I think everyone knows what kind of taxes there are, but most people just simply want to know of the best way to pay as little tax as possible if you're earning a reasonable amount as a trader
@LemonFX
Жыл бұрын
Dear Emily! Thank you so much for this video. It is concise and very informative. Very helpful indeed!
@MindfullyTrading
Жыл бұрын
You're welcome, glad it helps 👍
@clashsmoothie9548
8 ай бұрын
Thank you for making this video. It answered all my questions and was exactly what I was looking for.. Great content and look forward to learning more.
@franmaddocks3359
Ай бұрын
Amazing thank you so much for clarifying a few things for me 🙏🏼🥰
@MindfullyTrading
Ай бұрын
You're welcome 😀
@librapower7810
Жыл бұрын
Great informative video Emily. I really appreciate it and it has definitely clarified a lot of things!
@MindfullyTrading
Жыл бұрын
Awesome thank you!
@44artifacts
Жыл бұрын
I from Ukraine. Know about forex 10+ years. Last year trade every day. Thank you! Always wondered how traders pay taxes
@MindfullyTrading
Жыл бұрын
You're welcome, glad it helped ☺️👍
@mrviva1981
8 ай бұрын
Emily! You’re the star in the sky !!! We’re so lucky to have you here with us ❤️❤️❤️❤️❤️
@bullant_
4 ай бұрын
From what I've read on HMRC website, it's far more difficult than "winning trades - losing trades" (as stated in the video), for capital gains tax on stocks if you were to re-buy the same stock within 30 days of selling it. It gets a bit complicated then. So take her advice and ask an accountant
@henrygeorgeoertel8092
Жыл бұрын
Hi Emily, Thanx a mill for the info, it is extremely useful!
@MindfullyTrading
Жыл бұрын
Ah you're welcome, glad it helps 😊🙏
@mehaholding
6 күн бұрын
Hi, would you mind making a clip about what banks are offering an accounts whether business or personal for withdrawing forex profits in UK? Unfortunately most banks in UK are reluctant to open accounts for forex traders whether business account or personal
@NIKKII93
4 күн бұрын
I would like to know this too please 🙏🏻 Also if you could recommend an accountant
@chroniik4557
Жыл бұрын
Amazing video, very informative, exactly what I was looking for. Thank you so much 😊
@kamponghilir
22 күн бұрын
Thank you for the video. 1. Can I claim tax relief on the spreads for CFD online trading? 2. Can loss made during the tax year be claimed against profit? 3. HMRC CFM50400 states Futures excluded from CFD. Does it mean no tax liability?
@richard1403
5 ай бұрын
just trade using a spread bet account and trade through that. it is then tax free as its classed as gambling. its your work against theres if your following any strategy and they wouldnt know
@80amnesia
Жыл бұрын
didn't know about ISA accounts, thanks
@MindfullyTrading
Жыл бұрын
Oh they are great, glad to help 👍
@DarlinneMarigold
Күн бұрын
Can i use ISA to trade forex@@MindfullyTrading
@vp2272
Ай бұрын
Very helpful and brilliantly explained. Would you know whether a forex trader working via a prop firm is subject to VAT in the UK on their profits?
@Jimmy_xx
8 ай бұрын
this has been an amazing video
@bufordmaddogtannen
3 ай бұрын
The real question is: where do you find an accountant who doesn't ask £250/hour to sift through all trades and an extra £750 to fill and submit the relevant panels of your tax return?
@cameupstarvin7351
11 ай бұрын
Automatic subscribe. Amazing video.
@paws4thought449
10 ай бұрын
In an ISA you can’t trade CFDs or options and you can’t go short on stocks.
@allsearpw3829
10 ай бұрын
IT use to come under the Horse racing tax for spread betting . NO Tax on racing , NO Tax on spread betting , but now in the Corporate UK of Mr hunt and Mr Sunak and it is getting more popular , better seek advise as some one will dob you in or your bank will stop your account for money laundering . Nice video Emily . Find a qualified accountant that works for them self as companies charge the earth . Self employed for 30 years .👍
@3952simonbro
Жыл бұрын
Another good video. Which UK based broker would you recommend for forex?
@janewong917
3 ай бұрын
May I know how to calculate the tax on forex trading? Will be same as calculation of stocks (apply 30 days rule, bed and breakfast)?
@chrissk8er2
Жыл бұрын
Great topic. For yourself, do you use individual accountant or an accountant firm?
@MindfullyTrading
Жыл бұрын
Thank you, I process my own accountants at the moment but this will probably change when my second baby arrives👍
@hryvns
6 ай бұрын
And what about futures trading? UK resident trading with a US futures broker? No one covers futures!
@BranBMP
Жыл бұрын
From 🇬🇧 too & im thinking of learning but tax came to my head 😂🎉
@xscyxo
Жыл бұрын
Just wondering if you're trading but also have a FT job - does your employer need to know you're day trading?
@MindfullyTrading
Жыл бұрын
I don't see why they would if you don't want to tell them. If you make profit, you would need to do a return for tax 👍
@zaidnaima1872
7 ай бұрын
What about cryptos??? UK don't like cryptos, but do they like the profit??
@danielapinedamolina9116
4 ай бұрын
Does the cost of blown prop firm accounts count towards losses in the tax return? Thanks
@jamesstallard9723
5 ай бұрын
Thanks for the info, I have one question though, if you set up a limited company for prop firm income and you earn over 85k do you pay VAT as well or is it VAT exempt?
@McDeegz
4 ай бұрын
What if I move profits from prop firm to personal account and withdraw again would I pay tax twice?
@harryturner-ps6ie
2 ай бұрын
Are there any ISA accounts that let you day trade with the option or trading after hours/pre market? Cheers!
@rhymez320
5 ай бұрын
PLEASE IF YOU SEE THIS READ: If you attempt to setup a Limited company and are subcontracting services to just one prop firm you may fall under the scope of IR35 please do your own due diligence, i suggest you look this up before setting up a limited company for Tax avoidance. If you do fall under IR35 you will pay tax as the same way as someone who is self employed. I believe some prop firms won't invoice you unless are an individual vs ltd co
@rotrades
Жыл бұрын
MyForexFunds doesn’t send invoices when you get a payout. How would I deal with that issue and HMRC, because wouldn’t I need an invoice to show them?
@tcampbell1106
23 күн бұрын
@rotrades I assume by now you have worked something out? I am not a trader yet. Still in the theory stage but I am wondering if you can link your account to Myfxbook? That would give a third party account of all the trades you do including profit/loss?
@jayakrishnanpadmanabhan9776
8 ай бұрын
Hello mate . I have a query about CFD call and put options... do we need to pay any tax for this kind of trading ? We dont own any share ..just call and put .so how tax applicable ?
@evakk7813
7 ай бұрын
i have an important question which i cant really find the answer to. Do people that trade stocks and shares do they pay only capital gains tax or do they also have to pay regular income tax? (sorry if this question is dumb im not very good when it comes to legalities and tax laws)
@declanyouvideos9161
7 ай бұрын
Do you pay income tax when trading forex CFDs, or just CGT?
@Makiaveliiste
10 ай бұрын
Hello Miss Mindfully Trading, Basically, if I'm self-employed and I day trade on the Forex market, all I have to pay is 20% of my capital gains? Or is it anything else ? Thank you
@1_shortnote
7 ай бұрын
UK just recently stopped crypto futures trading. tho, i'm from Africa, and i've traded for the last 5 years. well i can say i'm doing more than fine. Now i need to switch to forex considering having to pay taxes allowing me to be qualified for a work visa if i can do at least 38,000 which is my least problem. would you please suggest me a guaranteed broker, or a way to go around my trading that would allow me do my taxes with ease. thank you.
@fkimprovements6420
7 ай бұрын
What about if i made some profits in good market conditions but now the account is almost brown out . With 15% capital left . Now forcused on trading very small amounts as more learning is done. Do i need to pay tax for those initial gains in good times even when the losses out weigh the gains?
@Gwdufsm
10 ай бұрын
you lot come and say seek an adviser. the question is how do you do yours... that might help someone who in the same circumstance as you
@paulweston8958
Жыл бұрын
Hi. would you consider using a spread betting site such as I G Index in UK so as not to get taxed ? And if not why not. Thanks
@joekafel7474
11 ай бұрын
Thank you for this video. Could I please ask you to confirm (just so I know I’ve got it right)….. I am full time employed and I’m a higher rate tax payer. I’m trading on the side for a bit of fun. Can you confirm that I am allowed to earn up to £6000 from trading and this is tax free. After the £6000 I will need to pay capital gains tax on it, at the higher rate of 20%? Is this correct? Would my best option be to save 20% of any money I withdrawn from the trade account, and pay this back once I’ve completed my self assessment? Thanks so much.
@mohamedazzubaidi7010
2 ай бұрын
Hi, did you manage to get an answer for your question? I’m kinda in the same situation full time employed but in the basic rate tax payer and looking for an answer. If you got an answer, would be so thankful if you could share it .. thank you
@bananna7465
Жыл бұрын
Hi Thanks for the video. One question ref tax in uk as a trader when does the profit made count as income. When you withdraw it from the trading account or is it classified as income even when it stays and sits in the trading account ?
@MindfullyTrading
Жыл бұрын
To be honest, you would be best asking this to a registered accountant as this is a specific question. Personally, I withdraw outstanding profits just before the end of the tax year, so that they can be calculated into that tax year. 👍
@bananna7465
Жыл бұрын
@@MindfullyTrading thanks for replying.
@kspades2530
Жыл бұрын
Thank you
@lewisturner8781
Жыл бұрын
I have 75,000 to withdraw, how the hell am I going to do this
@jjshortsz
Жыл бұрын
Can you hand me 5000? really struggling 😅
@fallencourt5215
10 ай бұрын
Just withdraw it duh
@chantellemoorosi9335
2 ай бұрын
That’s a nice problem to have 😅
@melaniejumamil455
Жыл бұрын
good day maam someone is using your photos at facebook and using it to convince people to trading.
@MindfullyTrading
Жыл бұрын
Hey thanks for letting me know- scammers are very annoying. I try to report them when I come across them, and share my real social links on my channel 👍
@srinivastm1479
Жыл бұрын
Iam trading with stx brokerz but they telling to pay tax on investment as gst profit tax 20 percent before withdrawal plz advice weather to pay tax not
@liontheories7182
Жыл бұрын
Boring stuff out the way in 1 video. great performance
@MindfullyTrading
Жыл бұрын
Thank you 😅
@mehuksuria373
Жыл бұрын
Hi how do you declare losses on cfd account
@MindfullyTrading
Жыл бұрын
I would just take the net figure of winners- losers, but if you're not sure, check with an accountant 👍
@wabbingtonwabby.
Жыл бұрын
I dont think you can offset the losses with cfd, the tax man doesnt regard them as stocks, as they are contracts, so you suck up the losses, unfortunately, I believe you get an allowance of £1,000 before you get taxed on the rest, check with an accountant, this is only what I have read on the net.
@edwardstaniforth3057
Жыл бұрын
Did I hear correct... did you say that if you deposit your payouts into an ISA you don't pay tax on any money deposited into it?
@labcrowd
Жыл бұрын
you dont pay taxes on the gains made using ISA account
@antoniooliveira8929
Жыл бұрын
Tem legendas em Português Brasil ?
@K4MR4N1UK123
4 ай бұрын
Move to Dubai
@mssm1933
7 ай бұрын
It's considered gambling... don't think any tax
@user-kp8ng3ue2d
11 ай бұрын
hey i’m a bit confused. i’m new in the forex trading and a guy who looks after my account is asking for 10% tax before withdrawing the profit. it doesn’t make sense to me can you help me with that. As far as i know tax has to be paid annually! do let me know if it’s a scam 👀
@fallencourt5215
10 ай бұрын
If I was you I wouldn't let anyone look over my account, and I don't think by investing in stocks or Forex or crypto, that you pay or are applied to the same tax rates of a country that are clearly in different sectors to what you are doing. The broker your with already takes fees (which I think are taxes I don't remember). In my opinion don't declare your profits from investing to revenue as it has nothing to do with them or with you, since you don't fall under the category to which they can tax you on. This is just purely my opinion,
@RJSCarpentry
7 ай бұрын
Is trading with a prop firm not classed as spread betting?
@bradleyreid7761
7 ай бұрын
No because you are not trading with actual money, you trade on a demo with a prop firm and they pay you profits for your service if you are profitable. Your not actually trading with money. Also theres no loss risk on your behalf, other than losing the account itself, for example if you lose the standard £10,000 and they take the account off you, you dont actually lose the £10,000 yourself. Thats the benefit from trading from an account like ICmarkets because its classed as spreadbetting (aslong as its not your main income) Still learning myself but thats what ive gathered, hard to figure out alot of contradictions out there, best off speaking with an accountant if your at that level.
@BMWE-hm7uz
11 ай бұрын
So lets say i trade and make 10000 in a year, but my losses add up to 5000. Meaning i make 5000 profit. Do i have to pay captial gains tax on the 10000, or pay no tax at all as the overall profit is 5000? Round numbers just for simplicity sake
@scaryjoker
7 ай бұрын
No tax
@BMWE-hm7uz
7 ай бұрын
@@scaryjoker so losses are written off. Got you.
@JakeG1
Жыл бұрын
Great video. Just curious, do you know if there are legal ways to avoid income tax on trading profits as a main source of income? 🤔
@JakeG1
Жыл бұрын
No one’s going to get arrested for answering this question. 😆
@bartsman
Жыл бұрын
@@JakeG1 Just report as spread betting
@JakeG1
11 ай бұрын
@@bartsman As far as I've been able to find out, even if your profits are from spread betting, if it's your sole income, the HMRC can still chase you for income tax if you don't have another taxable income. So the next thing to ponder: what's a good way to create an income to declare and pay a small amount of tax on?
@bartsman
11 ай бұрын
@@JakeG1 Through a business. Do something digital and pay yourself a grand a month
@JakeG1
11 ай бұрын
@@bartsman Yeah, that's one option. Still got to turn a profit though. I wonder if I could bring yo-yos back. 😆
@user-tl8se8fq1l
7 ай бұрын
Forex treder needs license in UK and bank saving account working
@EAFXtrader
5 ай бұрын
They don't need a license in the UK
@in6587
6 ай бұрын
you look like an elf
@MindfullyTrading
6 ай бұрын
Why thank you 🧝♀️😅
@Tyasta676
27 күн бұрын
Now I’m seeing it😂
@paulweston8958
Жыл бұрын
Ok sorry , ignore my last comment (jumped the gun ) Great videos going to try 5%ers .Which broker do you currently recommend ? Thanks
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