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

Joshevans--

Private
Messages
54
Only person is really to speak to an accountant as is a very grey area and hard to find exact information on it

See this asked a lot, and is a valid question, but when it comes down to it everyones tax situation will vary slightly and the only thing you can do to be 100% sure is speak to an account about your own situation

Everybody has their own circumstances, so it depends on the person. You are best speaking to an accountant.
 

Forex bison

Private, 1st Class
Messages
52
See this asked a lot, and is a valid question, but when it comes down to it everyones tax situation will vary slightly and the only thing you can do to be 100% sure is speak to an account about your own situation
Yea I think it falls under capital gains
 

Kirstysingy

Recruit
Messages
61
Yo
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 :)
ull need to find an accountant who’s experienced in it as will get varying answers
 

sebking1986

Recruit
Messages
383
From what I understand the subject is very nuanced so I would consult a forex and crypto trading specialist tax accountant if you intend to pay any tax. It appears to depend on how much you make, if it is a sole source of income etc. A minefield to approach without guidance.
 

FriendlyFX

Sergeant
Messages
171
It falls under Capital gains tax as far as I know but my advice is seek financial advice could vary wildly depending on your circumstances
 
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