Tax Setup Question for F/T traders

[CityTrader]

And mine to draw level by mentioning that I go to Costco on bad days, just so I can think to myself " man, if you only focussed a little better, worked harder, played less, then that top of the range Jacuzzi at £11,995 ( +VAT?) could be mine without even batting an eye lid at the cost"...

Wayno

 

[frugi]

Oh yes, always always plus VAT, except food, books and of course the delightful designer kiddies' clothing - a position in which they perenially appear to be overweight. I think I'll visit tomorrow.

Fran

 

[TWI]

I keep sole trader status for myself and accountant deals with everything. I like to believe he saves me more than I pay him. I just give him a big pile of receipts.

 

[BBB]

Me too. Im registered as self employed, and pay CGT on what I declare ( ) Losses are tax deductible.

I dont employ an accountant as I find them very rigid in their approach which doesnt suit me all the time as Im sure the entrepreneurial minded will appreciate. What I do do though is print out a statement every night of my transactions (on the days I do trade), and update my records. It takes me 5 mins.

There could well be better ways of doing this - so Im all ears and eyes on this.


When I was on the floor, I did have an accountant who my mates recommended. We all used him and split the bill. To be honest I didnt pay too much attention to it then as I was younger (25 when I started) and I happened to rule the world (or at least I thought I did, given the money I was making/p!ssing up the wall every night!! I didnt even need a home as I had a permanent bed reserved in A&E )




:cheesy:

 

[BBB]

One reason why I am seriously thinking of moving abroad. I went to Euroland this weekend to have a sniff round. I think I will get away with paying any tax as:

- There are no passport controls, so they cannot prove I have been in the country for the tax paying time period

- My broker is offshore and very secretive/sensitive to requests for account holder details from ANYONE

- I can hold my central bank account in a third Euro denominated country or maybe leave it in the UK or Swiss bank.

In affect, I will live in one country, trade in another (USA) over the internet, hold my current account in a third. I then become the invisible man!!!

Please feel free to blast this out of the water and burst my dream - I need to get a sanity check on this one.

 

[darktone]

One reason why I am seriously thinking of moving abroad. I went to Euroland this weekend to have a sniff round. I think I will get away with paying any tax as:

- There are no passport controls, so they cannot prove I have been in the country for the tax paying time period

- My broker is offshore and very secretive/sensitive to requests for account holder details from ANYONE

- I can hold my central bank account in a third Euro denominated country or maybe leave it in the UK or Swiss bank.

In affect, I will live in one country, trade in another (USA) over the internet, hold my current account in a third. I then become the invisible man!!!

Please feel free to blast this out of the water and burst my dream - I need to get a sanity check on this one.

Either way, might be a good idea not to post it on a public BB

 

[TWI]

I know guys who live and trade from Gibraltar, Monaco and Luxembourg. The ones in Gib just live in Spain so no probs, the guys in Monaco and Lux makes enough money to enjoy themselves there and naturally are tax exempt anyway.
One day.....

 

[splasher]

I'm being lazy and could look it up but..............................are self emplyed and sole trader staus the same thing? ie I assume your trading account(s) are in your own name and you don't pay yourself a salary just effectively take your annual profit, deduct any allowable expenses, pay the CGT and the rest is yours.
On that basis if you are not doing a self cert credit application and the questions are how long have you been tradingand what are your income is it just down to your own honesty?

Setting up a LTD co, being director and thus getting salary/dividends and having an accountant to verify everything seems more professional but if there are no advantages maybe i am still just stuck in the corporate nonsense world.

I wish i had sorted out all morgage applications, credit cards etc when i was still PAYE, it was all too easy then.............................but i suppose only working for about half the year makes up for it...........

 

[TWI]

Some of the guys are set up as limited company and if you go down the route of sponsoring others it may be better to do that. As sole trader you do not have the requirements of a ltd company e.g. the need to file accounts.
Does rely on honesty but it is very easy for tax man to see how much you made via statements if he/she so chooses.

 

[BBB]

You can also claim VAT if your declared profit is > £55k when self-employed.