How to show day trading gains and losses on return

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Joined: Mon Mar 30, 2020 7:11

How to show day trading gains and losses on return

Post by FussyEater » Wed Feb 24, 2021 0:30

The client provided me with data on daily trading in 2019/20. Its purpose is to make a profit, not to provide additional income, but to increase the value of its investment in this activity, so I believe this should be announced on the CGT SATR pages.

This activity started on 9/12/19, and 57 transactions were made this year. 42 of them led to a total profit of about 3 thousand pounds and 15-to a loss of about 1 thousand pounds. All investments are in mutual trusts.

The information he downloaded from the investment platform he used simply gives the date of each sale; the amount realized; the value of the holding. Total sales for the year amounted to almost 248 thousand pounds.

I know that in theory all of these trades should be detailed individually when returning, and I can probably get the client to find the name of each investment from the contract notes, but I find it difficult to enter all the details. Is there any way I could enter it in the summary form with the attached schedule? My tax return software is PTP.

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Re: How to show day trading gains and losses on return

Post by Emad785 » Wed Feb 24, 2021 0:36

57 sales in less than 4 months, but he doesn't trade?

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Joined: Wed Feb 24, 2021 0:39

Re: How to show day trading gains and losses on return

Post by davidmitch » Wed Feb 24, 2021 0:44

The danger here is how they combine, B & B, what the customer still held at the end of the year, the fact that whoever they held through the recorded gains/losses as stated should be approached with caution, if the taxpayer was entering and exiting the same holdings, a great deal of caution is required, as online providers very often fail to comply with CGT rules.

While the OP may want to just rely on what was delivered, this can be very dangerous (I used to make a profit with more than 100 sales per year), I recreated the pools, the difference between my year-end inventory and the broker can be very significant (although the volume was much higher, 2-3 million pounds per year of sales).)

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Re: How to show day trading gains and losses on return

Post by Samuel65 » Wed Feb 24, 2021 0:45

I am in a similar situation this guy is, and I wanted to do this myself. I have been doing day trading with, and I have made some profit. There is great advice on what to do here. If it gets to hard for me, I will probably hire someone to do it for me like your client did. The virus has changed how people are making money, and a lot of them are doing it online now. Some of them think they don't have to report that, but you really have. I almost got burned because of being that stupid, but I was lucky to have smart people around me who told me how I should do it properly.

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