Ask an UK Tax Question, Get an Answer ASAP!
Hi. Thanks for your question. Should you find the answer below incomplete or you are not fully answered, please drop a reply before rating.
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).
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
Does this help?
Do you have any other questions that i can assist you with?
yes, are you absolutely 100% certain that i wont have to pay tax on financial spread betting gains?
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?
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.
Could you also please answer these if you have tiem
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.
ok thanks a lot Vince you have been a real help!!!!
I received a follow up e-mail from you yesterday. Could you send it again as my computer has deleted it.
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?