Traderallen
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I think it all depends on your current skill level. Try letting people know about your trading knowledge you currently have. Then maybe someone can identify a course that would help you increase your knowledge. I would also recommend that you stick to only trying to learn from those few traders that try to pass along their knowledge. Most of the trading courses books videos and so on. Our created my marketeers just trying to sell you something. Most all of which have no real results of actually working in a real environment.
timsk
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Hi John,
Welcome to T2W.
I can't recommend any systems, courses or strategies I'm afraid - but I recommend strongly that you read this FAQ before spending any money on them: Can You Recommend a Mentor, Coach or Trading Course?
Given (and I'm afraid it is a given) that many vendors of systems, courses and strategies offer products and services of questionable value, you might like to follow that up with a gander at this FAQ as well: How Can I Distinguish Between Scams and Reputable Vendors?
Enjoy!
Tim.
hi tim,
i recently read one of your posts where you mentioned spreadbetting profits were tax free upto something like 12k.i thought they were all tax free.not that i have that problem yet but i intend to make that a day.any clarrifications?
timsk
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Hi aag100,
Are you referring to this post? If so, the comment regarding to Capital Gains Tax refers to profits made via any trading vehicle (e.g. direct market access or CFDs) other than spread betting. Apologies if that isn't not clear. Currently, under U.K. tax laws, profits made via spread betting are indeed tax free.
Tim.
hi tim,
yes that was the comment that got me thinking.from what i have read,my understanding is that HMRC view spread betting as gambling as the majority do it part time and lose.so if you are doing it part time and are paying your taxes on your other regular income and perhaps even won a bit from spread betting then thats fine,its tax free.but if you are able to make an income from spread betting full time without having any other taxable income then im not sure its the case.
at that stage i might have to look to move to a sunnier tax free haven.......or perhaps trade from a yacht moored in international waters
timsk
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Hi aag100,
Yes, your understanding is exactly the same as mine. In theory, even if your income is derived solely from spread betting profits, I very much doubt you'd have to pay any income tax. Put it this way, I don't know of anyone who has had to do that. My impression is that the T2W consensus view is that HMRC would be shooting itself in the foot if it tried to tax individual spread bettors as it would put off huge swathes of current and prospective punters/traders. Consequently, they'd lose the really large income they get from the tax paid by the betting companies themselves. So, it's in HMRC's best interests to maintain the tax free status of spread betting, which is a huge magnet to the retail sector.
Also, if income tax did have to be paid on spread betting, the bizarre situation would arise whereby that particular trading vehicle is subject to income tax, but trading actual shares via a direct market access broker doesn't require the trader to pay any income tax. Yes, they would have to pay Capital Gains tax at the prevailing rate, but only on profits that exceeded the annual allowance. (I have this in writing from HMRC - you can read their letter to me here.) IMO, that would be a complete nonsense! Needless to say, tax laws change and the next government may take a different view.
Tim.
PS, I've amended my post on the other thread to avoid any misunderstanding - thank you for bringing it to my attention.
more confusion.tax is tax is tax,wether they want to call it income tax or CGT.
is there any sort of tax to pay on it?
timsk
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Hi aag100,
I'm just expressing my view and understanding of the situation as clearly and as comprehensively as I can. If it's not clear enough for you, I suggest you do as I did and outline your personal circumstances to HMRC and seek clarification directly from them.
Tim.
M
malaguti
hardly, why do you think corporations have their own legal teams if tax was really that simple
peeterwoolf
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Tax never simple for people who has money, there are many way to help you pay less.
i fully understand and appreciate your view.
lets just look at it from a one man bands point of view and not worry about multi billion dollar corporations(just yet).there seems to be some confusion around tax,whether it be called income tax or capital gains tax or some other tax i havent thought of.so lets just call it a liability ie a payment of any kind to pay out on spread bet winnings.
my question is quite simple(to any accountants out there) eg say i spread bet full time with no other form of employment or income and made 50k from it.is there any form of liability on it?
i shall be asking an accountant.will let you all know.
timsk
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Hi aag100,
I believe the answer is no. However, I'm not 100% certain as I'm not a tax expert and the personal circumstances of each trader will vary one to the next. Here's another thread on this topic with some good links in it: Spread Betting Tax Free Profits or Not. Let us know what your accountant has to say.
Tim.
