Alliance01
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Deliberating going full time trading on own account. By trading I mean sports and spreadbetting UK and us names and indices. Am I as well of just to trade in my own name or set up some sort of company?
Deliberating going full time trading on own account. By trading I mean sports and spreadbetting UK and us names and indices. Am I as well of just to trade in my own name or set up some sort of company?
You should only worry about taxes when you are winning in this game, else its irrelevant.
Also, why are you spreadbetting? Do you get volume information from your spreadbetting company? People need to wake up and realise spreadbetting is actually an advanced trading tool that should only be used by the well informed. You should open a proper DMA account and if possible avoid scalping because the maths doesnt work unless your very very good and extremely self disciplined. That knowledge took me 7 years to acquire. Dont kid yourself. This is a long painful game and the most important issue in it is not the market.. its your psychology.. who you are, what makes you do things how to stop the impulses and how disciplined are you? Heres the number 1 question that will tell me how successful you will be as a Trader.. ready? DO YOU HAVE A WRITTEN PLAN DETAILING HOW YOUR GOING TO TRADE with the entries and exits you will use? If not youre not ready to trade. Simple.
Heres the number 1 question that will tell me how successful you will be as a Trader.. ready? DO YOU HAVE A WRITTEN PLAN DETAILING HOW YOUR GOING TO TRADE with the entries and exits you will use? If not youre not ready to trade. Simple.
lol...don't think I've ever had a written plan but manage to trade full time and have made constant profits over a long period of time trading equities.
That's the beauty of the markets so many different personalties and so many different ways to be successful...nothing is balck&white!
Just trade in your own name no need to set a company up for a sole trader.
Only one thing would say before committing to going full time is make sure you have plenty of capital/margin behind you before taking the plunge...minimum 100k as margin and look to make 2% + per month. Doesn't sound a lot but longevity is the name of the game!
Hope it goes well for you![]()
all kind of trading income is taxable
spread betting is not trading but pure betting in the eyes of law....hence it is tax free
are you thick???
sure its tax free if you doing it on the side. the moment you take it full time where it becomes your sole income then you are liable for INCOME TAX.
thanks...relying on Wikipedia for tax and legal matters is not the best practice...
Relying on Wikipedia for anything is not best practice.
But the same can be said for local tax inspectors (over the years I have seen a number of people who have made decisions based on what the local office has told them). I can give you some shocking examples of how wrong they can be.
If you are serious about this, you need to consult a specialist. If you speak to HMRC, don't go to the local office for an answer.
Try to make your point without making such remarks.
I appreciate it may be difficult for you but make an attempt.
i have to take 3 pils in the morning to keep it at bay but that still doesnt help.. sorry if i hurt your feelings
what about if I trade the account of my friend who lives in the British Virgin Islands, he doesn't pay tax over there. He is good friend though, I pop over there every few months to collect my cash give him 1% for his trouble. :clap: