forex trading taxation

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BlasterBates replied

8 November 2015, 14:29
If you are simply trading on your own account as you suggest, then it's not a trading company, you should just pay CGT.

Share transactions: by individuals and companies

I would see an accountant, wouldn't completely rule out them classifying you as a trader, but from the above "bumpf" i.e. purely using your own money to speculate.

If you are a licensed trader on some exchange and you're turning over large amounts earning margin, obviously that's trading.

Last edited by BlasterBates; 8 November 2015, 14:34.
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masha replied

7 November 2015, 10:19
To address your concerns: I used to work for top investment banks as a fx derivatives trader, then was managing money for private investors as an independent trader under umbrella hedge fund structure for many years. I am fully regulated under FCA and have license to provide investment advice. Now I want to change my career and focus on some projects not related to finance and not bringing me any income. So I want to keep trading to support myself, but just my own money.

I personally don't think any of this information is relevant to my initial question, but I hope now I can rely on some trust from this respected community.

As much as I know about financial markets, I know almost nothing about taxation. Since I am planning not to have any other income, I am looking for an experienced accountant who can help me with organising it. So far I met several really good accountants, who don't know much about trading type of set up. And I saw many many people online claiming to know about forex, but clearly being a scam.

So when I came across this forum it felt like I can trust this community and decided to try my luck. I would appreciate any advice and would like to meet personally anybody who can offer a consultation.
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BlasterBates replied

6 November 2015, 11:32
From the question it sounds like you've just started, i.e. you haven't yet got round to taxing any earnings.

Are you actually making money, or are you still learning and hoping to make money?

Just curious because trading appears to me to be very difficult.
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WordIsBond replied

5 November 2015, 14:54
Originally posted by stek View Post

You can't be taxed on a huge loss......

Give Osborne a little time and he'll figure out a way.

Before long, someone in the Labour Party or the SNP will label losing money as tax avoidance, and then Osborne will follow along like a poodle and tax it.
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northernladuk replied

4 November 2015, 21:27
Originally posted by masha View Post

I know that spread betting is tax-free as all gambling, but as far as my research shows - that is only true if it is not your main income. In my case it is my main and only income.

So you are looking for advice on tax evasion?
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stek replied

4 November 2015, 21:07
Originally posted by masha View Post

Hello,

I am looking for detailed information about best options to set up my trading. I know that spread betting is tax-free as all gambling, but as far as my research shows - that is only true if it is not your main income. In my case it is my main and only income. At the moment trading as an individual, but am looking forward to talk personally to an accountant who knows how to set up in a best possible way if the broker is in the UK, or not, make it LTD company or register as sole trader, how exactly each moving of the capital to and from the trading account will be registered and if it is a company best way of getting the money out... I am based in London, hope to talk to an experienced in this industry accountant.

Thank you

You can't be taxed on a huge loss......
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cojak replied

4 November 2015, 21:04
You probably won't find them here, I ban forex spammers.
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masha started a topic forex trading taxation

4 November 2015, 19:50
forex trading taxation

Hello,

I am looking for detailed information about best options to set up my trading. I know that spread betting is tax-free as all gambling, but as far as my research shows - that is only true if it is not your main income. In my case it is my main and only income. At the moment trading as an individual, but am looking forward to talk personally to an accountant who knows how to set up in a best possible way if the broker is in the UK, or not, make it LTD company or register as sole trader, how exactly each moving of the capital to and from the trading account will be registered and if it is a company best way of getting the money out... I am based in London, hope to talk to an experienced in this industry accountant.

Thank you
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