going full time - what structure?

trade as an individual first of all .............unless you are trading on behalf of others as well and responsible for their money - then some form of seperate entity recommended (although this doesnt prevent angry investors kneecapping you if you lose their money)

worry about Incorporation and tax when you are making serious and regular profits

N

How have people got on when applying to open a new account with no verifiable annual income from salary or trading? What documentary evidence do the firms actually demand?

Spreadbetting and other Forms of betting are only tax free for individuals. For starters any SB firm won’t allow you to open an account under a company name and you lose all benefits of it being a tax free vehicle.

My advice is to consider doing it as an individual. If you start to make money then you can look into other ways to trade. But the fact you are even asking this question makes me think that you won’t get that far.

rubbish it isnt completely tax free....

Quote " Most traders are also not liable for Income Tax unless they rely solely on their profits from financial spread betting to support themselves"

reference: Spread betting - Wikipedia, the free encyclopedia

are you thick???

sure its tax free if you doing it on the side. the moment you take it full time where it becomes your sole income then you are liable for INCOME TAX. your highlighted text refers to capital gains tax and stamp tax

I have good reason to believe this is incorrect. My source is not wikipedia or the local tax office, both of which have been known to make errors.

Relying on Wikipedia for anything is not best practice .

But the same can be said for local tax inspectors (over the years I have seen a number of people who have made decisions based on what the local office has told them). I can give you some shocking examples of how wrong they can be.

If you are serious about this, you need to consult a specialist. If you speak to HMRC, don't go to the local office for an answer.

My accountant assured me some years ago, at time I had no other means of income, that no forms of trading would ever convince HMRC to put me on income tax. He advised it did not matter what trading vehicle was used, how much the income was or how many hours / trades per week were involved, his practice would never recommend such an approach to HMRC as it would be bound to fail.

I wouldn't mind being convinced his advice is now incorrect - but seems to me the only people who can speak with authority here are either a) HMRC, or b) a trader who actually is subject to UK income tax and whose sole means of support is SB profits. Happy to hear from either.......