Tax question

January 11th, 2012, 10:14 AM

Hi,

I have signed up for a Ib account and live in the UK. How do i go about paying tax, do i need to register with HMC to state i am trading or simply send money at the end of the year? What is the percentage if it is a high number? Is it capital gains tax or is it income tax that trading comes under in the UK? Also i am a frequent trader trading at least 10 times a day so does this make a difference compared to a long term investor?

Thanks for the help

Freddy

January 11th, 2012, 10:19 AM

start with:

1) asking the brokerage's salesman what support they offer for off-shore (non-US) accounts, and pointing you in the right direction towards compliance with whatever existing US Tax Laws apply towards foreign accounts,

2) follow up with their compliance department, as some manager (not an entry level person) would know where to point your accountant or otherwise

3) generally these boards are populated with US based traders who really don't know about complex off-shore tax and accounting questions like these

hope that helps

cheers

January 11th, 2012, 10:25 AM

Thanks for that i will contact and ask them

Freddy

January 11th, 2012, 03:33 PM

You might check here:

The Tax Thread

I thought we could use a thread devoted to Taxes. This is all things taxes regarding trading.

One example, Advantages/disadvantages for different situations (equities, futures, forex, etc) as well as benefits of filing sole-proprietor vs LLC or as a …

Mike

Tax question

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Tax question