I think it's important to stick to stocks that are immune to economic policies. AI stocks that have the potential to power and transform future technologies. It seems AI is the trajectory most companies are taking, including even established FAANG companies. Maybe there are other recommendations?
I bought into NVIDIA around September last year because my financial advisor recommended it to me. She said the company is selling shovels in a gold rush. It accounted for almost 80% of my market return this year.
@@JacobReynolds-t7v That's a great analogy and I love the insight. Professionals could make a really big difference in investing, and I think everyone should have one. There are aspects of market trends that are difficult for the untrained eyes to see.
@@FostersCapones The beauty of MARGARET MOLLI ALVEY approach is her dual focus: while aggressively pursuing profit opportunities, she's equally tenacious about shielding investors from potential pitfalls. It's a balance few can achieve.
@@FarukStingl Thanks for sharing, I just looked her up on the web and I would say she has an impressive background in investing. I will write her an email shortly.
I think everyone knows what kind of taxes there are, but most people just simply want to know of the best way to pay as little tax as possible if you're earning a reasonable amount as a trader
Thank you for making this video. It answered all my questions and was exactly what I was looking for.. Great content and look forward to learning more.
From what I've read on HMRC website, it's far more difficult than "winning trades - losing trades" (as stated in the video), for capital gains tax on stocks if you were to re-buy the same stock within 30 days of selling it. It gets a bit complicated then. So take her advice and ask an accountant
IT use to come under the Horse racing tax for spread betting . NO Tax on racing , NO Tax on spread betting , but now in the Corporate UK of Mr hunt and Mr Sunak and it is getting more popular , better seek advise as some one will dob you in or your bank will stop your account for money laundering . Nice video Emily . Find a qualified accountant that works for them self as companies charge the earth . Self employed for 30 years .👍
The real question is: where do you find an accountant who doesn't ask £250/hour to sift through all trades and an extra £750 to fill and submit the relevant panels of your tax return?
Hi, would you mind making a clip about what banks are offering an accounts whether business or personal for withdrawing forex profits in UK? Unfortunately most banks in UK are reluctant to open accounts for forex traders whether business account or personal
Did you manage to find? I’ve spoken to starling bank support and they have no issues with offering an account and urged me to apply. Will be applying at the end of the month and I’ll drop a note here if I’m accepted or not
Can you spread bet options in the UK? I think options would suit me better but I don't want to pay tax ideally. Also if it's possible how does spread betting options differ from standard options trading?
just trade using a spread bet account and trade through that. it is then tax free as its classed as gambling. its your work against theres if your following any strategy and they wouldnt know
Thank you for the video. 1. Can I claim tax relief on the spreads for CFD online trading? 2. Can loss made during the tax year be claimed against profit? 3. HMRC CFM50400 states Futures excluded from CFD. Does it mean no tax liability?
Thanks for the info, I have one question though, if you set up a limited company for prop firm income and you earn over 85k do you pay VAT as well or is it VAT exempt?
Hi Thanks for the video. One question ref tax in uk as a trader when does the profit made count as income. When you withdraw it from the trading account or is it classified as income even when it stays and sits in the trading account ?
To be honest, you would be best asking this to a registered accountant as this is a specific question. Personally, I withdraw outstanding profits just before the end of the tax year, so that they can be calculated into that tax year. 👍
PLEASE IF YOU SEE THIS READ: If you attempt to setup a Limited company and are subcontracting services to just one prop firm you may fall under the scope of IR35 please do your own due diligence, i suggest you look this up before setting up a limited company for Tax avoidance. If you do fall under IR35 you will pay tax as the same way as someone who is self employed. I believe some prop firms won't invoice you unless are an individual vs ltd co
@rotrades I assume by now you have worked something out? I am not a trader yet. Still in the theory stage but I am wondering if you can link your account to Myfxbook? That would give a third party account of all the trades you do including profit/loss?
Hey thanks for letting me know- scammers are very annoying. I try to report them when I come across them, and share my real social links on my channel 👍
Iam trading with stx brokerz but they telling to pay tax on investment as gst profit tax 20 percent before withdrawal plz advice weather to pay tax not
Thank you for this video. Could I please ask you to confirm (just so I know I’ve got it right)….. I am full time employed and I’m a higher rate tax payer. I’m trading on the side for a bit of fun. Can you confirm that I am allowed to earn up to £6000 from trading and this is tax free. After the £6000 I will need to pay capital gains tax on it, at the higher rate of 20%? Is this correct? Would my best option be to save 20% of any money I withdrawn from the trade account, and pay this back once I’ve completed my self assessment? Thanks so much.
Hi, did you manage to get an answer for your question? I’m kinda in the same situation full time employed but in the basic rate tax payer and looking for an answer. If you got an answer, would be so thankful if you could share it .. thank you
Hello Miss Mindfully Trading, Basically, if I'm self-employed and I day trade on the Forex market, all I have to pay is 20% of my capital gains? Or is it anything else ? Thank you
Hello mate . I have a query about CFD call and put options... do we need to pay any tax for this kind of trading ? We dont own any share ..just call and put .so how tax applicable ?
i have an important question which i cant really find the answer to. Do people that trade stocks and shares do they pay only capital gains tax or do they also have to pay regular income tax? (sorry if this question is dumb im not very good when it comes to legalities and tax laws)
I dont think you can offset the losses with cfd, the tax man doesnt regard them as stocks, as they are contracts, so you suck up the losses, unfortunately, I believe you get an allowance of £1,000 before you get taxed on the rest, check with an accountant, this is only what I have read on the net.
hey i’m a bit confused. i’m new in the forex trading and a guy who looks after my account is asking for 10% tax before withdrawing the profit. it doesn’t make sense to me can you help me with that. As far as i know tax has to be paid annually! do let me know if it’s a scam 👀
If I was you I wouldn't let anyone look over my account, and I don't think by investing in stocks or Forex or crypto, that you pay or are applied to the same tax rates of a country that are clearly in different sectors to what you are doing. The broker your with already takes fees (which I think are taxes I don't remember). In my opinion don't declare your profits from investing to revenue as it has nothing to do with them or with you, since you don't fall under the category to which they can tax you on. This is just purely my opinion,
@@bartsman As far as I've been able to find out, even if your profits are from spread betting, if it's your sole income, the HMRC can still chase you for income tax if you don't have another taxable income. So the next thing to ponder: what's a good way to create an income to declare and pay a small amount of tax on?
What about if i made some profits in good market conditions but now the account is almost brown out . With 15% capital left . Now forcused on trading very small amounts as more learning is done. Do i need to pay tax for those initial gains in good times even when the losses out weigh the gains?
No because you are not trading with actual money, you trade on a demo with a prop firm and they pay you profits for your service if you are profitable. Your not actually trading with money. Also theres no loss risk on your behalf, other than losing the account itself, for example if you lose the standard £10,000 and they take the account off you, you dont actually lose the £10,000 yourself. Thats the benefit from trading from an account like ICmarkets because its classed as spreadbetting (aslong as its not your main income) Still learning myself but thats what ive gathered, hard to figure out alot of contradictions out there, best off speaking with an accountant if your at that level.
UK just recently stopped crypto futures trading. tho, i'm from Africa, and i've traded for the last 5 years. well i can say i'm doing more than fine. Now i need to switch to forex considering having to pay taxes allowing me to be qualified for a work visa if i can do at least 38,000 which is my least problem. would you please suggest me a guaranteed broker, or a way to go around my trading that would allow me do my taxes with ease. thank you.
I'm just going to declare everything I earn with CGT.. even when spread betting. If I have declared too much...they can pay me back instead of sending me to jail.
Can be both depends on your setup. if it is just you then apply for a self assessment form fill in the figures send it off. As you are classed as self employed. Or just get an accountant and pay them to do it.
So lets say i trade and make 10000 in a year, but my losses add up to 5000. Meaning i make 5000 profit. Do i have to pay captial gains tax on the 10000, or pay no tax at all as the overall profit is 5000? Round numbers just for simplicity sake
I think it's important to stick to stocks that are immune to economic policies. AI stocks that have the potential to power and transform future technologies. It seems AI is the trajectory most companies are taking, including even established FAANG companies. Maybe there are other recommendations?
I bought into NVIDIA around September last year because my financial advisor recommended it to me. She said the company is selling shovels in a gold rush. It accounted for almost 80% of my market return this year.
@@JacobReynolds-t7v That's a great analogy and I love the insight. Professionals could make a really big difference in investing, and I think everyone should have one. There are aspects of market trends that are difficult for the untrained eyes to see.
@@FarukStingl That's a great tip. I'm setting out 50k to invest in the market this year. Any particularly useful tips you could offer to me?
@@FostersCapones The beauty of MARGARET MOLLI ALVEY approach is her dual focus: while aggressively pursuing profit opportunities, she's equally tenacious about shielding investors from potential pitfalls. It's a balance few can achieve.
@@FarukStingl Thanks for sharing, I just looked her up on the web and I would say she has an impressive background in investing. I will write her an email shortly.
I think everyone knows what kind of taxes there are, but most people just simply want to know of the best way to pay as little tax as possible if you're earning a reasonable amount as a trader
Thank you for making this video. It answered all my questions and was exactly what I was looking for.. Great content and look forward to learning more.
Starts at 2.30secs.
Thanks
You're a hero. Just saved me 2 minutes of my life
thanks
I from Ukraine. Know about forex 10+ years. Last year trade every day. Thank you!
Always wondered how traders pay taxes
You're welcome, glad it helped ☺️👍
Emily! You’re the star in the sky !!!
We’re so lucky to have you here with us ❤️❤️❤️❤️❤️
Dear Emily! Thank you so much for this video. It is concise and very informative. Very helpful indeed!
You're welcome, glad it helps 👍
Great informative video Emily. I really appreciate it and it has definitely clarified a lot of things!
Awesome thank you!
From what I've read on HMRC website, it's far more difficult than "winning trades - losing trades" (as stated in the video), for capital gains tax on stocks if you were to re-buy the same stock within 30 days of selling it. It gets a bit complicated then. So take her advice and ask an accountant
Amazing thank you so much for clarifying a few things for me 🙏🏼🥰
You're welcome 😀
Amazing video, very informative, exactly what I was looking for. Thank you so much 😊
Hi Emily, Thanx a mill for the info, it is extremely useful!
Ah you're welcome, glad it helps 😊🙏
Best advice go see an accountant and pay them to do it and cover the cost of the accountant threw trades.
I totally agree 👌
This was sooooooooo helpful...thank u!
Glad it was helpful! 😄🩷
IT use to come under the Horse racing tax for spread betting . NO Tax on racing , NO Tax on spread betting , but now in the Corporate UK of Mr hunt and Mr Sunak and it is getting more popular , better seek advise as some one will dob you in or your bank will stop your account for money laundering . Nice video Emily . Find a qualified accountant that works for them self as companies charge the earth . Self employed for 30 years .👍
Automatic subscribe. Amazing video.
this has been an amazing video
The real question is: where do you find an accountant who doesn't ask £250/hour to sift through all trades and an extra £750 to fill and submit the relevant panels of your tax return?
Hi, would you mind making a clip about what banks are offering an accounts whether business or personal for withdrawing forex profits in UK?
Unfortunately most banks in UK are reluctant to open accounts for forex traders whether business account or personal
I would like to know this too please 🙏🏻 Also if you could recommend an accountant
I would like to know this too as I’m facing the same problem
Did you manage to find? I’ve spoken to starling bank support and they have no issues with offering an account and urged me to apply. Will be applying at the end of the month and I’ll drop a note here if I’m accepted or not
@@js22971 what did you say your business occupation was? I heard you’d have to say you’re a financial consultant
@@js22971 could you let me know what they say, do you have IG or Twitter by any chance?
didn't know about ISA accounts, thanks
Oh they are great, glad to help 👍
Can i use ISA to trade forex@@MindfullyTrading
Can you spread bet options in the UK? I think options would suit me better but I don't want to pay tax ideally. Also if it's possible how does spread betting options differ from standard options trading?
Great topic. For yourself, do you use individual accountant or an accountant firm?
Thank you, I process my own accountants at the moment but this will probably change when my second baby arrives👍
just trade using a spread bet account and trade through that. it is then tax free as its classed as gambling. its your work against theres if your following any strategy and they wouldnt know
how do you set up a spread bet account and with which companies
@wehttamak also interested
May I know how to calculate the tax on forex trading? Will be same as calculation of stocks (apply 30 days rule, bed and breakfast)?
Very helpful and brilliantly explained. Would you know whether a forex trader working via a prop firm is subject to VAT in the UK on their profits?
Another good video. Which UK based broker would you recommend for forex?
Thank you for the video.
1. Can I claim tax relief on the spreads for CFD online trading? 2. Can loss made during the tax year be claimed against profit? 3. HMRC CFM50400 states Futures excluded from CFD. Does it mean no tax liability?
Thank you 🙏🏼
You’re welcome 😊
And what about futures trading? UK resident trading with a US futures broker? No one covers futures!
Thanks for the info, I have one question though, if you set up a limited company for prop firm income and you earn over 85k do you pay VAT as well or is it VAT exempt?
In an ISA you can’t trade CFDs or options and you can’t go short on stocks.
From 🇬🇧 too & im thinking of learning but tax came to my head 😂🎉
Trading 212 doesn't let you trade options in an ISA.
Oh I wouldn't know as I don't trade options 🤔
Just wondering if you're trading but also have a FT job - does your employer need to know you're day trading?
I don't see why they would if you don't want to tell them. If you make profit, you would need to do a return for tax 👍
so you pay capital gains tax from the profits you make from the whole year, not from the profits you make from 1 trade.
It's always best to seek an accountant for clarity on your personal situation, but I find from my experience that yes it's based on annual p/l 👍
Hi Thanks for the video. One question ref tax in uk as a trader when does the profit made count as income. When you withdraw it from the trading account or is it classified as income even when it stays and sits in the trading account ?
To be honest, you would be best asking this to a registered accountant as this is a specific question. Personally, I withdraw outstanding profits just before the end of the tax year, so that they can be calculated into that tax year. 👍
@@MindfullyTrading thanks for replying.
PLEASE IF YOU SEE THIS READ: If you attempt to setup a Limited company and are subcontracting services to just one prop firm you may fall under the scope of IR35 please do your own due diligence, i suggest you look this up before setting up a limited company for Tax avoidance. If you do fall under IR35 you will pay tax as the same way as someone who is self employed. I believe some prop firms won't invoice you unless are an individual vs ltd co
MyForexFunds doesn’t send invoices when you get a payout. How would I deal with that issue and HMRC, because wouldn’t I need an invoice to show them?
@rotrades I assume by now you have worked something out?
I am not a trader yet. Still in the theory stage but I am wondering if you can link your account to Myfxbook? That would give a third party account of all the trades you do including profit/loss?
good day maam someone is using your photos at facebook and using it to convince people to trading.
Hey thanks for letting me know- scammers are very annoying. I try to report them when I come across them, and share my real social links on my channel 👍
Iam trading with stx brokerz but they telling to pay tax on investment as gst profit tax 20 percent before withdrawal plz advice weather to pay tax not
What about cryptos??? UK don't like cryptos, but do they like the profit??
Are there any ISA accounts that let you day trade with the option or trading after hours/pre market?
Cheers!
Thank you for this video. Could I please ask you to confirm (just so I know I’ve got it right)…..
I am full time employed and I’m a higher rate tax payer. I’m trading on the side for a bit of fun.
Can you confirm that I am allowed to earn up to £6000 from trading and this is tax free. After the £6000 I will need to pay capital gains tax on it, at the higher rate of 20%?
Is this correct? Would my best option be to save 20% of any money I withdrawn from the trade account, and pay this back once I’ve completed my self assessment?
Thanks so much.
Hi, did you manage to get an answer for your question? I’m kinda in the same situation full time employed but in the basic rate tax payer and looking for an answer.
If you got an answer, would be so thankful if you could share it .. thank you
Hello Miss Mindfully Trading,
Basically, if I'm self-employed and I day trade on the Forex market, all I have to pay is 20% of my capital gains? Or is it anything else
?
Thank you
Hello mate . I have a query about CFD call and put options... do we need to pay any tax for this kind of trading ? We dont own any share ..just call and put .so how tax applicable ?
i have an important question which i cant really find the answer to. Do people that trade stocks and shares do they pay only capital gains tax or do they also have to pay regular income tax? (sorry if this question is dumb im not very good when it comes to legalities and tax laws)
Hi. would you consider using a spread betting site such as I G Index in UK so as not to get taxed ? And if not why not. Thanks
Hi how do you declare losses on cfd account
I would just take the net figure of winners- losers, but if you're not sure, check with an accountant 👍
I dont think you can offset the losses with cfd, the tax man doesnt regard them as stocks, as they are contracts, so you suck up the losses, unfortunately, I believe you get an allowance of £1,000 before you get taxed on the rest, check with an accountant, this is only what I have read on the net.
What if I move profits from prop firm to personal account and withdraw again would I pay tax twice?
hey i’m a bit confused.
i’m new in the forex trading and a guy who looks after my account is asking for 10% tax before withdrawing the profit. it doesn’t make sense to me can you help me with that. As far as i know tax has to be paid annually! do let me know if it’s a scam 👀
If I was you I wouldn't let anyone look over my account, and I don't think by investing in stocks or Forex or crypto, that you pay or are applied to the same tax rates of a country that are clearly in different sectors to what you are doing. The broker your with already takes fees (which I think are taxes I don't remember). In my opinion don't declare your profits from investing to revenue as it has nothing to do with them or with you, since you don't fall under the category to which they can tax you on. This is just purely my opinion,
Great video. Just curious, do you know if there are legal ways to avoid income tax on trading profits as a main source of income? 🤔
No one’s going to get arrested for answering this question. 😆
@@JakeG1 Just report as spread betting
@@bartsman As far as I've been able to find out, even if your profits are from spread betting, if it's your sole income, the HMRC can still chase you for income tax if you don't have another taxable income. So the next thing to ponder: what's a good way to create an income to declare and pay a small amount of tax on?
@@JakeG1 Through a business. Do something digital and pay yourself a grand a month
@@bartsman Yeah, that's one option. Still got to turn a profit though. I wonder if I could bring yo-yos back. 😆
Does the cost of blown prop firm accounts count towards losses in the tax return? Thanks
Yes
What about if i made some profits in good market conditions but now the account is almost brown out . With 15% capital left . Now forcused on trading very small amounts as more learning is done. Do i need to pay tax for those initial gains in good times even when the losses out weigh the gains?
Do you pay income tax when trading forex CFDs, or just CGT?
Did I hear correct... did you say that if you deposit your payouts into an ISA you don't pay tax on any money deposited into it?
you dont pay taxes on the gains made using ISA account
@@labcrowd i dont think thats true
Is trading with a prop firm not classed as spread betting?
No because you are not trading with actual money, you trade on a demo with a prop firm and they pay you profits for your service if you are profitable. Your not actually trading with money. Also theres no loss risk on your behalf, other than losing the account itself, for example if you lose the standard £10,000 and they take the account off you, you dont actually lose the £10,000 yourself. Thats the benefit from trading from an account like ICmarkets because its classed as spreadbetting (aslong as its not your main income) Still learning myself but thats what ive gathered, hard to figure out alot of contradictions out there, best off speaking with an accountant if your at that level.
UK just recently stopped crypto futures trading. tho, i'm from Africa, and i've traded for the last 5 years. well i can say i'm doing more than fine. Now i need to switch to forex considering having to pay taxes allowing me to be qualified for a work visa if i can do at least 38,000 which is my least problem. would you please suggest me a guaranteed broker, or a way to go around my trading that would allow me do my taxes with ease. thank you.
I'm just going to declare everything I earn with CGT.. even when spread betting. If I have declared too much...they can pay me back instead of sending me to jail.
So do you pay your trading tax as an ltd or individual?
Can be both depends on your setup. if it is just you then apply for a self assessment form fill in the figures send it off. As you are classed as self employed. Or just get an accountant and pay them to do it.
Thanks
You're welcome 👍
I have 75,000 to withdraw, how the hell am I going to do this
Can you hand me 5000? really struggling 😅
Just withdraw it duh
That’s a nice problem to have 😅
So lets say i trade and make 10000 in a year, but my losses add up to 5000. Meaning i make 5000 profit.
Do i have to pay captial gains tax on the 10000, or pay no tax at all as the overall profit is 5000?
Round numbers just for simplicity sake
No tax
@@scaryjoker so losses are written off. Got you.
you lot come and say seek an adviser. the question is how do you do yours... that might help someone who in the same circumstance as you
Thank you
Most of the video is her saying she's not a qualified accountant and to go seek one.
Boring stuff out the way in 1 video. great performance
Thank you 😅
You don’t pay tax on trading
Everyone is different 👍
It's considered gambling... don't think any tax
why cant u just say how much tax u pay after 6k? thats all ppl want to know. a company will not watch this video they will just have an accountant
Tem legendas em Português Brasil ?
Forex treder needs license in UK and bank saving account working
They don't need a license in the UK
Move to Dubai
you look like an elf
Why thank you 🧝♀️😅
Now I’m seeing it😂
Ok sorry , ignore my last comment (jumped the gun ) Great videos going to try 5%ers .Which broker do you currently recommend ? Thanks