Wanted: UK Tax Adviser familiar with trading

[Kairos]

I am running profitable auto systems and need to find a UK (London) adviser (lawyer or accountant) who is familiar with trading and traders and the related issues ie profession or hobby; income or capital etc. Anyone know of anyone? Thanks

 

[equipment]

For best tax adviser

Youraccountsteam .com present inexpensive vat information which approved quarterly and half yearly that is accurate.Management Accounting.

 

[timetotrade]

Kairos

You will find the Traders Tax Club website incredibly helpful:
Tax Planning for Shares, CFD?s, Options, Futures, Forex & Commodities

Lots of tax planning articles and really useful tips and tax saving ideas as well as one to one tax advice.

And if your profits do fall under the capital gains tax regime, then timetotrade has a Capital Gains Tax calculator, including the supporting calculations you are required to submit to HMRC these days.
www.timetotrade.co.uk


timetotrade

 

[Kairos]

Thanks TTT

Thanks TTT

Kairos

You will find the Traders Tax Club website incredibly helpful:
Tax Planning for Shares, CFD?s, Options, Futures, Forex & Commodities

Lots of tax planning articles and really useful tips and tax saving ideas as well as one to one tax advice.

And if your profits do fall under the capital gains tax regime, then timetotrade has a Capital Gains Tax calculator, including the supporting calculations you are required to submit to HMRC these days.
www.timetotrade.co.uk


timetotrade

 

[ukdaytrader]

Youraccountsteam .com present inexpensive vat information which approved quarterly and half yearly that is accurate.Management Accounting.

Are you stupid what has VAT got to do with trading ?

 

[donaldduke]

Are you stupid what has VAT got to do with trading ?

VAT will apply if you are one of the many snakeoil salesmen: ie system sellers, seminar sellers and 'trading coaches' that exist in this industry.

More people make money this way in the trading industry than by actually making trading profits.

 

[JP1966]

If you are classified as a pro trader you would pay income tax and not CGT on trading profits. Likewise spread bets would not be tax free. It would depend on other sources of income (eg if you had a full time non trading related full time job) and also frequency of trades.

If it is deemed that you would pay income tax then look at possibly setting up a limited company. An accountnat could tell you if this was financially sensible or not. Up to £300k the tax rate is approx 20% compared with income tax of say 40% from 40k onwards. Above 300k then it is more like 30%. If you wanted to pay yourself out of the company profits you would do this via a dividend and the tax rate depends on amount taken etc.

There are obviously more complications than this but hope it helps.

 

[snitcher]

If you are classified as a pro trader you would pay income tax and not CGT on trading profits. Likewise spread bets would not be tax free. It would depend on other sources of income (eg if you had a full time non trading related full time job) and also frequency of trades.

If it is deemed that you would pay income tax then look at possibly setting up a limited company. An accountnat could tell you if this was financially sensible or not. Up to £300k the tax rate is approx 20% compared with income tax of say 40% from 40k onwards. Above 300k then it is more like 30%. If you wanted to pay yourself out of the company profits you would do this via a dividend and the tax rate depends on amount taken etc.

There are obviously more complications than this but hope it helps.

do you know what stuff you would need to provide to the accountant? i mean receipts etc... or daily profit and loss statements?

 

[Steve2004]

I work closely with an accountancy practice that specialises in traders. They have designed a business structure that works very well with many pro traders. Their website is:

Accountants for Traders from A4G - Home

In terms of records that you would need, monthly or annual trading statements with a summary, as well as bank statements and an analysis of any other incidental expenditure incurred.