itspossible
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nice doggies-what type ?
Yes, but can you prove they are your dogs? Can you show vet statements?...
Jason
Yes, but can you prove they are your dogs? Can you show vet statements?...
Hi Lee,
I am interested in hearing about tax issues. I do not know if you are still using a spread bet platform?
I am interested in general thoughts on the practicalities of tax and a regular trading income from a spread bet platform, either as the only form of income or as a major if not principle part of income. I feel as though one has to make sure there is another form of income on the table?
There is also things such as national insurance to take into consideration and other legal or official situations which can arise. You may choose to talk about this in very general or hear say terms, I am interested in your views.
Kind Regards
Jason
nice doggies-what type ?
Hi Jason,
Loved your post.
Regarding tax and spreadbetting. You would have to check your own personal affairs on that one. I can say this though, I do not and have never been taxed nor do I owe or have ever owed any tax on my winnings with spreadbetting. I am gambling and therefore my winnings do not constitute a taxable income.
Regards,
Lee
Thanks for your reply. I have found this on a spread betting website. -
"I think that it is pretty clear that someone who pays tax on another income source will never have a problem if they make money via spread betting. The crux of the matter really relates to an individual who makes their sole income through spread betting."
On the other hand -
" Let’s assume that you earned £50, at the weekend, stacking shelves in Tesco but, traded 12 hours a day during the normal working week. Your profits, from trading, amounted to approximately £5,000 per week and you made 10 trades each day; what would HMRC consider to be your primary occupation and income source?
The shelf stacking in Tesco’s? Unlikely, I think…"
The article went on to say that no one has ever been convicted of tax avoiding or evasion due to spread betting.
I think it may be advisable to have another form of income as well, that you do pay tax on, just to stay under the radar, it could be passive such as rental income?
Thanks for your reply. I have found this on a spread betting website. -
"I think that it is pretty clear that someone who pays tax on another income source will never have a problem if they make money via spread betting. The crux of the matter really relates to an individual who makes their sole income through spread betting."
On the other hand -
" Let’s assume that you earned £50, at the weekend, stacking shelves in Tesco but, traded 12 hours a day during the normal working week. Your profits, from trading, amounted to approximately £5,000 per week and you made 10 trades each day; what would HMRC consider to be your primary occupation and income source?
The shelf stacking in Tesco’s? Unlikely, I think…"
The article went on to say that no one has ever been convicted of tax avoiding or evasion due to spread betting.
I think it may be advisable to have another form of income as well, that you do pay tax on, just to stay under the radar, it could be passive such as rental income?
are they cavalier king charles spaniels?King Charles. They are the most docile dogs but very loving.
are they cavalier king charles spaniels?
Hello, I'm a newbie trying to start building my portfolio with investing 10k. Question is, if the company I invest in goes up by 4 % a week after I invested the 10k, will that mean I would make 400 buks after a week if I sell it minus tax and fees???
Has anyone been able to get refund of deposits for their trading from their broker if they have an addiction to trading ?
Anyone need any help?
I do.
I get paid by the market every day (including Christmas and New Year day when the markets and bucketshops don't open). Years ago I said it and got banned from here. Although, one of the staff here said the ban was for something else. In any case, the ban occurred at the time I said what I said. I repeated what I said on a second nick a few years later. No banning that time after the staff member (not moderator) verified my claims.
I am now fully profitable and close to 100% win rate. I suspect I will get banned for saying that. But I don't care.
What I'd like to know from a pro like yourself is where I am going wrong ? My gut says something is not right somewhere.
Hello mate,
If you are close to 100% win rate. The only area you could be going wrong on is the ratio of win amounts to losses. If you care to share (anonymously of course), then I shall try and help and advise.
Regards,
Lee
The realised wins are up to 10x the realised losses. But it's a random factor. My wins and losses are not taken on a fixed amount. When the market is assessed to the turning, I exit or freeze until it turns again.
Hi Lee
I have a problem.How do I solve it .This is a serious question.
Every time I go shopping I will impulsively buy bargains , fill up with a box of shaving creams , buy one get one free (I will load up ) and generally extravagant on ordering buying.
That is a nice trait to have , if you use all these goodies.This extravagance carries on subconsciously on live accounts , within minutes all the emotions and stress responses start , as larger position sizes are put on.
If I am sitting for the next entry , in front of the screens and waiting , I might impulsively enter a trade of 5 times normal risk allowed.
This is my only flaw in trading .How do I overcome this?