George this coming for CFD accounts too?
Yes, it will at a later stage.
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Thans George. Looks promising. Would it be possible to get the same information exported into a pdf with our name, account number, T212 logos and disclaimers, etc. So we can use it as statement that the witholding tax has been paid. At the moment the export feature is great for personal records. However it can’t be used as proof of anything.
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Many thanks for the new feature; for tax reporting it is important to have easily the total amount for
- sum of invested amount
- sum of received dividends for these positions
- sum of taxes withheld
All three of them in EUR (or the native currency of the user).
Thank you again for your continuous improvements you offer us!
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Are not these easy to compute once you have the transaction and dividend data in a spreadsheet?
If you need the exchange rate on a specific date this Google Sheets function is useful
=INDEX(GOOGLEFINANCE("USDEUR", "price", "06/01/2020"),2,2)
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Can you add the symbol/ticker and execution venue field too?
So it has all the same data that the email contains.
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Beware of the ticker, because it can change - for example, SPACS.
ISIN on the other hand, stays the same.
This new update is amazing!
But I would love to also have some information on pies. For example, everytime you deposit funds into a pie, or if and order was made from a pie deposit or as and individual stock.
Keep up the great work!
Exchange rate for dividends missing.
Can we also have the ticker aswell as the isin ?
Can not reconcile account using export, if you add all the transactions up using the relevant transaction types the remaining cash balance you calculate is wrong… in my example by 25p.
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Can you tell us approximately when, as it is important for me to know if it will be done by mid February?
If it helps, HMRC lets you round figures to nearest £1, in your favour. So 25p will make no difference to your taxes. This sort of small rounding error is negligible.
If your were investing 1000 times as much the discrepancy would not multiply by 1000 to become £400. It would still be a matter of a few pence.
Hi, I am afraid tax authorities will not accept any such doc.
I believe that
What is your country of tax residence?
It would be sufficient for HMRC in the UK. The self assessment form asks only for summary numbers. One does not need to submit any documentation from brokers, banks or investment platforms. One just needs to keep the data on file in case of an audit. In case of audit one can always go back to Trading 212 and ask for a further statement.
But maybe your country expects different.
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Richard, in my particular case I live in Spain.
Every year we need to do a self assessment of all of our income from the previous year (From Jan-Dec). We manually input all capital gains and dividends received. We have the option to claim any withholding tax paid as well.
In Spain we pay 19% for dividends. So if we already paid 15% of withholding tax we can claim back that 15% so we will end up paying only the 19%.
The Tax Authorities will then reimburse us the withholding tax paid. However, from time to time they ask us to produce the evidence behind our claim that we paid the withholding tax.
At this point if we don´t have any official record from the broker we can not proof that we paid it (although we did!!). Then the government says you did not produce the evidence and make us pay the 15% back + a fine.
That is why we are so insistent with this. It is really important to have it. And almost every other broker gives you some kind of paperwork with dividend information.
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In Portugal we have a similar system.
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How often does this actually happen in practice? When and if it happens you can then ask Trading 212 for a statement.
In UK it is the same system, but in my life I have never been asked for proof of the US withholding tax that I entered on my tax return.
In addition to the point above from Beavis and from what I have heard from spanish friends, quite often if you have an accountant or financial advisory firm doing the reporting for you, he (for the example lets assume a “he”) will be required by law to see the actual statements as he has to sign it off as it being true and trustworthy.
In doing so and if ever the spanish tax agency requests information and the accountant/advisor cannot provide it within the required timescale, he would lose his licence as he signed it off without seeing suitable documentation (if it was a fraud he could also be prosecuted, but in this case there is no fraud).
Therefore, an accountant or financial advisory firm doing a persons’ tax reporting is very unlikely to sign off and submit a tax form based on a CSV file.
In Spain taxes can be quite complicated, when looking at dividends, capital gains, tax deductions, etc, so it is fairly common for people with investments in the stock market to use the services of a financial advisory firm for tax reporting.
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Does anyone here use Portfolio Performance? and if so would anyone be willing to share their tips and tricks on the best way to import our exports in to it?
Wondering if an import template will become available as at the moment its a right pain trying to map the required fields using 212’s export column headings and formatting.
Thanks
To add to the previous posts concerning Greece too, yes dividends are in the original currency with no exchange rate. So no way to see how many € I have paid in withholding taxes and prove it to the tax office, which is required.
Most important, tax office needs a formal paper. It needs to be available for export in pdf too with company info, my info etc. If they can’t read it in a formal document, it didn’t happen.
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@Richard.W I use software called fund manager to track my investments etc (Much better reporting/ info).
I have created a tool that converts the CSV export from 212 into the required format for fund manager.
After checking the data and importing the data into the software, my cash balance was incorrect.
It’s not for tax purposes but it would be nice if we could actually balance it back to the remaining cash in our account.