Excellent video to keep I spoke to HMRC myself, came to same conclusion s I confirmed no tax on gambling winnings as long as trading (spreadbetting) isn't "seen" as your main income (main job) 21:00 HMRC compares GAMBLING (for fun... short-term trades or sporadic attempts at trading) vs SPECULATION (for profit... short-term trades is potentially gambling still, long-term trades is investing) vs PRO TRADING (for income... whether short-term or long-term if you do it as a 1st job or even as a 2nd job...it is work!) vs INVESTING (for capital growth...whether short-term or long-term it's speculative hence taxable) You are taxed on your Speculator profit, Income profit your Capital profit (work attracts Income Tax IT and Capital Gains Tax CGT) You are NOT taxed on your Gambling profits (you are a Gambler, not speculating or working hence no tax to be paid) 22:36 HMRC rule of thumb (CG tax on investing [long-term] vs Income tax on Trading [short-term]) 21:34 tax illustration1 (income tax vs CG tax) 24:24 tax illustration2 (income tax vs CG tax) 25:00 24:28 Trading as a business ie LTD co.6 (HMRC criteria "badges of trade" 22:39 to proove you're a business / pro trader or speculator)
@JasonGraystone
4 жыл бұрын
BornToDoIt excellent contribution to this channel! Thank you for taking the time to write something so valuable to the trading community. Keep it up!
@borntodoit8744
4 жыл бұрын
@@JasonGraystone thanx...in truth if I recap it helps me understand the core points, if the comment helps others even better. This video was a much needed insight so thank you
@thecolonel1982
4 жыл бұрын
Thanks this has cleared things up for me. I have a limited business in construction so if i were to just spreadbet, i would not be declaring or taxed on any profits nor would i be able to claim for any loses/expenses???
@victormelenciuc833
4 жыл бұрын
If i did 1M £ ( short-term) like pro traiding , i will pay incam tax ??
@kiradotee
3 жыл бұрын
How much tax on pro trading? Just the income tax?
@dztrader
3 жыл бұрын
not making any money yet, yet i still watched in full as i know for sure that this is my trade and am mastering it at the moment
@centurionguards3819
3 жыл бұрын
What you said about having multiple accounts was pure gold.
@thetraderjoe3799
4 жыл бұрын
I've tried searching for this information a lot and There's little to no help on the internet so thankyou so much for clearing it up Jason! Very valuable video 🤘
@JasonGraystone
4 жыл бұрын
I agree! Glad you found it valuable.
@BigManTingRJ
24 күн бұрын
Thank you Jason for this video recently got profitable and was looking everywhere for some info on tax here in the UK, much appreciated!
@FHIPrincePeter
4 жыл бұрын
Brought out around the right time of year.
@dandanndannnnnn
4 жыл бұрын
Nice one Jason. Please keep this video up as I might come back to it for future purposes👍
@JasonGraystone
4 жыл бұрын
Dann will do
@gazcutloose7232
4 жыл бұрын
Thank you another good point to keep hold of. As I build my path into trading brilliant advice from all
@JasonGraystone
4 жыл бұрын
Great stuff Gaz
@zouz8888
4 жыл бұрын
Thank you Jason! very helpful and much appreciated!
@HappyHitman
4 жыл бұрын
"Just get the right advice".... that's why we are here.
@PokeymanTrainer
3 жыл бұрын
And the right advice would be to speak to your accountant and explain your trading plan to see what category you fall in to
@brucesmith6868
4 жыл бұрын
Great stuff JASON this is what has been slowing me down is working through all the tax information before hand. Good to know I'm on the right path. Thank you.
@JasonGraystone
4 жыл бұрын
Excellent stuff. Glad we could help
@brucesmith6868
4 жыл бұрын
@@JasonGraystone thank you my friend !!
@trevoroneill8517
3 жыл бұрын
I came across your video almost by accident. Started to browse and suddenly realized I’d found a GENUINE guy. Wow! You Sir are a rarity! Keep these coming in PLEASE...... Mr T.
@stevenmuyimbwa8747
2 жыл бұрын
Jason, thank you so much, i had watched about 7 videos on taxation for traders, i have gotten more from this one than from all the others combined, granted i wanted taxation from the UK side, its more like my country, than the US Content. Thanks again.
@affy45
4 жыл бұрын
This is the best information on UK taxes on you tube, thanks mate its really made things clear
@terry2544
4 жыл бұрын
I agree 💯
@gertoinetoonen6750
4 жыл бұрын
awareness raised! Nice Jason, thx
@JasonGraystone
4 жыл бұрын
Excellent
@FLEARMOY
4 жыл бұрын
Thanks Jason , this is something I have been questioning myself 👍
@JasonGraystone
4 жыл бұрын
Hopefully this video will make you take the right approach and save any nasty surprises
@traytrades5930
4 жыл бұрын
Great video, Been trading for just under 2 years now & still didn't understand exactly how Tax works around Day-Trading. Made a lot of sense Thanks!
@wormwood6424
8 ай бұрын
Wonderful info thanks. Just what I was looking for.
@TheMrsgd
2 жыл бұрын
Very informative video, especially from a UK perspective .Thank you!👍🏾
@bankinmypocket
2 ай бұрын
So insightful ...
@daveliane1
4 жыл бұрын
Thank you Jason. This information was very helpful.
@JasonGraystone
4 жыл бұрын
Glad you got value from it
@junior4131
4 жыл бұрын
Mate this is absolutely brilliant read so much on this and even tho I have already found a lot of this information for myself this has cleared so much fuzziness up thank you!
@JasonGraystone
4 жыл бұрын
No problem at all
@thomasashfield7284
3 ай бұрын
Since recently I thought all trading accounts on forex which have a spread are tax free but this is not the case you need to a spread account to be expected from tax as the spread account trades with stakes NOT lots
@ElliotsM3
4 жыл бұрын
Finally cleared that up! Gold! Happy Christmas Jason!
@JasonGraystone
4 жыл бұрын
same to you!
@kolinsin23
4 жыл бұрын
Really handy video, thanks very much.
@TradingXAUUSD
4 жыл бұрын
Thank u, I was asking everyone this a few days ago
@JasonGraystone
4 жыл бұрын
you are welcome!
@johnwoods719
4 жыл бұрын
love the video bro
@Ray88G
4 жыл бұрын
amazing video . Just what i was looking for . ! loads of very useful information. !
@JasonGraystone
4 жыл бұрын
Lamonz88 excellent
@kiradotee
3 жыл бұрын
29:33 haha, Zoom call mentioned in 2019! Didn't think it existed back then lol.
@JasonGraystone
3 жыл бұрын
Been using zoom since 2016!
@selinagooglethestvekstrate8102
3 жыл бұрын
Very educative tutorial with well detailed information I appreciate, *The Semyon Tchernenko Strategy* was the only way I was able to get results. look it up.
@1ajayc
4 жыл бұрын
Usually the spreads on spreadbets are HUGE compared to ECN CFDs
@fumanrandom9478
3 жыл бұрын
They are not crazy though, unless you trade tick charts, but yeh I prefer True ECN or STP and no MM or DD.
@sd3116
2 жыл бұрын
@@fumanrandom9478 MM/DD?
@NickGypps
4 жыл бұрын
Great to see you got round to making this video! One area that is even 'greyer' is the realm of trading and/or investing in crypto-assets. Possibly, not your area but increasingly folk will be investing in not only Bitcoin but other Distributed Ledger tokens.
@JasonGraystone
4 жыл бұрын
Sure. Thanks for watching
@borntodoit8744
4 жыл бұрын
Crypto trading is unregulated in UK so I don't see it guided under corporate taxation, or personal taxation... STAY OUT OF CRYPTO TILL ITS REGULATED.
@Savagejoe_exp
4 жыл бұрын
Appreciate the video thanks!
@ieatwobblebassforbreakfast627
2 жыл бұрын
As of now (April 2022), the HMRC website income tax page states profit below £12,570 is not subject to income tax, due to personal allowance.
@datageek9132
3 жыл бұрын
What if you earn £50000 in a cfd account and earn another £50000 in a spreadbetting account. Then can you only declare the cfd account as income Because spreadbetting account is supposed to be tax free.
@mrs2741
4 жыл бұрын
Great video and loads of info thanks
@B0NES1000
4 жыл бұрын
Big thank you for this info.
@JasonGraystone
4 жыл бұрын
The Lastbwoyscout you’re welcome
@ShoppingwithRina
2 жыл бұрын
Great advice
@islanddreamers
3 ай бұрын
thank you Jason , now we have a idea . but you can maybe trade from a foreign country where there is no control or am i wrong ?
@tradingphp7360
4 жыл бұрын
Thank you Jason!
@JasonGraystone
4 жыл бұрын
No problem.
@Nathisonke_capital
3 жыл бұрын
This was top notch informative 🙏
@sumaleephillips8019
4 жыл бұрын
Thank you....good inside ... about the tax...
@paulbeades6681
3 жыл бұрын
Excellent content. Thank You.
@TradingXAUUSD
4 жыл бұрын
Cheers Jason, loved how u got professional people involved. I didn’t think it would be as simple as No Tax in the UK
@borntodoit8744
4 жыл бұрын
Excellent video to keep I spoke to HMRC myself, came to same conclusion s I confirmed no tax on gambling winnings as long as trading (spreadbetting) isn't "seen" as your main income (main job) 21:00 HMRC compares GAMBLING (for fun... short-term trades or sporadic attempts at trading) vs SPECULATION (for profit... short-term trades is potentially gambling still, long-term trades is investing) vs PRO TRADING (for income... whether short-term or long-term if you do it as a 1st job or even as a 2nd job...it is work!) vs INVESTING (for capital growth...whether short-term or long-term it's speculative hence taxable) You are taxed on your Speculator profit, Income profit your Capital profit (work attracts Income Tax IT and Capital Gains Tax CGT) You are NOT taxed on your Gambling profits (you are a Gambler, not speculating or working hence no tax to be paid) 22:36 HMRC rule of thumb (CG tax on investing [long-term] vs Income tax on Trading [short-term]) 21:34 tax illustration1 (income tax vs CG tax) 24:24 tax illustration2 (income tax vs CG tax) 25:00 24:28 Trading as a business ie LTD co.6 (HMRC criteria "badges of trade" 22:39 to proove you're a business / pro trader not just a speculator)
@topofmyhead7697
4 жыл бұрын
Thank you , great content
@JasonGraystone
4 жыл бұрын
You are welcome!
@BartoniGaming
2 жыл бұрын
Such a graystone area! Nice video
@hashas459
4 жыл бұрын
With all due respect, hardly any major companies pay tax , Apple, Uber, and millionaires and many more. There are many ways to not pay tax so many countries that are off shore tax havens. Put the right information J. For instance Rolex the luxurious watch brand doesn't pay a penny tax since 1940s its registered as a charity. Lois Hamilton doesn't pay tax even the queen with all that money was involved in the Panama papers.
@JasonGraystone
4 жыл бұрын
With all due respect, I think your comment is completely irrelevant and unhelpful. Firstly, I’m not sure you understand the difference between tax avoidance and tax evasion. Secondly, I’m not sure if you are actually promoting either. Thirdly, we aren’t talking about major income. We are talking about traders running small businesses between $50,000 to $1,000,000 income per year as sole traders or maybe up to £10m as a limited company. Quite a contrast between the companies you mention earning billions per year. Please contribute to this channel with valuable comments in the future.
@hashas459
4 жыл бұрын
@@JasonGraystone it seems very unfair and wrong that these companies and other rich individuals don't pay next to any tax, whilst we have to. Its nothing personal to you or your channel. You are always providing value. I guess my reply was more my opinion.
@JasonGraystone
4 жыл бұрын
Has has no problem, but again, this video is to make sure people ARE paying the right amount of tax. In your first comment you are saying people don’t pay tax and now you are saying you should pay tax, 🤷🏻♂️
@hashas459
4 жыл бұрын
@@JasonGraystone what I'm saying is the law should work for and against everyone. But unfortunately it doesn't. Everyone should pay even the super rich and the companies that produce billions not just the people who make 50 k to 1 M as you mentioned.
@borntodoit8744
4 жыл бұрын
@@hashas459 don't vote Tory if you want more Regulation and equality ! Personally I think post Brexit the inequality in UK will force people towards trading (lack of work) and then finding more unique ways to minimize their tax liability (legal or illegal methods). People don't care as long as they get ahead.
@carot2003
4 жыл бұрын
Interesting and helpful. Thank you..
@gateway_12a
4 жыл бұрын
I don’t do spread betting I don’t do investing I do day-trade on the NYSE for my main income - Do I pay income tax or capital gains tax on my gains ?
@harryokafor5955
4 жыл бұрын
Please can you share the contact of the Accountant. Great video. Thanks
@rizwan101
4 жыл бұрын
Thank you.
@ComplimentaryTherapy
4 жыл бұрын
Do I need to pay tax on yearly basis or only when I make a withdrawal? For example, if I never withdraw from an account for 3 years. Do I have to pay tax every year or after 3 years when I withdraw? Thank you
@BenLinfordUK
4 жыл бұрын
Gerry Cramer’s UK doppelgänger. 🇬🇧
@danchanner7887
4 жыл бұрын
So that's clear as mud.
@borntodoit8744
4 жыл бұрын
You deserve to pay tax if this video doesn't spell it out for you ... it's fairly clear
@JasonGraystone
4 жыл бұрын
BornToDoIt LOL
@Lilas_lilas
2 жыл бұрын
Greetings! What about binary options trading? Is it tax free? Thank you
@charanjitbanga1743
4 жыл бұрын
So basically if trading is your main income it’s taxable, spreadbetting or CFD. What a bummer! I wish companies would stop touting this business as tax free in the UK. Just another way of luring people in to this industry and taking their money. Great Vid Jason. Thanks.
@charanjitbanga1743
4 жыл бұрын
What exactly am I wrong about. Before you ask me if I’ve watched the video I think you need to read my comments and understand what I’m saying. I didn’t say that sreadbetting isn’t gambling, I’m fully aware it’s gambling. I was saying that if trading is your main income through spreadbetting or CFD trading you will get taxed.
@69smales69
4 жыл бұрын
@@charanjitbanga1743 if trading is your primary source of income and you trade CFDS only is it still taxable through Capital gains tax or is it seen as income tax cos it's your only source of income ? This is the confusing aspect
@charanjitbanga1743
4 жыл бұрын
Steven Smales I believe CFD trading is liable for capital gains tax in the uk.
@69smales69
4 жыл бұрын
@@charanjitbanga1743 I believe that is solid info shared by a lot of traders but not so clear if its still CGT if your income is seen as the overwhelming main or sole Income. This is the grey area..does it then switch to income tax which is much higher than CGT. If it was a blanket CGT on all forex cfds it would be fine but..
@69smales69
4 жыл бұрын
@@charanjitbanga1743 Do you know anyone who trades full time, has their main income through CFD trading only and pays CGT not income tax even with huge profit? This is key . I'm sure HMRC will try class you as a pro trader or self employed trader this way and therefore tax you as income. But it's so difficult to say as each case is different
@blue7lvn245
4 жыл бұрын
need to trim up the tash a bit, better not to cover the lip, will loook a lot slicker
@JasonGraystone
4 жыл бұрын
😂 Hard life!
@kungfudang7915
3 жыл бұрын
Excellent video
@mariuszpietraszko2287
3 жыл бұрын
Thank you,, great video
@mariuszpietraszko2287
3 жыл бұрын
Can you recommend any tax advisor ( accaccounting office)? Please
@carol5912
4 жыл бұрын
Well Done Jason. This is a great topic you have covered. :)
@JasonGraystone
4 жыл бұрын
glad you thought so!
@NeilAC78
4 жыл бұрын
Why not have a primary CFD/ECN account (Capital Gains/Income tax) plus a Spread Bet account for tax free gambling? Surely the obvious solution?
@ctolleyuk1796
4 жыл бұрын
Fantastic Video 👌🏼
@Seafox0011
4 жыл бұрын
Re Spread Betting started as sports betting so the nominal notion is that its a gamble.
@69smales69
4 жыл бұрын
Do you know with any concrete proof that you pay tax on withdrawn funds that reach your bank or do you pay tax on closed trades still in your account broker regardless if you withdraw profits or not. (UK by the way). Seems to be a common question that's a mystery
@amalcharley2200
4 жыл бұрын
Same question! Please let me know if you find the right answer. Thank you
@youngjedi6857
4 жыл бұрын
You get taxed on the money withdrawn
@69smales69
4 жыл бұрын
@@youngjedi6857 Thanks, did you go through a tax advisor or accountant or something to get this conclusion?
@F4Y541
3 жыл бұрын
@@youngjedi6857 can't I just withdraw below the specific band I'm aiming for, just to reduce amount of tax paid, despite trading in the tens of thousands?
@youngjedi6857
3 жыл бұрын
@@69smales69 id definitely go with a tax advisor
@gary-fu9sf
6 ай бұрын
Hi. Does the same apply if you have an “AXI” account and your making money from someone else’s trades, ie, “piggyback” trading.
@ivianivanov2260
Жыл бұрын
simple question , there is only one broker provider in Europa who gives you chance to withdrawal your money direct in your Credit card and from there to bank account , yes traders pay taxes 😎😀😄
@ChaseCapital2826
4 жыл бұрын
Thank You, Very much Appreciated..
@JasonGraystone
4 жыл бұрын
No worries. Glad you enjoyed it.
@SSEnrich
4 жыл бұрын
Spread betting only exists in Britain, no?
@prosperesin
3 жыл бұрын
Best video ever👏🏾👏🏾👏🏾👏🏾👏🏾
@TheBellyFatSolution
4 жыл бұрын
What a fantastic video.
@JasonGraystone
4 жыл бұрын
glad you liked it
@russweaver1454
4 жыл бұрын
Great vid thanks ,what a bloody mine field. and I though developing a consistent trading system was difficult ! LOL
@69smales69
4 жыл бұрын
Haha, trading is easy! Its the tax that is the ultimate task 😂
@simonsaas20
4 жыл бұрын
I love this video yet most bank accounts don't allow Traders starling any tips?
@liampearsall9893
3 жыл бұрын
If your a trader full time , your saying it’s best to have 2 accounts one with what you think you’ll be taxed and the other for profits ? But how will you know how much your gonna be taxed when you make a different amount each month ?
@fishontv123
3 жыл бұрын
I was going to do the FTMO challenge next year (since the 10% profit gain is the easy part if you use proper risk management), but im just afraid of what I am ACTUALLY going to make because I am then going to get taxed on my 70% profit split... not sure what the percentage on that would be though, probably another 30% taken away...
@divinasi0n
Жыл бұрын
Did you actually figure out how much tax you have to pay as an FTMO funded trader making six figures a year in the UK? Nobody seems to know 🤦♂️. LLC? Sole trader?
@fishontv123
Жыл бұрын
@@divinasi0n unsure, still haven't tried funding challenges yet, but did finally find a strategy to stick with
@divinasi0n
Жыл бұрын
@FishOnTV (Jarod Valenti) since I asked, I found the answer in Matt To Million's video. The calculation is extremely complicated but you keep 69k on a 100k withdrawal - or 31% tax. The conversion rate on profits in USD over to GBP will incur a 20% loss too though right? 😒 Glad to hear you finally found a good strategy. I primarily trade ICT/Smart Money Concepts and its abslutely superb.
@raymond3855
3 жыл бұрын
You should state which COUNTRY you are referring to in your title bar new guy.
@beartrayand384
4 жыл бұрын
And the truth will set you free. Thank you j.
@JasonGraystone
4 жыл бұрын
Always free
@reverenddick8562
3 жыл бұрын
.... amazing we got mad about a tea tax... but today's society is acceptable.
@dominicj
4 жыл бұрын
So this video applies mainly to those in the uk?
@zerox2016
3 жыл бұрын
Can you make a video on setting up a corporation(not anonymous shell) in places like British Virgin Islands or Panama where there is no tax on Forex capital gains
@robertwillis9280
4 жыл бұрын
Excellent
@JasonGraystone
4 жыл бұрын
Glad you liked it
@thattrader6486
4 жыл бұрын
Great video, very informative!!! I'm into my 5th year trading now - my first 2 years were net losing years, my 3rd year was even there about's, last year I made a significant 98% return and when you finally realise why you went through all the struggles of becoming a trader it's so satisfying!! This year I'm up 70% Y on Y but I haven't touched my account since I became profitable, I just want to grow it. I already have an accountant as I'm self-employed but I really should start talking to them about the trading aspect of my life!! Great advice ! Thanks
@PTOLEMY_22
4 жыл бұрын
Danny Passant how did you find an accountant that had knowledge about forex as I can’t find one online ?
@susanais2514
2 жыл бұрын
Hi Jason, thank you for this video - the best info on this issue yet... I've checked! Quick question - Please could you tell me whether VAT is charged on CFD's traded by a broker and if yes, at what percentage? Any exemptions? I am assuming no VAT on spread betting since it is exempt from tax. Br, Sue
@69smales69
4 жыл бұрын
if trading is your primary source of income and you trade CFDS only is it still taxable through Capital gains tax or is it seen as income tax cos it's your only source of income ? This is the confusing aspect
@69smales69
4 жыл бұрын
@@dsdsdsdsdsds3139 Did you get more information on this mate? It's very subjective
@Olivergt0
6 ай бұрын
If you live is US how can I connect with the Nexchain community here. I want 200k of my savings into it.
@kroduxion
3 жыл бұрын
So if you live in the UK and have a spread betting account which you're liable for losses in the account, you don't have to pay tax according to the UK gambling law. Correct?
@ryanjones819
4 жыл бұрын
So I'm investing in S&P500 in a CFD account, am I right in saying I dont pay income tax when I withdraw my investment? What taxes do I pay? And what do I pay annually?
@morganwilson6053
3 жыл бұрын
For aid and assistance contact him privately on what's App 👇👇👇👇 9.1.8.6.0.0.0.7.4.9 (+1) country code
@SoloBench
8 ай бұрын
The point of having a limited company is that you can pay a maximum of 20% tax - not related to employing people. Don't think that bloke really knows what he's talking about. Also, not all accountants are the same, a lot wont know the best approach for a trader. A better video would have been to give examples of when you're likely to be paying capital gains or self assessment and recommendations for accountants
@JasonGraystone
8 ай бұрын
I wouldnt say they dont know what they are talking about. One has run a brokerage for 20 years and the other has built large accountancies. However, I do agree when you say they don't always approach your situation for your best outcome. They want an easily life. My accountant watched me become financially free and so did my financial advisor. They both still work every day.
@TuoiTreVaooi
3 жыл бұрын
I have a question that I'm confused and can't find an answer anywhere.. Let say I makes hundred trade on forex, and whatever amount I gain or lost in that one hundred trade is tax? Or I only get tax if I withdraw the money from my account? This is a big confusing part for me.. Let say I make $100 dollar and I leave that $100 dollar in my account, do I get tax for that dollars sitting in my account? Or I only get tax when I withdraw that hundred dollar?
@topofmyhead7697
3 жыл бұрын
Great video jay, one question. Is the money in a forex account without withdrawing it taxable ?
@lewisclark5815
4 жыл бұрын
Is this the same as short term profits using options? And is this for the UK?
@kroduxion
3 жыл бұрын
Does a gambler who doesn't have any other income have to pay tax?
@memories-fh5fd
4 жыл бұрын
what about trading in US futures?
@thecolonel1982
4 жыл бұрын
Hi Jason what if you just spreadbet? Surely none of that is taxable?
@ZimeEdits
4 жыл бұрын
correct
@JasonGraystone
4 жыл бұрын
As the video states, there are limitations around spreadbetting.
@simonsmith8322
4 жыл бұрын
Gambling is either gambling or it is not. @25.00 Professional poker players do not pay tax on their winnings even when it is their sole source of income, this video information is wrong. Professional horse race betters do not pay tax on their winnings even when it is their sole source of income, Graham v Green (1925), UK law says so. HMRC website, states BM 22017, 22015, says spread betting is not a 'trade'. Even if it is their soul source of income, anyone who pays income tax when spread betting, unless a UK court orders them to, is a fool. I seriously doubt, HMRC would even try to make anyone spread betting pay tax, hence why there has been no proof of it ever happening.
@thefirstassistant5062
2 жыл бұрын
Hello sir. I have a question. What if u r using a broker that doesn't accept US residents and u r one of them but u r using it somehow!. When it comes to taxes is that can be a problem paying them?. Thanks
@richardc691
4 жыл бұрын
Any idea how taxes are affected if you trade for a prop firm?
@Toshi0918
3 жыл бұрын
I'd like to know this too
@JohnSmith-sb5ym
4 жыл бұрын
Hey Jason man I just got to say you are an incredible educator for making this video it was so needed for me and many others and I can see it is becoming more of concern because the video was only created this year. So one question Jason and I'm sure it will help many others too: I've oppend a Ltd company and ive earnt £100,000 by the end of the year trading BUT it's still in my "trading account" and i have not made any withdrawals into my company account. Is that taxable or isit only once I make the withdrawal? Thank you
@borntodoit8744
4 жыл бұрын
Is an asset so shown on your company returns under assets ...not taxable in isolation but if offset against liabilities the the difference probably subject to CG tax It will be taxable the moment it is converted to a benefit ie as a company profit or as a directors dividend so subject to income tax I would check with a tax accountant, if your making 100k and setting up a company..spend the few quid they tax advice. As the video says don't ignore the tax aspect. See if you can setup a business and trading account outside the EU...then your not subject to UK laws (and I'm taxation). Find a country with more favourable taxation (let it be your retirement pot of money in another country separate from anything in UK). Just had a thought, what about including the profits of gambling (yes all 100k by an individual not as a company) but putting it into a n investment ISA or similar tax protected pension or trust for kids?
@JohnSmith-sb5ym
4 жыл бұрын
@@borntodoit8744 thanks a lot will take your advice especially on setting up offshore !
@JasonGraystone
4 жыл бұрын
John Smith it depends if the company is trading or a holding company. If it’s limited you may be liable for corporation tax on profits which is 20%
@JohnSmith-sb5ym
4 жыл бұрын
@@JasonGraystone I understand that the COMPANY is liable for tax but I asking what if I have not withdrawn the money in my trading ie brokers account?
@69smales69
4 жыл бұрын
@@JohnSmith-sb5ym did you get anymore info on if its taxed on withdrawn funds hitting your bank only or taxed when you close a trade regardless if you withdraw or not?
@ianjresells
4 жыл бұрын
Thanks very much for making this video, there's not much out there on this subject. Would you happen to know if you were trading a CFD account with overall profits & also have a spread bet account, do you think the SB account would have to pay taxes on.
@bhattvishal1412
2 жыл бұрын
sir i want to know tax in belgium
@exoticclan68
4 жыл бұрын
So, yes or no?
@JasonGraystone
4 жыл бұрын
😂
@theunknown9495
3 жыл бұрын
What would prop firm trading in the UK be taxed as? Would it be 10%?
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