Hi All, I’ve been trading stocks and shares since March last year and I’m wondering how you all go about completing your tax returns… Do you do it yourselves or have someone else do it for you? I have a couple of questions: 1, do you have to complete a tax return even if you don’t withdraw any of…

the important bit is “selling” the shares, not whether you withdraw or not. selling is realising your profits or losses and this amount is what falls under capital gains tax. if your trades total more then £40,000 and you have profits above £12,300 you need to declare it to HMRC even if you don’t …

Thanks for replying Dao. So I’ve bought and sold shares multiple times since March last year, probably ~100 orders. Would I need to account for every share sold that I made a profit on? How would I work out what I need to pay tax on?

the tax year starts April 6th. so you would have to track all of your transactions and positions to calculate if your profits are in excess of £12,300, not counting losses as those are separate. if yes you will need to declare, but you only pay taxes on the excess not the initial £12,300. […

[image] Tax enquires for UK investor 🤝 Help It is simple to complete your tax return if you can answer No to both of the following questions. If so then you will not have to report anything - though you will have to keep records of your gains in case you are asked. Did yo…

You really need to read the HMRC website if you think you only pay tax on withdrawal of funds.

Thanks. As I’ve not been keeping a record / spreadsheet, I don’t think I would want to attempt this myself, at least not the first time round. Could anyone recommend a good accountant?

you don’t need to make a spreadsheet yourself as you can now export all your transactions to a spreadsheet. (option is under account → history), you would have to make this to pass to an accountant anyway. edit: an accountant usually does mine, but I will do my own next time so learning how too.

[image] Dao: if your profits are in excess of £12,300, not counting losses as those are separate. if yes you will need to declare, but you only pay taxes on the excess not the initial £12,300. This is partially correct, but in the OPs situation I think it is wrong.(he has been buying selling …

[image] kali: You can claim capital gains on stocks and shares if and only if you held it for a continuous 360 Where in HMRC guidance is that?

I hadn’t heard of this either, but it is here Tax on Trading Income in the UK - Day trading taxes explained Basically says that if you are counted as a ‘trader’ for tax purposes it will be income tax, otherwise it is capital gains. Not sure if anything in there is still up to date, couldn’t find an…

HMRC Tax returns

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Alien February 14, 2021, 6:33pm 5

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HMRC Tax returns

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