Tax advice needed

T

Truth Seeker

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I am starting to make some money now after many years of struggling and I do not want to give 50% over to people who have done nothing to help me in my life. I want to pay either zero, or a very minimal amount, I currently trade spreadbet, but I plan to use the real brokers platforms for the larger trades. I'm far from wealthy enough to live in a tax free country at the moment, infact i want to stay here just have my Tax dealt with overseas if possible. Any help appreciated.
 
Truth Seeker said:
................people who have done nothing to help me in my life................
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???? maybe you wouldn't be here at all if "they" hadn't provided a hospital for you to be born in and maybe you wouldn't even be in a position to trade if "they" hadn't provided you with an education. And maybe you'd be stuck at home if "they" hadn't provided roads for you to get around on. etc etc :)
 
I hope I have to face this dilemma eventually. The way I think I would deal with it is to use multiple SB companies.

Barjon.....Yes, however did we progress from running around butt naked on the plains of Africa without government:rolleyes:
 
Barjohn

We (my family) pay private for everything, and always have paid the higher Tax threshold, but that's going off the subject at hand. :)
 
YouAreNotFree said:
I hope I have to face this dilemma eventually. The way I think I would deal with it is to use multiple SB companies.

Barjon.....Yes, however did we progress from running around butt naked on the plains of Africa without government:rolleyes:
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Keep at it, you will get there. If something is worth obtaining, it usually does not come easily. Sometimes you need to look at problems with a child like mind and it then becomes very clear. :)
 
Truth Seeker said:
Keep at it, you will get there. If something is worth obtaining, it usually does not come easily. Sometimes you need to look at problems with a child like mind and it then becomes very clear. :)
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Do you trade forex only?
 
munchiedude said:
spreadbet is tax free in the uk the last time i checked?
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Yes you're correct. Spreadbetting is OK if you have a longer timed position and don't mind being slipped, my methods are very precise, you can grab a smaller profit with spreadbet but I find it's easier with a proper broker and pay commission as they only profit from your trades and not your losses, plus to hit the real big time you will find that conventional brokers is the only way forward..so the choice is ours, keep being held back by spreadbet companies and maybe get to 100k if really good, or leave the bookies behind and go for the million + PA.
Still no replies so far, so I take it most here are just spreadbet tax free gamblers.
 
Truth Seeker said:
Yes you're correct. Spreadbetting is OK if you have a longer timed position and don't mind being slipped, my methods are very precise, you can grab a smaller profit with spreadbet but I find it's easier with a proper broker and pay commission as they only profit from your trades and not your losses, plus to hit the real big time you will find that conventional brokers is the only way forward..so the choice is ours, keep being held back by spreadbet companies and maybe get to 100k if really good, or leave the bookies behind and go for the million + PA.
Still no replies so far, so I take it most here are just spreadbet tax free gamblers.
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Not like you to take the lack of response personally eh? Here's the thing, get advice on tax matters from a top 10 accountancy firm, not a forum, they'll save you more than they cost, and because you are so 'good' they'll introduce to clients who'll ask for your advice on position trading currencies, you'll then hold seminars each week and the world will be your lobster..Not in your case obviously, cos you're a pain in the ar5e..:D
 
Black Swan said:
Not like you to take the lack of response personally eh? Here's the thing, get advice on tax matters from a top 10 accountancy firm, not a forum, they'll save you more than they cost, and because you are so 'good' they'll introduce to clients who'll ask for your advice on position trading currencies, you'll then hold seminars each week and the world will be your lobster..Not in your case obviously, cos you're a pain in the ar5e..:D
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I have of course checked out some so called Tax accountants, I am asking for some advice from traders who actually use and have good experience...
Regarding my trading ability, it's taken years. Envy is a bad quality black swan, have you taken your tongue out of CMC cruddas' @rse yet? Has he given you that job you wanted after you were shamelessly promoting his company on here? I doubt he will, lol.
Leave the trading to us and have a wash, oh, I thought you filtered my posts? Another BS.
 
Truth Seeker said:
I have of course checked out some so called Tax accountants, I am asking for some advice from traders who actually use and have good experience...
Regarding my trading ability, it's taken years. Envy is a bad quality black swan, have you taken your tongue out of CMC cruddas' @rse yet? Has he given you that job you wanted after you were shamelessly promoting his company on here? I doubt he will, lol.
Leave the trading to us and have a wash, oh, I thought you filtered my posts? Another BS.
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Well if you have "checked out" (lol) this list then perhaps It should be you offering us all some advice..:LOL:

P.S. mine are in the top ten. :D

http://www.accountancyage.com/static/top50-this-year
 
Black Swan said:
Well if you have "checked out" (lol) this list then perhaps It should be you offering us all some advice..:LOL:

P.S. mine are in the top ten. :D

http://www.accountancyage.com/static/top50-this-year
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"P.S. mine are in the top ten. :D"

Rather than attacking me like you have whenever i have posted (still trying to work out why, all I can come up with is the envy thing) you could have just offered up this link in the first place? I thank you for the link and will look into them, hopefully some might specialise in off shore Taxation.
 
Truth Seeker said:
"P.S. mine are in the top ten. :D"

Rather than attacking me like you have whenever i have posted (still trying to work out why, all I can come up with is the envy thing) you could have just offered up this link in the first place? I thank you for the link and will look into them, hopefully some might specialise in off shore Taxation.
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Hahaha..er ok..Good luck with that..:D
 
Truth Seeker said:
I am starting to make some money now after many years of struggling and I do not want to give 50% over to people who have done nothing to help me in my life. I want to pay either zero, or a very minimal amount, I currently trade spreadbet, but I plan to use the real brokers platforms for the larger trades. I'm far from wealthy enough to live in a tax free country at the moment, infact i want to stay here just have my Tax dealt with overseas if possible. Any help appreciated.
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Have a look at ibetfinancials.

They have a spreadbet wrapper but all your orders go direct to the exchange so there is no conflict - you trade in lots etc as normal, not £ per tick like you would at the usual SB companies. You pay commission and platform costs as you would with a normal broker.

Commissions are more expensive than a normal broker but your returns are tax free. So you get to retain your SB status without having the house on the other side of your trades.

You do need a reasonably serious account to make it work (reasonably, not crazily, serious - probably a minimum of £50,000, depending upon how you trade).

If you're worried about tax, they are adamant that SB is fully tax free, even if it's your only source of income.
 
Truth Seeker said:
Barjohn

We (my family) pay private for everything, and always have paid the higher Tax threshold, but that's going off the subject at hand. :)
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Yes and I bet you just love commenting on it at every opportunity just because you are in a higher tax threshold does not entitle you to squat least of all to shirk your responsability to paying taxes. let me guess you worked hard for it "Bu ll sh" you worked, at most, the same as every other worker in the country. Time the UK got tough you make money in this country you pay tax no ifs no buts. steps down off soapbox
 
dc2000 said:
Yes and I bet you just love commenting on it at every opportunity just because you are in a higher tax threshold does not entitle you to squat least of all to shirk your responsability to paying taxes. let me guess you worked hard for it "Bu ll sh" you worked, at most, the same as every other worker in the country. Time the UK got tough you make money in this country you pay tax no ifs no buts. steps down off soapbox
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WTF? You couldn't be further from the truth. You get off YOUR WORKING MANS soap box, get a education (if at all possible) and stop being a hater. You don't know me, or my life apart from the facts I have and my family worked extremely hard and as a result have had to give away a large portion of our earnings, employing people and still are. We have taken NOTHING out of the system (NHS, Benefits etc) and paid our way for EVERYTHING for two generations, through HARD WORK. So yes, I want a break like most of the millionaires you hear about who get away LEGALLY with reduced Tax bills, (I can already trade Tax free through spreadbet) and if you could do the same I'm sure you would. So you want to Tax spreadbetting now to take away what little some earn? Nice, you're a real brainwashed governmental believer, and you probably read and believe everything you see in 'THE SUN'. This is getting stupid now, all the dregs that hate people who are successful through hard work are coming out of the woodwork, first black swan and now the latest retard..
I'm now not even replying unless it's on topic, silly me, I thought this site had successful professional traders..
 
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The issue you have over tax is the reason you struggle to make money. Those to whom we pay tax is to the general public, all the citizens within our domicile country. The poorest countries in the world are those where the least amount of tax is paid and those people truly have nothing to be grateful for with respect to their governments. In fact being a trader on the global financial markets means that the money paid in taxes comes back into the products and services that fuel the very securities which we use to make our money. Be glad that you have profits with which to pay tax on. Be happy that in the short to medium term you would have paid your dues (taxes) and be able to afford the luxuries of a tax haven incoprporated trading business. Best regards, Ken
 
Truth Seeker said:
WTF? You couldn't be further from the truth. You get off YOUR WORKING MANS soap box, get a education (if at all possible) and stop being a hater. You don't know me, or my life apart from the facts I have and my family worked extremely hard and as a result have had to give away a large portion of our earnings, employing people and still are. We have taken NOTHING out of the system (NHS, Benefits etc) and paid our way for EVERYTHING for two generations, through HARD WORK. So yes, I want a break like most of the millionaires you hear about who get away LEGALLY with reduced Tax bills, (I can already trade Tax free through spreadbet) and if you could do the same I'm sure you would. So you want to Tax spreadbetting now to take away what little some earn? Nice, you're a real brainwashed governmental believer, and you probably read and believe everything you see in 'THE SUN'. This is getting stupid now, all the dregs are coming out of the woodwork.
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What Oh! what, is it about this country that denigrates people who have the desire/ability to pay for private education/healthcare etc etc thereby subbing the rest. They are doing us a service by effectively paying twice. As higher rate taxpayers they are already contributing more.

Truth Seeker has a point: a lot of what government take off you is just wasted - it's always easier spending someone else's money isn't it? - How many people stop to think that governments have no money of their own?

So good on you Truth Seeker, pay your legal taxes yes but there's no need to bend over and get shafted voluntarily. :)
 
dc2000 said:
Yes and I bet you just love commenting on it at every opportunity just because you are in a higher tax threshold does not entitle you to squat least of all to shirk your responsibility to paying taxes. let me guess you worked hard for it "Bu ll sh" you worked, at most, the same as every other worker in the country. Time the UK got tough you make money in this country you pay tax no ifs no buts. steps down off soapbox
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I'm fascinated by this movement in the USA, France and the UK by the super rich to pay more tax..bravo. Although if you look at receipts it is the top tier who actually contribute more already (individually), however, the breaks big business in the USA are given is criminal quite frankly..A fairer tax regime would go along way to solve most of the UK's ills, we pay for the society we get and surely the recent riots were a warning of what may be on the horizon...

I had TS on ignore for a few months, he's a bit of a mess, I gave him an amnesty, my bad..guys like him moan about inflation eating away at their savings/investments, but they love what they consider to be good inflation, property going up by 300% in a decade is good, fuel and basic food items bad..simpletons who don't 'get it'..on which subject that singer Adele was moaning a few months back for having to pay 3ml tax on her 7ml earnings..oh to earn 3ml..:rolleyes:
 
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