Tax.

YouAreNotFree

Experienced member
1,295 225
Well......this is embarrassing. I've been trading for a living (currencies, commodities) in the UK since 2011 and have been operating during that time as a SE sole trader. Not once have I ever sought professional advice (despite having family members who are accountants :unsure:). As incredibly naive and foolish as this is, when I started I never expected this to last. Hence the apathy.

This is my first foray into determining just what is the most tax-efficient way of operating. Gotta start somewhere!


In a nutshell:

Short term trading. Essentially day-trading.
Work from home.
Since 2017, after learning to code, trading is automated. Now working on new trading programs/ other programming projects
Higher rate(40%) tax band, but anticipate will be caught in additional rate within a few years
I live on ~20% of my pre-tax income
I funnel all spare funds into my sip and trading accounts.
31 years old with a high-risk tolerance.

So, any advice? What exactly are you guys doing?
 
G

guest41766

0 0
Can incorporate in Jersey and compound the 80% tax free. Jersey incorporation costs in Year 1 will amount to £6,000 says online
 

tomorton

Legendary member
8,396 1,338
If you're spreadbetting and you're subject to UK tax laws, forget the whole thing.

Otherwise, seek out a reputable tax expert and pay them to work it out for you.
 
G

guest41766

0 0
once ready to retire become resident in monaco and cash out of the jersey ltd tax free
 
 
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