and the broker statement confirming the net dividend received not carry enough evidence for the tax authority?
You can prove your position, and what the Gross dividend would have been, and what you received Net?
That way you should have enough evidence to avoid double taxation?
Longer term, reading between the lines, I think a PDF statement that shows your opening position, all your trading activity, and ending positions that could be run based on set dates. So it could be run April to March for UK residents, Jan to Dec for yourself and so on.
It would also be ideal (I think, potentially), if it listed a summary of dividends received from which country, and the gross/net/tax paid for the period.
Then it may also need for some countries, details of realised capital gains and losses?
Would that cover everything - I think if we can help scope out the specifications and or design with the user base on this forum, and get enough people behind it, it may bump up development in the priority list?
I’ve not looked at the csv extract for a couple of weeks, but I think most the data needed is in there, we might just want a more official 212 pdf version that could be run?
I suspect the problem occurs mostly for those who are not completing their tax returns themselves, and that it is their accountant who is making difficulties. An accountant does not wish to have to look up data in external sources, or will want to charge higher fees if she must, (though I would think she should know the various withholding tax rates).
I expect the data that Trading 212 provide is sufficient for completing tax returns in all countries. You just fill in your tax return using that data, together with other publicly available data that you can look up about withholding tax rates, gross dividends paid, and payment dates. If an audit were ever to take place, you will have no trouble proving you reported the right taxable income. (I do not know any country that actually requires taxpayers to submit copies of all their broker and bank statements together with their tax return.)
Dividend payment dates are a particular issue. Strictly speaking (at least in the UK) dividend tax is due on the amount of local currency the foreign dividend would buy on the official payment date, not on the date a few days later when the investor actually receives it in his account. In times of rapidly fluctuating exchange rates this can make a difference. However, a really professional tax accountant will have set themselves up knowing how to quickly extract these dates and exchange rate data.
It’s not a matter of calculating the dividends etc. Let’s say the withholding tax if a dividend is 30%. You can just do <amount_received>/0.7 for the gross and you’re done,
The problem is proving it to the tax office. They need an official broker document stating gross amount received in your currency, net amount and tax paid. You can get in trouble if you don’t have that document.
When do they need this? Must it be submitted as an attachment to your tax return every year? Or is only needed if you are audited? In the UK it would only be at an audit that one would need to produce such statement. If that happened, and I felt I did not already have it, then I would go back to Trading 212 for a bespoke statement.
Sorry, haven’t read the whole thread as quite long. So can you export your holdings info from the web / desktop version but not App? So a list of total share holdings at that point in time?
excel can import CSV as a table, you just need to configure it properly to read the information to correctly split columns and rows. It does require that the CSV be output correctly with distinct markers for line breaks and column splits.
I’ve found that both Excel and Sheets will open the exports to csv without needing any special steps. I recommend putting a filter across the top line of headers. A nice ordering is produced by successively sorting by Time, then ISIN and then Action.
Selecting and sorting certain lines of the resulting table can bring all Limit and Market Buys and Sells for a given instrument into contiguous lines.
HMRC intends that you figure your dividend income based on their values on the official payment dates. Unfortunately, this means a bit of hard work remaining for the UK taxpayer in figuring out from external sources the official payment date of dividends (which is always several days prior to when it was paid into your account) and the exchange rate pertaining that day. This problem exists with the tax reports of all brokers, not just Trading 212.
I use the Google Sheets function to build a lookup table
Unfortunately, there is not. But you can export over the entire period since you first bought a share and then add up. Commands such as the following are helpful. Here, I am finding the amount invested in Coca-Cola