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Sam, Accountant
Category: UK Tax
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Experience:  26 HMRC expertise, PAYE, Self Assessment ,Residency, Capital Gains, CIS ask for Sam Tax
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I have a query regarding financial trading (as in FX trades,

Customer Question

I have a query regarding financial trading (as in FX trades, CFDs, Commodities, Metals etc) If i am the director of a limited company, and i open a retail trading account (corporate account) with a trading broker who offer the above products (eg, FXCM
etc...) and trade under my company name. how does the following impact... 1. In case there is a negative balance in the company trading account, will i personally be liable for the monies owed ? 2. what are the regulatory requirements to setup such a process.
Do i need to register for FCA, EMIR etc ? and what else are my obligations? 3. What kind of business can i classify this as ? basically i am not using any external parties funds. Its my own capital that i am trading and risking and no other people/party money
is involved.
Submitted: 1 year ago.
Category: UK Tax
Expert:  JACUSTOMER-p9i3kv2f- replied 1 year ago.

About your questions: 1. You should not be personally liable for the company's losses when you register the company in the correct way in the UK 2. You need to register the company in the UK and submit all regular financial statements on a yearly basis 3. The business classification depends on the business itself. It is not clear to me just looking at your question, glad to help further if you would like to send a new question and provide further information

Expert:  JACUSTOMER-p9i3kv2f- replied 1 year ago.

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