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Ive become a profitable forex trader in the last 14 months.

Resolved Question:

I've become a profitable forex trader in the last 14 months. As of this year it is my only job. What kind of tax am I be liable for? I assume it's capital gains, but it's not very clear whether I'd need to pay income tax as well.
Submitted: 1 year ago.
Category: UK Tax
Expert:  Sam replied 1 year ago.

Hi

 

As this now your only source of income, then this is deemed liable to income tax and NOT capital gains, and you will need to register as self employed with HMRC, so you can be issued with a self assessment tax return after each 5th April

 

Up until the time that it became your only income, then you could have declared this under the capital gains regime, so you will need to split off, the time to and from this becoming your sole income for the correct tax regime.

 

(So its capital gains to the time it became your sole income and then income tax from the time it became your sole income - rather than both taxes for the whole period!)

 

Thanks


Sam

 

 

Customer: replied 1 year ago.

I am already self-employed and I pay PAYE submitting self-assessment tax return every year. Does this change anything? Is there a way for me to run profits from this year through my company? The only thing that is effectively changing is the type of business: it was a consultancy, but now I'm looking into making it a trading/investment firm.

Expert:  Sam replied 1 year ago.

Hi

 

 

Please clarify, as you a sole trader/self employment or a director of a limited company?

 

Thanks

 

Sam

Customer: replied 1 year ago.

Director of a limited company

Expert:  Sam replied 1 year ago.

Hi

 

Thanks for the response and apologies for my delay

 

Then you will have to close this company down when trading has ceased, and open up a new limited company with this new trade.

 

But yes, you can trade through a limited company

 

Thanks

 

Sam

 

 

Sam, Accountant
Category: UK Tax
Satisfied Customers: 12894
Experience: 26 HMRC expertise, PAYE, Self Assessment ,Residency, Capital Gains, CIS ask for Sam Tax
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Sam
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