Doesnt seem to be much on the Community Links Members List. Jun 6, , Doesnt seem to be much on the net. The following members like this post: Originally Posted by N Rothschild. Jun 6, , 1: Simple answer yes check out this link, forex trading is considered to be the same as trading shares.
You put your capital at risk make a profit and we tax that profit. If you make a loss then that loss is deductable against any other capital gain. My best advice is get an accountant. Jun 6, , 3: Sod the accountant - it's pretty darn simple If you speculate on forex non spreadbet and make money then you can be taxed on that in the form of CGT. This scenario assumes that your speculation on forex is not your sole source of income and that you pay some Income Tax via a job of some kind.
If forex trading became your sole income then the IR will most likely look at your situation differently. In that situation you would be better off registering as a self employed financial trader. You would then just produce a profit and loss account just as you would for any business which you were running.
This is very simple and you'd be classed as a 'Sole Tradership'. This would allow you to make significant deductions for expenses like a room in your house for use as an office as well as computer equipment, software, data fees, electricity and internet fees.
You would then be assessed for Income Tax on your net profits. Personally I'd suggest spreadbetting as a consideration. I'm no expert on tax advice but I know a hell of a lot of successful traders who make large sums spreadbetting and pay no tax whatsoever. You can certainly control risk to a higher degree with the firms which offer the best stop loss filling policies in fast markets.
How much are you planning on making and will this be your sole income? Hope this helps, Steve. Originally Posted by stevespray. Jun 7, , 7: My advice would be to start by using a spreadbetting account rather than an ECN. Learn the ropes and experience the different market conditions in a controlled manner.
Don't run before you can walk. Aim to break-even I know it sounds boring! Capital Spreads or Dealing Desk are your best bet. Hello everyone, I also have a question about the tax laws in the UK regarding forex. I am a Dutch student resident in the UK.
I still hold my Dutch passport, but mostly live in the UK at least 10 out of 12 months. I will be starting in forex trading somewhere this summer. I was wondering whether or not it is of interest for a student to register as self employed trader? Or should I wait until I make at least 10, pounds and more? Thanks very much, Rep.
Thread Tools Show Printable Version. Search this Thread Advanced Search. Page 1 of Originally Posted by N Rothschild you need to make money in order to be taxed. Originally Posted by stevespray Sod the accountant - it's pretty darn simple Forex and UK Tax Regulation.
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