Hello first tim post, so I hope ive posted in the correct place.
I have an ISA with a traditional broker (another company) so this question is soley interested in the freetrade GIA, so please don’t advise I use an ISA, as I already have one ! I know the allowances for dividends (£2000) and Capital Gains Tax (£12300),and i’m a country mile away from exceeding these allowances. None the less I wish to report my Capital gain and dividends in my tax return. A traditional broker proves a detailed tax certificate listing all Capital Gain and dividends.
In freetrade I have found my dividends by going through the activity feed. How does one find the capital gain when shares are sold as the proffit(or loss) is not shown, only the sold amount in pounds.
I would do a manual calc as I can’t see any other way. Input all purchases and sales on a spreadsheet as itemised or you could aggregate them into cash input minus account balance (or vice versa) to get your net profit.
Equally tedious is adding up your expenses. Each fx fee or charge would need to be subtracted from your profit for that sale.
If you don’t need to, I wouldn’t! Not unless lockdown is really getting to you lol
I just keep a spreadsheet of my cash inputs and my account total and of my fund total (I am currently running at a loss so my fund total is if my losing equities were zero gains, how much my original fund has theoretically potentially grown).
I have just opened the FT ISA but not sure of the benefit of doing it. I assume that if my investments shoot up massively like 10x, then my cash would be trapped in a GIA as taxable at sale whereas I could sell within an ISA and draw out ££’s now and again and stay below tax threshold. Is this your plan?
So as I understand it FT does not automate this process in any way, and the only way is to do a manual spreadsheet as you have explained. Surely this is something FT should offer! Has anyone else done this and can advise any tips as it looks like it will be a long and laborious process.
I’ll get started on my spreadsheet!
My ISA is with another brokerage and has monthly direct debits going into it. You can only contribute to one SS ISA in a tax year so this is why FT is a GIA.
I am in the same situation as OP (even though in the process of switching my ISA to !).
Sorry for hijacking the thread but if I understand correctly, we don’t need to report gains if we’re under the CGT allowance, right ? So is there any other benefit in reporting (as OP wishes to do) that I might be missing?