Dublin Accountant for Day Trading (Forex)

narmst

I have a friend who’s going to do day trading (forex). She wants to get an accountant to set things up correctly/start things off correctly/ensure she’s clear on tax implications.

Has anyone got a recommendation for a Dublin (she’s in Blanch but could travel) accountant who would handle trading type accounts?

Thanks.

taratee

https://www.boards.ie/discussion/2058366662/dublin-accountant-for-day-trading-forex

What does she need an accountant for? She can just opt for a spread betting account. Plenty of retail brokers out there who offer spread betting accounts.

narmst

Maybe I’m misunderstanding you. She doesn’t need an accountant to do the trading she has an account with C trader - so this is nothing to do with the practicalities of trading.
The accountant is to deal with her finances, declaring profits to revenue, ensuring that her finances are in order for taxation, et cetera

The reason I asked the question was I didn’t believe that there were many accountants who dealt with day traders and while I expect this is a simple matter of declaring profits/being able to calculate that based on profit and losses and any applicable expenses, I imagine it’s better to deal with an accountant who has experienced in this area.
hope that makes sense.

P_Cash

experienced accountant?

you looking for someone to add up profit from trades and reduce it by the credit for one person, minus trading expenses.

its a CGT calulation. Anyone that buys and sells shares and has the abilty to trade, even have success in picking profitable trades surely can complete a CGT return.

As mentioned above, if she traded forex on a spread betting site, then its tax free.

notsocutehoor

https://www.boards.ie/discussion/comment/122581881#Comment_122581881

Is it CGT if you're a day trader?

P_Cash

yes

https://www.boards.ie/discussion/comment/122583751#Comment_122583751

Google "badges of trade" for Revenue guidance. You're correct that if your friend is actively trading on a daily basis, it would be seen by Revenue as a trade and not investment, and therefore subject to income tax not CGT.

notsocutehoor

https://www.boards.ie/discussion/comment/122584253#Comment_122584253

Thats what I thought

digiman

Where does options trading fall for tax purposes?

If you sell puts and are collecting income do you pay CGT or income on that? The answer probably lies in the question but is there an authoritative source on revenue that confirms that?

likewise if you lose money selling a put because you get assigned shares at a higher price than available on the market can you offset those as losses?