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(UK) Getting into trading - how to tax income?

Discussion in 'Beginners Bootcamp' started by cleartyle, Jul 16, 2018.

  1. cleartyle

    cleartyle Recruit

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    I've been interested in trading for a while but could never figure out how to get into it (until finding this forum! :) ). I want to do it alongside my current part time job which is barely supporting me. I was wondering how money from trading is taxed, as it will be different amounts per month? How would you go about paying tax? I've seen some insane success stories and putting their income through this a wage and tax tool shows they would be paying a huge amount of tax - you just wouldn't get away with not declaring it. I would expect to be making small amounts of profit, and likely lots of losses at the start - is there any way to mitigate the damages of the losses? Many thanks in advance :)
     
    Thoris likes this.
  2. Thoris

    Thoris Private, 1st Class

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    Also interesting question if people in fact declare it clearly and fully. Are you from UK, do you know some fellow UK'ers except you who trade, gain some profit and pay taxes. Mitigate damage of the losses in tax terms ? Probably only by creating LLP or so and operate from there ?
     
  3. Shalirad

    Shalirad Private

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    You may want to withdraw all possible income in your case to something like netteller, skrill, perfect money or some other similar methods and only then you will decide what to do with that money and where (!!!) to tax them, see my point here for you ?
     

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