CGT assessment on Hargreaves Lansdown funds

MFC52

Can anyone recommend an accountant able to calculate CGT ?

I trade 800 times a year.
It seems very laborious and hence expensive.
Desperate.
HL don’t offer any assistance.

GeoffTF

Any accountant will do it. You can do it yourself with a spreadsheet, but you will need to present the calculation nicely in a PDF file for HMRC. If you trade 800 times a year and are not making enough to pay an accountant, I am tempted to say stop digging.

Thrugelmir

What assistance do you expect HL to provide? Log the trades as you make them. Spread over an entire year 800 transactions isnt that many. Which tax year do you need report? 

george4064

Calculating CGT is an accountants bread and butter, but if you’re making 800 trades a year I’d hope it’s worth it (and you’re making good profits) so you can afford to hire one?

wmb194

I keep track of everything in MS Money and then export the data to Excel when necessary. MS Money will do the basic calculations for you and is fine if your affairs are straightforward but it isn't geared to UK legislation so will miss the nuances of pooling across multiple accounts, the 30 day rule, partial sales and so on.

dunstonh

HL don’t offer any assistance.

They do if you employ them under their advice service.    If you choose not to employ them then it is no wonder they won't offer assistance.

It seems very laborious and hence expensive.

It isn't really as you just use the data provided and input it into software.   

Can anyone recommend an accountant able to calculate CGT ?

Any accountant can do it.

jimjames

Can you the dealing inside an ISA? Then avoids any tax liability

GeoffTF

wmb194 said:

I keep track of everything in MS Money and then export the data to Excel when necessary. MS Money will do the basic calculations for you and is fine if your affairs are straightforward but it isn't geared to UK legislation so will miss the nuances of pooling across multiple accounts, the 30 day rule, partial sales and so on.

There are various UK specific complications (notably for corporate actions). He either needs to do his homework or hire an accountant. As I have said, HMRC is going to require a nicely written up report in PDF format.

coyrls

GeoffTF said:

wmb194 said:

I keep track of everything in MS Money and then export the data to Excel when necessary. MS Money will do the basic calculations for you and is fine if your affairs are straightforward but it isn't geared to UK legislation so will miss the nuances of pooling across multiple accounts, the 30 day rule, partial sales and so on.

There are various UK specific complications (notably for corporate actions). He either needs to do his homework or hire an accountant. As I have said, HMRC is going to require a nicely written up report in PDF format.

I thought you just had to report your gain to the HMRC on your tax form.  Don't you only need to report your calculations if HMRC question the figure?  Even in that case I doubt that PDF format is a requirement.

dunstonh

You dont have to declare any figures unless it is within the defined requirements.   You don't need calculations.  Just the outcome.  But you do need to keep a record so they can verify the information is correct if asked.

GeoffTF

dunstonh said:

You dont have to declare any figures unless it is within the defined requirements.   You don't need calculations.  Just the outcome.  But you do need to keep a record so they can verify the information is correct if asked.

It has always been my understanding that I need to report the calculations. I do it every year. There is a place on the online self assessment to upload a pdf. The worksheets are useless for anything complicated. I uploaded 13 pages of CGT calculations with my last tax return, having sold shareholdings that I had held for decades.