Do you know any accountant which includes sharedealing when preparing CT?

[mickael28]

Hi guys,

I'm with SJD as my accountant and I started trading with part of the funds in the company account last year. We're now preparing the Corporation Tax for the past financial year and they've mentioned that sharedealing is not included in their services and they'll charge around £400/600+VAT depending on how long it takes them to go through my sharedealing reports.

I was wondering if you know of any accountant which includes this as part of their services, as the reports from the brokers have all the information already and I was thinking that it'd be mainly a matter of entering figures in different boxes. Even if that's not the case, the rest of my requirements for an accountant are minimum, just plain BAU stuff.

If you've got any recommendation please let me know to see what other accountants offer, or how much they charge to include sharedealing in the CT form...

Thanks.

[northernladuk]

Why did they not pick this up when they review your spreadsheet quarterly? Or have they checked it all reconciles but didn't mention this extra charge?

[jmann]

SJD has gone downhill. They do not offer good service. Under new management, they charge additional fee for even simple request.

[mickael28]

Why did they not pick this up when they review your spreadsheet quarterly? Or have they checked it all reconciles but didn't mention this extra charge?

I was not asked to provide any report from my broker quarterly and the funds inside the trading account didn't appear in the spreadsheet. It was just at the end, when preparing the CT for the company that I was told that sharedealing is not included in the default service.

Forgetting about SJD though, is there any other accountant that offers to include trading in stocks as part of their service when preparing the annual CT? I'm going to keep on trading this year and I'd prefer to move ASAP if anyone knows of a good one for this purpose.

[Darren at Fox-Bartfield]

Trading of Shares

I'm sure most of the guys on here (including ourselves) would be comfortable dealing with it, naturally wouldn't advise on the trading itself, but from a tax perspective would be ok.

Do you maintain your own register of transactions? Also what volumes are we talking about?

[ContrataxLtd]

I would imagine most of the accountants on here are comfortable dealing with this as part of their fee, dependent on the number of transactions. If there are one of two sales/purchases a year it's relatively simple and straight forward but where the number of transactions ramps up it is a little more complex. This is because each sale and purchase has to be looked at individually to ensure the sale is matched to the correct purchase etc.

Often you can't just take the information from the brokers reports and put them in a box you have to do manual checks/calculations on these depending on the quality of the reports of course.

Martin
Contratax Ltd

[mickael28]

I would imagine most of the accountants on here are comfortable dealing with this as part of their fee, dependent on the number of transactions. If there are one of two sales/purchases a year it's relatively simple and straight forward but where the number of transactions ramps up it is a little more complex. This is because each sale and purchase has to be looked at individually to ensure the sale is matched to the correct purchase etc.

Often you can't just take the information from the brokers reports and put them in a box you have to do manual checks/calculations on these depending on the quality of the reports of course.

Martin
Contratax Ltd

We're talking around 200 purchases/sales (ie, 100 transactions) a year. But the broker reports everything, they match purchases with sales, they provide open positions, purchase price of those, basically everything that could be needed. So not sure what needs to be extra, other than bundling all numbers together and report the combined amount?

Unless something else would need to be done for some kind of indexation if assets belong to the company, but for short term trading, I don't think this would even apply...

[ContrataxLtd]

We're talking around 200 purchases/sales (ie, 100 transactions) a year. But the broker reports everything, they match purchases with sales, they provide open positions, purchase price of those, basically everything that could be needed. So not sure what needs to be extra, other than bundling all numbers together and report the combined amount?

Unless something else would need to be done for some kind of indexation if assets belong to the company, but for short term trading, I don't think this would even apply...

It will depend on how long the shares are held for at a time, you would need to check that the matching rules have been applied correctly if you ever hold the same type of share in a company that you've purchased at different times. Indexation allowance may also apply if you hold the shares for more than a month but this will probably be negligible for short term trading.

It is more work to account for this but I can't see it being too much more work to have to charge extra for.

I presume you've considered your companies trading status too, this could jeopardise it for ER purposes depending on the levels involved

Martin
Contratax Ltd