What should I be recording?

Let’s assume for a minute that at some point I could be generating enough from this to attract the attention of HMRC… Yeah, it’s a long way off, but I can hope, right?

So, do I need to keep track of all purchases and sales? All dividends? Or just running totals of gains and losses?

And if it’s ALL held in the Stocks ISA?

If it’s all in an ISA, then you don’t need to worry about Capital Gains Tax or tax on Dividends as they don’t apply.

If its outside then there is a tax free allowance of £12,300.

And a £2000 allowance on dividends

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Perfect!

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Unless you’re crowdfunding Freetrade because that’s a licence to print money :wink:

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That’s really good advice. I’ve maxed out my ISA and have some spare cash sitting in a bank account doing nothing, because I thought that if I popped it in a GIA, my tax code (which is already a shocker) would be hit further.

I found out just yesterday that it’s only the CGT that I need to worry about, and actually I can continue to invest in a GIA until my ISA allowance resets next April.

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