London + London
Posts: 7 since Jul 2020
Thanks Given: 12
Thanks Received: 3
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I'm currently trading full-time using my own (small) company's funds. The tax treatment for company profits is straightforward.
I'd like to know if you trade futures full time in the UK as an individual, are your gains treated as CGT or income tax? If the former then great, lower rates and no NI. If the latter, I should carry on trading as a company as that's more tax efficient.
I could ask my accountants who deal with my company's accounts but they are clueless about trading profits. They can manage the company's accounts just fine because it's just investment gain and it's the same tax rate as with sales. I don't think I'd get the right advice from them as an individual trader.
I've searched the Internet extensively and there are conflicting opinions (even among accountants). I have even read through HMRC's fun "guidance" notes, but I'd like to hear from someone who has actually filed all their futures trading gains as CGT without any objections from the HMRC.
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