Quick FSA question

[snake86]

Maybe cant go into all details that rainmaker implied, but significant issues for "closed investment co " and tax are :-

closed inv company under HMRC rules ( ie inv compamy controlled by 5 or fewer persons ) is liable for CGT on gains made from sale/ purchase of securities held.

so as already stated you will pay CGT first, corporation tax and then income tax........ some tax bill.

HMRC will grant exemption from CGT if not a close company ( i.e. 5 + ) also need to derive atleat 70 % of income from securities, and those shares are quoted on LSE, there are a few other criteria that dont spring to mind at the moment .......

I suppose it is better to function as a sole trader than, instead of going through the rigmorole of paying the Government three different types of taxes from essentially the same pot of profits.

Does anyone here who trades as Sole Trader have anything to contribute useful info?

I am interested in persuing the Sole Trader route, given the amount of unwanted taxation one has to face as a Limited Company. I suppose offshore companies are not looked upon greatly by Gov. isn't it?

Best regards,

Snake.

 

[sebastionay2]

Thats something of interest to myself, I live in UK however if i traded using a server in belize am I still liable for all the taxes? since the profits are being made offshore where the taxes are 0.