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TaxVince
TaxVince, Accountant
Category: UK Tax
Satisfied Customers: 961
Experience:  Chartered Accountant >20 years + Qualified IFA
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Hey, 2 questions for you if you have time. 1) I have

Customer Question

Hey,

2 questions for you if you have time.

1) I have recently started spread betting and I am going to try and make a living from it. It will be my profession and I will not do anything else apart from spread bet. Do I have to pay tax on my winnings? if I do not have to pay tax on my winnings then . . .

2) I would also like to try and buy a property at some point. If I do not have to declare tax and therefor do not have to declare my winnings how can I prove to a mortgage lender how much money I am earning or get them to lend me money for a mortgage?

Thank you

Saul Watson
Submitted: 9 months ago.
Category: UK Tax
Expert:  TaxVince replied 9 months ago.

TaxVince :

Hi. Thanks for your question. Should you find the answer below incomplete or you are not fully answered, please drop a reply before rating.

TaxVince :

1. No tax on spreadbetting - its still betting unless you are say a registered stock broker etc but you still will need a long way to convince HMRC to tax you (if thats what you wish).

TaxVince :

2. You can get an accountant to vouch your income. Most mortgage lenders have alternative ways to checking your income - bank statement, an accountant report, etc

TaxVince :

Does this help?

TaxVince :

Do you have any other questions that i can assist you with?

TaxVince :

Thanks

Customer:

yes, are you absolutely 100% certain that i wont have to pay tax on financial spread betting gains?

TaxVince :

yes

Customer:

What is the best way for me to move forward then as to getting an accountant to vouch for my income? Do i just contact one and explain my circumstances?

Customer:

do i need to see a specialist accountant etc?

TaxVince :

In the extreme case you want HMRC to confirm in writing you can simply drop them a letter and they will reply with the same answer but at least you will have something from the tax office in writing which you can file for future reference.

Customer:

Could you also please answer these if you have tiem

Customer:


What is the best way for me to move forward then as to getting an accountant to vouch for my income? Do i just contact one and explain my circumstances?







do i need to see a specialist accountant etc?



TaxVince :

If i were you i would ask the mortgage provider what he wants - simply bank statements or a statement from a qualified accountant (most banks do require this). Once you have an answer use sites like HERE and HERE to post your request (its free to post requests) and accountants near your or willing to do the job will contact you - i have seen some request like that on there and the fee you are likely to pay an accountant to verify your income can be as low as £100.

Customer:

ok thanks a lot Vince you have been a real help!!!!

TaxVince, Accountant
Category: UK Tax
Satisfied Customers: 961
Experience: Chartered Accountant >20 years + Qualified IFA
TaxVince and 3 other UK Tax Specialists are ready to help you
Customer: replied 9 months ago.

Hey Vince,


 


I received a follow up e-mail from you yesterday. Could you send it again as my computer has deleted it.


 


Tks

Expert:  TaxVince replied 9 months ago.
Hi Saul

The follow up email was just to say thank you for the payment and rating.

Thanks
Customer: replied 9 months ago.

Ok Thanks.


 


Can you also help me with this. I've been spread betting since May 18 2013. I've spoken to a mortgage advisor and they said I will need a minimum of 1 years accounts before they can help me with a mortgage. Will this still be the same if I get a qualified accountant to vouch for my income? Also how do i describe my self if I am spread betting? Am I a sole trader or just self-employed?


 


Tks

Expert:  TaxVince replied 9 months ago.
Yes thats that is the same. You will need a qualified accountant to sign off the accounts. Sole trader/self employed is the same thing.

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