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

cleartyle

Recruit
Messages
1
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

Corporal
Messages
154
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 ?
 

Shalirad

Corporal
Messages
111
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 ?
 

7Bulletin

Sergeant
Messages
139
It is very cool that you are interested in this information.
Most traders do not pay taxes at all, even if they have good profits.
So you can safely call your decision conscious and correct.
 

Bearad

Private
Messages
22
It may be worth consulting a lawyer or some other specialist. You do not want to make any mistakes, do you?
 
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