For many people, like myself, usingTrading 212 is the first time trading stocks. This also means it is likely the first time having to deal with TAX reporting.
I’m really surprised at the apparent lack of tools to gather the basic information needed when when filling out these reports.
More tools and advice is needed.
it’s not the duty of any platform to handle your tax reports for you. especially as the platform has no information on how many places you trade/invest at.
the basic information needed is readily available. you know what you bought/sold and when, for how much and whether any fee’s were paid for the transaction. further information such as dividends are the individuals responsibility to research from the company paying them, however the platforms reports for these are already being improved for greater clarity. Everything you need is recorded in the history and sent to you via email.
additionally, clients of the platform come from so many different countries that its not possible for T212 to handle all the differences in taxation and reports an individual falls under. the UK averages positions while others work on a First In, First Out basis. Thankfully a lot of places don’t require you to announce your earnings if they fall below a certain level. AKA if you don’t surpass the UK CGT allowance and traded less than a set level of funds for the fiscal year, its not necessary to declare your trades, also losses can be delayed for up to 4 years to offset future profits to remain under the CGT allowance.
I think you miss-understood what I am asking.
I’m asking for ‘tools to assist’. This could be a option that generates a PDF report that collates all the data needed for a given date range instead of having to trawl through emails and historic logs.
As a software engineer I know this type of feature is not that hard to add but can be very useful to the end user.
I understand every country is different and I don’t expect them to do the reporting but given that they have the data readily available in their databases it’s not a lot to ask for them to generate a report on demand.