Announcement

Collapse
No announcement yet.

Uk and tax implications

Collapse
X
 
  • Filter
  • Time
  • Show
Clear All
new posts

  • SteveOSling
    replied
    Some stuff here that indicates you can avoid paying tax:

    http://www.donnaforex.com/forum/inde...0131#msg300131

    Leave a comment:


  • olddirtypipster
    replied
    Originally posted by ColdHypno View Post
    This was my thought exactly, you could do things like claim the tax back on the VPS, Signal services, swap fees, you could rent one room in your house to your business and claim tax relief on part of your mortgage, phone line, computer, the list goes on.
    Advice seems reasonable. However, my suggestion is to do more research and seek professional advice.

    HMRC will not accept the excuse: "I got good tax advice in an online forum, so I didn't think I was breaking the law."

    Leave a comment:


  • RogerM
    replied
    Hey Alex,

    Trade Alerter generally sticks with the majors (although I remember one Norwegian Krona trade) as does Amplified, and obviously Viper. However, taking your NZD examples, I'm seeing a spread of around 3 pips on my FXCM Active Trader platform at around 1600GMT, which is not too bad, given that (1) the commission is included within the spread and (2) Vijay, who trades these sorts of pairs, has less competitive spreads even than these, and therefore the results that you see from the Smart Trader/Scalper statistics actually underestimate his performance.

    In short, even with the spreads that you rightly identify as wide, you will still do as well as, or better, than Vijay, and he is currently the best performing trader on ForexSignals.

    Leave a comment:


  • fabx
    replied
    Hi Roger it does seem most of the spread bet co's are ok with the main pairs but when you look at something like GBP NZD or EUR NZD they can be 10 to 15 pips in spread. Are there any signal providers tend to stick with the majors.
    Thanks Alex

    Leave a comment:


  • RogerM
    replied
    Hey Stu,

    I do have an IG account which I opened about 18 months ago, but for some reason which I've forgotten, I've never used it.

    I've not heard anything bad about them, so they can certainly be added to the list of brokers offering the UK Spread Bet option. Having had a quick glance at their advertised spreads, they look pretty standard (at around 1.5 pips on Euro Dollar) with embedded commission. Obviously none of these Spread Betting accounts will work with scalpers like Viper or Asad, but in general they are OK for all other traders on here, particularly Vijay.

    Trade Alerter also works fine on the SB platforms, but you have to understand that what looks like consistent slippage is actually the difference in spread between the embedded commission of the sub account and the up front commission in the master. At the end of the day, the results will be the same, or at least very similar.

    If Nick confirms that UK residents can use AxiTrader on VIP then I think this development is very interesting. Otherwise, the choice between Axi, FXCM, Alpari, IG and so on, is really a matter of taste.


    Roger

    Leave a comment:


  • stu48
    replied
    Roger
    Have you tried IG MT4 platform ? what do you think of the spreads ?Great thread about that baddy TAX

    Leave a comment:


  • RogerM
    replied
    alex.flood@axitrader.co.uk

    Any additional information or questions would be welcome.

    Best regards

    Roger

    Leave a comment:


  • RogerM
    replied

    Leave a comment:


  • fabx
    replied
    Hi Roger I wonder if you can help, I have recently found this site. I am based in the UK.
    Can you advise if it worth using Alpari SB for the potential tax savings or do the larger spreads on the SB account negate any advantage.
    I would like to set up an account once I have got a thorough understanding of the money management and risks and if it is worth considering an SB account for some trades not the scalping trades which I understand are not viable.
    Also if you are using a broker not spread betting am I correct in assuming CGT is payable only when you withdraw funds from the broker.
    Thanks if you or anyone else can clarify.

    Leave a comment:


  • dupapa
    replied
    do NOT trust myfxbook for the DD graph nor total debt, it all freaks out when using custom dates, it si wrong, it should be 39%

    thank you for the comment, i agree the gains are outstanding, but likely not sustainable, we shall see, by my own calculations and basing it on vipers nov 2013 DD, once a year i estimate the market could wipe this account,

    ive requested a addition to the forum, in the meantime ill pm you,

    the low risk was a personal joke its anything but lol

    //Ben

    Leave a comment:


  • nwboater
    replied
    Hi dupapa - You have a very impressive FxBook!!! You have it labelled 'Low Risk". I have never seen an account that earns 25%/month I would call low risk, yet your DD is slightly below your monthly profit. Outstanding!

    Sorry for being OT here but I am very curious what the makeup of your account is? Perhaps you could share it in a more appropriate thread.

    I wish you continued good fortunes!

    Cheers,
    Rod

    Leave a comment:


  • dupapa
    replied
    Wow lots of replys, sorry ive had time to pop in for one or two mins a day this past week, work has been in overdrive,

    thank you to all who replied, has made me realize that i cant do anything clever to minimize the tax without going doing some legwork and like 1k? setup costs for registration?, its interesting to hear about limited companies as i am in the process of getting my parents joined up to forex signals, my mum is a limited company already and pays herself like other 150 a week as paye then the rest in dividends for her job, so this is useful as ill tell her to put her investment through the books,

    special thanks to RogerM

    so to clairify, in the uk your taxable on your profits over your investment value for the current tax year even if the money sits in the brokers account and is not withdrawn?

    where as nick said in Australia you are only taxed if it is withdrawn,

    this for me is good information, i previous understood uk law as my gains where only taxable if withdrawn, but thinking about it now and thinking about our tax system why would they let us sit it in offshore accounts and only tax when withdrawn when yearly they can cash in on it.

    imo uk tax is very demanding and the point above if i understand the fact Australia highlights this,

    one last thing, so the tax comes under capital gains? not income tax? that is using mt4 not spread betting, dont ask me why but for me spreadbetting is just "meh" its seems its like fisher price fx??

    bottom line thank you all, my mindset now is to expect it to be 40% an any thing less is a bonus, oh an for ease hire an accountant

    [Edit] an talking of money, yes i am gaining, albeit greedily at the moment, but for the first time ever im now running on "casino money" if anyone is interested in seeing how this unfolds then click the link below, my target is 20% min monthly with a hard SL somewhere between 50 - 60% DD,

    will it get hit?, its got to about 39% so far since Feb, although myfxbook reports 24%

    http://www.myfxbook.com/members/dupapa/low-risk/723973

    ps Vijay/Jeff you rock,

    pss what usefull to make public - balance etc
    Last edited by dupapa; 06-15-2014, 12:27 AM.

    Leave a comment:


  • pearcey2
    replied
    Originally posted by Nick View Post
    Yeah, that's my understanding (But I'm not an accountant)

    You just need to "cop it sweet" and pay the marginal tax rate on your capital gains once you withdraw.

    Alternatively you can let it continually compound into a life changing amount of money, transfer it to the Bahamas and live out your days there.
    Only on withdrawals? Didn't know that! Thanks Nick

    Sent from my Nexus 5 using Tapatalk

    Leave a comment:


  • Nick
    replied
    Originally posted by pearcey2 View Post
    From what I can tell in Australia, you have to declare it as income. No other clever ways around it

    Sent from my Nexus 5 using Tapatalk
    Yeah, that's my understanding (But I'm not an accountant)

    You just need to "cop it sweet" and pay the marginal tax rate on your capital gains once you withdraw.

    Alternatively you can let it continually compound into a life changing amount of money, transfer it to the Bahamas and live out your days there.

    Leave a comment:


  • pearcey2
    replied
    From what I can tell in Australia, you have to declare it as income. No other clever ways around it

    Sent from my Nexus 5 using Tapatalk

    Leave a comment:

Working...
X