Customers of Trade Republic Voice Issues with Tax Declarations: Detailing the Predicament
Having troubles with Trade Republic and your tax returns? You're not alone.
Last week, many Trade Republic users ran into a hiccup while filing their taxes using software like Wiso. The software came up with errors when entering Trade Republic's tax certificate.
According to Handelsblatt, the cause of this issue isn't a tax evasion scandal, as some might think. The real culprit is a simple thing called "rounding differences."
Got a bunch of trades going on in the Trade Republic world last year? The deviations—in the cent range—can accumulate, causing these rounding differences.
Usually, Elster tax software accepts deviations up to around one euro, but Wiso, it seems, has a finer sensitivity. But fret not, Wiso announced it will loosen its checks and correct this issue by incorporating tolerance for rounding differences in the future.
While there was a minor fuss about crypto savings plans too, Trade Republic quickly sorted it out. Several crypto savings plan users experienced booking failures for Bitcoin, Ethereum, Solana, and other cryptocurrencies.
A Trade Republic spokesperson confirmed to Gründerszene there had indeed been brief delays in executing crypto savings plans but assures they were swiftly resolved. However, there was an issue where the savings amount was deducted twice from the cash balance but credited only once to the portfolio—a mistake they corrected promptly.
Founded in Munich in 2015, Trade Republic took the German online brokerage scene by storm, enabling trading in stocks, ETFs, derivatives, bonds, and cryptocurrencies. Since the end of 2023, it has been a fully licensed bank with its headquarters in Berlin.
Competition in the field is fierce, with Trade Republic facing rivals like Scalable Capital, eToro, XTB, Degiro, Revolut, and N26.
So, if you're encountering rounding differences when filing your taxes with Trade Republic, don't panic. Double-check the numbers, seek assistance from both Trade Republic and your tax software's customer support, or manually input the numbers if necessary.
In the midst of attempting to resolve rounding differences during tax filings with Trade Republic, some users may also require assistance from technology companies like Wiso to adjust their software for tolerance. Given the expansion of Trade Republic's business into various areas, it is essential to venture into different sectors like finance technology to ensure a smoother and more efficient service delivery.
