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Tax question
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Created: by freddy250 Attachments:0

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Tax question

  #1 (permalink)
Trading Apprentice
Weybridge
 
Futures Experience: Intermediate
Platform: NinjaTrader
Favorite Futures: X
 
Posts: 18 since Nov 2011
Thanks: 0 given, 0 received

Tax question

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

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  #3 (permalink)
Banned: trolling
NYC + NY / USA
 
Futures Experience: Advanced
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kronie's Avatar
 
Posts: 798 since Oct 2009
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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

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  #4 (permalink)
Trading Apprentice
Weybridge
 
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Posts: 18 since Nov 2011
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Thanks for that i will contact and ask them

Freddy

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  #5 (permalink)
Site Administrator
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You might check here:

https://futures.io/traders-hideout/4832-tax-thread.html

Mike

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