Taxation software?

[khalil_a78]

Tools for working out Tax position?

Hi, I am based in the UK and trade in both UK stocks and US stocks, (but I am not a day trader).

Can anyone tell me if there is a software package out there that will allow me to work out my tax position quickly, in respect of my share trading activities in a tax year?

Of course the tax-reporting tool must adhere to the UK's tax rules for stock trading, eg Bed & Breakfasting etc, plus be able to handle stock splits etc.

At the moment I am working out my tax position manually (as I understand the UK rules), but it is time consuming. I am doing it myself as the very first time I got an accountant to work out my tax position I got charged per trade and it was expensive!

Let me know if others out there are having the same problem?

 

[frugi]

Hi khalil,

I'm afraid I can't help you with the software as I don't use any.

However, I thought bed and breakfasting was outlawed in 1998 by Gordon Brown? If this is true, your calculations should be quite easy. Sale price - cost price (incl. stamp duty where applicable) - commission = profit.

Will your broker(s) not provide an annual or monthly statements showing all transactions minus commission costs? i.e a profit/loss statement. If so, then you should be able to use these to work out your liability for the tax year, being careful to include all monies withdrawn and deposited in brokers' accounts. It should account for stock splits as well. This is how I do it anyway and it doesn't take long. Send in all the statements with your return if you think the taxman may be suspicious.

An accountant who charges per trade is not one with whom I would wish to do business!

HTH a bit.

 

[coolcola]

i suggest googling it up, since you are in the UK, use google.co.uk for local results

 

[johnsavva]

Khalil

As a tax accountant I know of software that does capital gains tax computations but this costs thousands to buy.

your accountant was greedy to charge you by the trade!

 

[gullible]

Khalil,
Visit www.ptp.co.uk, they may have a cgt software for £99
+VAT. A well known tax software company.

 

[Quenkish]

Khalil

As a tax accountant I know of software that does capital gains tax computations but this costs thousands to buy.

your accountant was greedy to charge you by the trade!

Agreed Mr Savva it does seem a bit greedy there are many greedy accountants out their.