who is still profitable in the forex?
- Thread starter mounafia
- Start date
LOL temperature's hitting the roof ! and the met service say more heat to come...on the flip side though, girls are just wearing lesser and lesser too
If you are looking at taxes, take look closer at capital taxes, if I didn't remember wrongly Sg has a better deal. Mostly ppl here who holds regular jobs but make good money from markets here pays zero tax.
Regrding E/J, I am sorry, I don't touch this pair much now, besides, read my other thread, you probably want to trust your own reading of the market more lol....
regards
Move to UK and spreadbet, it's tax free.....mind you the weather is crap!
Is spreadbetting tax free for non UK citizens?
I'm no expert on tax laws but if you're a non UK resident then I don't think you would be subject to UK tax laws anyway, I guess you would be subject to the local tax laws of wherever you are.
As far as I know spread betting is illegal in the US as well as some other countries but I'm sure there are ways round it
better be careful, if trading is you main source of income, you could be liable to pay tax regardless of whether your profit is from spreadbetting. Tis smthing of course that sb companies fail to mention. the prob is you'll get diff answers depending on the accountant/tax laywer you speak to. i prefer to play it safe
That's true, I read of a professional gambler being sent an estimated tax bill for unpaid tax on his winnings, I think they ended up selling the guys house to pay the bill!
Become a tax exile (days are numbered probably) or do the sensible thing and just pay them a little bit to keep them happy and keep you off their radar
Not so. Profits on betting are not taxable. Full stop. The tax liability for betting profits was replaced by a levy paid by the bookmaker. For financial spread bets, the tax man gets 3% (I think) of all wins and losses. The bookmaker also has to pay corporation tax on his profits. Since most lose, this is a far better deal for the government than taxing the punter's profits.
So rest assured, if you are spreadbetting you are paying tax and the tax man cannot legally come back for another slice.
As with many aspects of tax law apparently it's "open to interpretation".
A self-employed professional gambler who doesn't have a 'subsistence income' (ie his sole source of income is from gambling) may be liable to income tax just like any other business.
I'm told CFD's are slightly different...
It's a minefield, see an accountant that way at least you'll have someone to blame if/when a tax demand lands on the mat
*Disclaimer: I know absolutely nothing about UK Tax Laws!
A self-employed professional gambler who doesn't have a 'subsistence income' (ie his sole source of income is from gambling) may be liable to income tax just like any other business.
I'm told CFD's are slightly different...
It's a minefield, see an accountant that way at least you'll have someone to blame if/when a tax demand lands on the mat
*Disclaimer: I know absolutely nothing about UK Tax Laws!
Quote from cabletrader:
As with many aspects of tax law apparently it's "open to interpretation".
A self-employed professional gambler who doesn't have a 'subsistence income' (ie his sole source of income is from gambling) may be liable to income tax just like any other business.
I'm told CFD's are slightly different...
It's a minefield, see an accountant that way at least you'll have someone to blame if/when a tax demand lands on the mat
*Disclaimer: I know absolutely nothing about UK Tax Laws!
How come you do not know what the tax rule is for professional traders in your country?