Online prop tax uk??

[LuckyLukas]

Hello traders, new tax year on the way in UK. Got question how to deal with tax and previous years losses from online challenges companies like Ftmo MFF?? I had some withdrawals this year but obviously spend more for buying challenges.. Anyway things go very good recently and I believe next year will end up in profit. Do you consider this trading type self employed (contractor) when u sign contract with these companies?? How about deducting losses and what might be consider as cost loss?? (Challenge fees, software, laptop??) Thank you anyone for help

 

[Trader333]

Have you registered yourself as self employed to HMRC ? If not then you may find that you cannot claim to be self employed retrospectivley. Your best bet is to seek out professional advice on this subject.

 

[LuckyLukas]

Yes i got UTR nr but I am employed and my job is my main income, as far as I know until 1000 net profit I do not need report to HMRC. Anyway also need to know how prop online contracts are seen by HMRC because is demo trading mostly...

 

[LuckyLukas]

Ok so after a while i started generate regular profits with props, and with January coming soon i am still guesing is it CGT or self employed??. I asked some time ago at HMRC forum and they said is CGT because the income comes from trading even if it's simulated accounts and you don't own any instruments. But i did some research and found only few results, all saying is actually self employed type. Here is nice link explaining this...

Prop Firm Taxes In The UK Explained - Living From Trading

Learn how HMRC taxes prop firm payouts in the UK, including income rules, NI, expenses, and reporting requirements, explained in a simple and practical way.

www.livingfromtrading.com

Anyone already filed tax last year or this year with online prop firms and know which type it is??


Any recommendation of affordable accountant (best if it will be online consultation) who can help with this??