My question is if you are ftmo funded trader, and let’s say you have limited company that is providing service to ftmo is it financial service (technically you are managing money for them, am I right?)? And if so are you exempt from vat?
I am currently working through all this... Did you get anywhere?
As far as I can see, we are not technically managing money for them, but providing information (trades are not necessarily taken). However, as it is financial information, I believe it is exempt from VAT.
Also, how do you describe the service to HMRC on your tax return? I want to avoid the word 'trading' as it might get flagged up but 'financial advice' could also attract questions about regulation etc...
Nothing I can think of makes me think 'move along nothing to see here'. Obviously what we do is completely above board but I really don't want to get into long discussions with HMRC, they are a nightmare to deal with, and most of their operators have no clue about trading.
Anyone else got any ideas? So far I have been earning more with other work so just added my trading income onto that. But I need to tidy things up now and account for my trading income separately.