Spreadbetting and Income Tax

[happytraveldog]

Hi All,

I am just starting to trade as a Spreadbettor as a UK resident.
I have read that Spreadbetting in the UK is still free of Income tax. I intend this to be my only income.

My questions:

1) What category do I register myself as with Inland Revenue?
2)If registering myself as self employed do I then only need to pay NI?

Many thanks

AK

 

[luckystrike23]

see here especially the last question - So is Spread Betting really tax-free?

 

[CHRISTO9HER]

If you are doing nothing but spread-betting, dont register as self employed register as UNEMPLOYED. Get yourself an extra 60 quid a week and no NI.

 

[KillPhil08]

If you are doing nothing but spread-betting, dont register as self employed register as UNEMPLOYED. Get yourself an extra 60 quid a week and no NI.

Don't think that works if you have a couple of grand as savings.

 

[KillPhil08]

And chris I can't believe you went from trading last year to selling FAPturbo, wtf?

 

[fast trader7]

Hello
Dont do that,It is tax free.But donot cheat the benifit system

Vik

 

[anley]

Don't jump the gun.

Focus on making regular profits before you worry about whether you have to pay tax or not.

Paying tax, whether you have to or not is going to be the least of your worries.

Personally I would concentrate on trading products that you pay tax on, then at least you'll be able to use any tax losses you generate.