In what country shall i pay taxes?

[supraking164]

Hello there!
Im new in this forum and i'd like to start with a question i've been asking myself the last days. Ive been learning about trading in my free time for around 4 years now; reading books and practising with virtual simulators and also used small amounts of money with great results.
I currently live in Spain and im moving to UK in 1 month right after i graduate from college (im british). Now that im moving out of home and i have some savings i want to open a 3000-4000€ trading account to start off. The thing is that ill probably only stay in UK for a few months as i had planned to move to Krakow (Poland) for 1 year.
Ill probably won't even make enough money at the beginning to be required to pay taxes, but im just curious to know where should i be declaring my profits as ill probably live in 3 different countries in the next 2 years.

Thanks in advance!!

 

[malaguti]

Ill probably won't even make enough money at the beginning to be required to pay taxes, but im just curious to know where should i be declaring my profits as ill probably live in 3 different countries in the next 2 years.

it all depends what where you are considered to be residing.
You can be a UK resident, working in Poland and will therefore be taxed under UK law..your gains are considered as foreign income.
alternatively, if you are working, and resident in Poland, you will be taxed under their own laws. it doesn't necessarily matter that your British.

I've attached HMRC's guidelines on this, but always best to check with them directly

 

[lucas_king]

Hello there!
Im new in this forum and i'd like to start with a question i've been asking myself the last days. Ive been learning about trading in my free time for around 4 years now; reading books and practising with virtual simulators and also used small amounts of money with great results.
I currently live in Spain and im moving to UK in 1 month right after i graduate from college (im british). Now that im moving out of home and i have some savings i want to open a 3000-4000€ trading account to start off. The thing is that ill probably only stay in UK for a few months as i had planned to move to Krakow (Poland) for 1 year.
Ill probably won't even make enough money at the beginning to be required to pay taxes, but im just curious to know where should i be declaring my profits as ill probably live in 3 different countries in the next 2 years.

Thanks in advance!!

You will probably have to speak to a tax specialist about this I’m afraid.

 

[timoti]

Maybe you would like to mention what you are planning to trade most of the time, since there are assets that do no not qualify for taxation.Also, depending on your overall year income, you might be able to get a tax relief... Moving to several countries over the next 2 years makes it even harder to be clarified, so I would advise to give HMRC a call and find out.http://www.hmrc.gov.uk/

 

[provebet]

Maybe you would like to mention what you are planning to trade most of the time, since there are assets that do no not qualify for taxation.Also, depending on your overall year income, you might be able to get a tax relief... Moving to several countries over the next 2 years makes it even harder to be clarified, so I would advise to give HMRC a call and find out.http://www.hmrc.gov.uk/

Tax specialist or dont pay :cheesy:

 

[timoti]

Tax specialist or dont pay :cheesy:

That will eventually bounce back for sure.