Originally posted by Snarf
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Reply to: Declaring company assets/ tax return
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Previously on "Declaring company assets/ tax return"
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Originally posted by CupidAlaska View PostThank you Antonio,
I have not found a suitable accountant yet. Do you know any? Or are you an accountant yourself?
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Originally posted by AntonioDJCA View PostSpread-betting is tax free (betting being the keyword here). Regarding your trading being taxed under CGT (which would be better than LTD Co. trading), your individual circumstances and how you trade must be reviewed by an accountant. I hope you had a discussion with one prior to opening your company? It's a good idea to get in touch with a professional so you understand how eventual distribution of profit (hopefully) to yourself will be made.
I have not found a suitable accountant yet. Do you know any? Or are you an accountant yourself?
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Originally posted by CupidAlaska View PostThanks!
As far as I know it's not exempt (only spread-betting), but as rules change constantly I couldn't answer without looking up more information
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Originally posted by Kenny@MyAccountantFriend View PostYes each closed trade would create a profit or a loss to determine any tax payable.
If the business is day trading CGT may not apply as an individual as well as it is viewed as a trade as opposed to investment, so may explain the decision to go via a company.
Thanks!
As far as I know it's not exempt (only spread-betting), but as rules change constantly I couldn't answer without looking up more information
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Originally posted by stek View PostI think what's likely to happen is the 10k will be turned into 0k pretty quickly, minus the broker's commission of course. They are the only winners in these games....
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Originally posted by JRCT View PostSurely, if you lent the £10k to the company, you would have transferred it into the company bank account and then transferred it from there, to the broker.
The £100k would then be paid by the broker to the company bank account and your company transfer £10k back to you.
At the moment, it sounds like you've set up a company with a balance of £0 and given £10k of your money to some bloke.
I wouldn't transfer all of the 100k back into the company bank account, that would mean that I couldn't continue trading. In this instance, I would transfer 10k from my trading account back into my business account and then back to me. So I don't understand your last point about giving money to a bloke? When I say broker, I mean my online trading account. I am the broker.
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I think what's likely to happen is the 10k will be turned into 0k pretty quickly, minus the broker's commission of course. They are the only winners in these games....
Leave a comment:
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