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Hargreaves Lansdown Investments and Tax Returns

Hargreaves Lansdown Investments and Tax Returns

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Hi,

I have several clients with Hargreaves Lansdown Investments. Whilst they provide a Consolidated Tax Certificate for income tax the reports only refer to using contract notes for any capital gains/losses. 

Are any other options avaiable for Capital Gains/Losses. Is a seperate summary avaiable by tax year?

How does anyone else deal with this?

 

Replies (7)

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By frankfx
15th Nov 2019 16:07

Speak to client relationship manager.

You will not be only advisor with this concern.

Possible that information is readily available.

But an IT guy has to set the fields for a suitable report to be generated from Data base

Why should client incur additional costs...just because HLI computer has not been asked the right question.

Thanks (1)
Hallerud at Easter
By DJKL
15th Nov 2019 16:13

Not aware of anything else with HL and I certainly do not trust their screen balances re holding costs for CGT purposes post corporate events, their Vodafone/Verizon one was plain wrong. I have one employer with substantial holdings and I maintain a set of records on excel which is actually sensible anyway in case client moves broker in the future.

Re existing holdings if one clicks the holding name on left of portfolio screen all the contract notes etc get displayed and can be printed.

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Replying to DJKL:
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By CWservices6064
15th Nov 2019 21:43

Thanks for taking the time to reply, its much appreciated.

Can I ask what you do in terms of charging for the additional costs of dealing with this?

I know that my client is going to expect it to be minimal in that it will be just a case of entering figures provided...........but it's not.

If it was an existing client with a first year investment would you simply charge additional time cost based on your rates + the usual agreed tax return fee?

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Replying to CWservices6064:
Hallerud at Easter
By DJKL
15th Nov 2019 23:59

When they were clients I charged an hourly rate re keeping/writing all their records, in effect I have a largish excel workbook with a tab for each holding and totals linked to a front summary sheet , however they really did not/do not ever voluntarily sell anything so it is more a tracking exercise re the build up of the holdings, most years the cash generated by the trading part of the business just gets transferred to the HL account and maybe 10 purchases/top ups made.

Now I am an employee I do the same work but for a fixed salary roughly equal to the fee I used to charge.

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By johnhemming
15th Nov 2019 19:06

Other brokers do provide adequate reports (ie Charles Stanley).

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By Accountant A
16th Nov 2019 12:56

One broker's report will only tell you about the transactions in that particular stock with that broker.

It's possible that the client may hold (or may have held) the same stock with a different broker. That would render profit and loss calculations potentially invalid for CGT purposes.

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By 356B
18th Nov 2019 12:26

I maintain a separate listing on Stockmarket 5 and use that for the CGT calcs.

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