I didn’t think of it to be sent as it is, but to be an auxiliary document to do the tax declaration
If it’s only seen as a helping sheet for the tax declaration you could also use Excel or Google Sheet and calculate the 15% withholding tax by yourself
And in case of an audit what will you present as proof. The csv with the editable inputs?
Exactly, that’s the problem! I hope @Tony.V @Michael.P or anyone from the team is answering here soon. Because they tell us we will get everything we need for the tax office but the support still can’t provide us this informations.
Maybe I am ignorant, but if Witholding is done at source, meaning country(US/France/Spain/Germany)
Shouldn’t the “tax professionals” be aware of this fact?
You have to declare it in your tax report. I have to put gross, net and withheld dividend.
Professionals? Are you talking about the tax office? If it’s not on paper as clear as possible they don’t accept it.
In the case of audit you could go back to Trading 212 to ask for a document on company letterhead. Alternatively, you can produce the Contract Notes that you have received from Trading 212 in email and stored on your computer in case of such an eventuality. The Contract Notes have all the data needed to prove you have declared the right tax. Meanwhile, you can complete your tax return with figures taken from the .csv download and which you know to be correct.
The tax system isn’t build on trust it’s build on proof. In case of an audit you will have to proof that you have paid this taxes.
Contract notes do not contain dividend taxes paid etc. I am referring only on dividends and the taxes paid on them.
Yeap. This is the key. I would think the difficult part is having the info but as we can see from the export feature T212 knows what has been paid at source.
It is just a matter of giving the existing data some formatting and exporting into a pdf.
I remember some months ago someone from T212 said exports would also be available in pdf.
Withholding tax by country:
It is up-to-date. Hope this helps
I’m not gonna do all this handwork every year
So in simple words: can I make my tax declaration with your statement? It’s not new for a broker with German residents as customers. I think I transfer my stocks to a German broker because the base of information is not professional.
T212 is a startup. I don’t think they give too much of a fuck what our respective countries are expecting to get as information. You’ll just have to take what they give you and if something is missing, you’ll have to get in touch with the customer service and ask for the specific information you need.
Probably in the future, all this will be properly sorted out but for now, they are growing and focusing on that and we have to take our responsibilities and work a little bit harder to sort out our tax stuff.
It’s the price to pay to be able to trade at 0 commission and 0 exchange rate…
@Enlil how is T212 a “start-up”? they have been around 15years…
It’s surprising that with that length of business history, Trading 212 as yet has no Wikipedia entry that I can find.
Freetrade, eToro, and all major brokers do. Any keen Wikipedia editors out there?
wikipedia has a sort of vigilante service of editors who will erase anything they don’t approve of xD
considering that almost no media that writes a report comparing T212 to other brokers can ever get details correct, I wouldn’t be surprised if the wiki page would be almost constantly wrong.
Could start with this quote from Financial Times in September 2018
A British brokerage specialising in highly leveraged speculative products has become the first to offer unlimited commission-free share trading in the UK and Germany, stepping up the competitive challenge to established banks and brokers.
Trading 212, which was founded in Bulgaria 15 years ago and switched to London after gaining UK regulatory approval four years ago, has started to offer share trades for zero fees to its British and German clients.
Amusingly, one of people commenting below the article says “a fly by night operation.”
Besides the fact that all German brokers are comparing to T212, but yes, I’m about to move to Trading Republic because it’s just ridiculous the amount of effort that I’ll need to do my tax declaration.
So for every day I still keep my stocks with T212, it will be more work to do next year, it’s like a masochist daily task.
p.s. : I have referrals if you want
The point here is that T212 does only care about the UK, the rest is a “bonus”, and it doesn’t seem to change soon.
“A startup or start-up is a company or project undertaken by an entrepreneur to seek, develop, and validate a scalable economic model.” - Wikipedia
I would say this is what T212 is right now. Many key aspects of the business are still work in progress, innovation is still a central part of the company, the service is missing tons of features that are being develop as we speak, etc…
So yeah, I’d say it’s a late-stage fintech startup.