Profit / loss something is wrong

Can anyone explain how I Invested basically 20k on 3rd on July in my ISA - I have a realised £599 profit/loss from then until now , yet my account balance is only up around £480 and no other stock in my portfolio is down …… how’s that work then ???

My guess would be FX charges.

1 Like

I thought the same, but from the screenshot they only have one holding, so that explanation doesn’t quite make sense? It’s almost like all their transaction data is incomplete.

1 Like

Hefty FX charges them arnt they I have bought and sold multiple companies but the FX shouldn’t be that much - I would have assumed that the Fx charges would have already been built into the profit/loss. Could be stamp duty thinking about it. This T212 is canny ropey like the way they work out the profit/loss looks miss leading, they way the work out the returns on the whole portfolio is misleading. As it makes people think they are making more money and have a higher return than they actually do. I won’t bash them too much but I’m deffo going back to interactive brokers next tax year as it’s just a better platform which is a shame.

We need to review the account to identify the root cause of the discrepancy accurately. As previously mentioned by others, the most probable reason is accumulated charges. Given that this involves account-specific information, we will promptly email you a comprehensive breakdown of the account’s value. This email will be sent to the same inbox where you just received a follow-up regarding your order execution query.

1 Like

I only had a quick look at the screenshots and they appeared incomplete so I assume there are trades that you haven’t posted (and not sure posting such details of your trades is a good idea). fx costs can be fairly significant because the gbp/usd rate has fluctuated significantly over the last few weeks. The issue isn’t T212 fx fee which is pretty small but the underlying fx rate. If the gbp/usd rate changes by 5% it can obviously wipe out a 5% profit if it goes against you but if it’s in your favour then you roughly make 10% from the 5% share profit

Yeah I said the in comment above I’ve made a few trades but I’m talking about the profit/loss not the trades. And I’ve gone through and added up the FX charges on the contract note you get emailed and it doesn’t add up. The screenshots are just so I can show what I’m actually talking about.

10500 investment would be £15 give or take in FX. If you’ve done that level of buying and selling just 6 or so times then you’ve got your discrepancy.

Yeah quite possibly I just think the profit and loss should take into account fees paid , it’s not exactly profit is it , a bit of a grey area. I’m off anyway mate made my mind up going back to interactive brokers should have just opened an Isa with them in the 1st place my mistake live and learn.

I’ve just checked my ISA statement from the start and it is spot on.

One of your result(s) must be wrong?

Personally - go with the broker that best suits you in terms of assets available / execution times / cost. If that is not 212 or something else, then let your broker know why you are leaving as it might encourage them to up their game for others remaining on the platform.

Also out of curiosity - why are you taking such big positions in companies?

sad that you are disappointed with T212 I’ve been very happy with them overall. I just thought I’d comment to check you know about the ISA rules in terms of only being able to open one ISA a year and limits on paying into ISAs. I wouldn’t want you to accidentally fall foul of some HMRC rule simply because you’ve decided to switch

Not strictly true. You can open a thousand ISAs in a year, the rule is one active ISA per year.

I thought that you were going to correct me and point out that the rule is that you can only open one isa of each type a year (is cash, shares, lisa…) :slight_smile:

Are you sure that you can open as many isa as you like? I’m not an expert so wouldn’t be surprised if you’re right but I thought there were limits on opening isa and to open an isa you have to normally deposit money and aren’t there rules about paying into multiple isa in one year (as I say I’m not an expert and haven’t been in a situation where I needed to know definitively)

1 Like

The rule is you can only contribute to one of each type of ISA per financial year, up to a total of 20k contributed across all the types.

There is nothing stopping you mid year, moving your ISA elsewhere.

1 Like

ISAs have two statuses active and dormant. They become active by recieving a deposit from outside the account.

If you open an account in the new tax year and it isn’t for you, open a different account somewhere else but don’t deposit (dormant). Then just use an official transfer mechanism to the new ISA. This renders the old account as dormant and the new account becomes active on deposit.

1 Like