Do I Pay Tax on Forex Trading in the UK?

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Forex trading, taxes and employment status

Hello
I trade currencies with a very small amount of money on eToro for fun. Since starting last June I haven't made a profit, I just like pretending I'm warren buffet and earning £25 to then lose it the next day.
I don't do it seriously, its just fun for me, but I got a bit worried about the government possibly trying to ruin my life by slapping me with tax fraud fines or something for undisclosed trading or whatever. I have literally no idea how tax or anything works in this country. The only tax related "education" I got at school was about paying income tax and stamp duty etc. which is just common knowledge anyway, I know nothing about stuff like this.
Do I have to register as self employed and fill in tax returns and stuff? I don't work anymore, I left my job in august and went back to college, so now I'm a full time student living off my savings. I probably make like one or two trades a month on etoro, purely for fun. The same way I occasionally go to the bookies or a poker night.
submitted by bicycle36 to UKPersonalFinance [link] [comments]

Forex trading, tax and getting a mortgage in the UK

Hopefully this is ok to post here but I was wondering if there are any people here, particularly from the UK who have had sufficient success for forex to form the large part or all of their income and what were the implications for tax/NI. Finally, were there any issues getting a mortgage? I know if you are a successful sports trader you can provide all the Betfair statements you like showing consistent income but you would get laughed out the bank so I wondered if there same was true with forex.
submitted by sebking1986 to Forex [link] [comments]

Belarus makes Forex trading tax exempt

Belarus makes Forex trading tax exempt submitted by alexnes11 to economy [link] [comments]

Taxes Forex trading (CFD)

I've been trading Forex (CFD) pairs such as USDJPY, GBPUSD, EURUSD etc, the past year or so. I was wondering if anyone would be able to help me out with my tax situation.
I did incur some losses (~$2000) and was wondering if I can claim it as a deductable in my tax return. Or would it be marked up as a CGT loss and that's about it?
Any help would be appreciated.
submitted by steeltitan1 to AusFinance [link] [comments]

Taxes for Forex trading

Can anyone help me by providing me resources on how i can learn when and how i would pay taxes if i was to start a Forex account as a full time job any advice would help as im struggling to find answers and the government site does an awful job of trying to explain taxes.
submitted by L7CKY2 to UKPersonalFinance [link] [comments]

Forex trading and belgian taxes

Hello BEFire people, Looking how I now have a bit of time on my hands and some money I don't mind loosing on the short term, I would like to start dabbling into Forex trading. Lost of great resources exist for you to start with a demo account and learn how this type of market work but the question isn't here. As any investor know most of the money you make can be lost through the complex process of Belgian taxation. Which is why I am addressing you in the first place.
After a bit of research, i found really conflicting legislation on the subject. On one side, the FSMA has banned the trading of CFD (contract for differences) and Forex instruments by Belgian brokers. (https://www.fsma.be/en/faq/fsma-regulation-governing-distribution-certain-derivative-financial-instruments-binary-options-0) Leaving little room for private investors to do anything. On the other, I didn't read anything about passing through an offshore broker.
Diving deeper in the taxes aspect of it, I suspect this would be taxed as a "professional salary" due to the repetitive nature of the operation and would there account for for a complementary salary more than anything else. If it is the case, this would mean it would follow the following table:
from 0 to 8 350 euros ..............................................25 % from 8 350 to 11 890 euros ....................................30 % from 11 890 to 19 810 euros ..................................40 % from 19 810 to 36 300 euros ..................................45 % over 36 300 euros ..........................................50 % Mind that these numbers date from 2015 and might not be up to date anymore.
This would means that if you want to double your capital by trading Forex you would nearly have to triple it before taxes.
Has anyone here ever dealt with Forex trading and could confirm my understanding on (1)the possibility to trade Forex through offshore broker and (2)the way Belgian taxes are computed for this type of trading is correct ?
submitted by Fairytayl to BEFire [link] [comments]

Looking for a good broker for options (for US based stocks) and forex trading. French tax resident

Hi guys, would be grateful for any insight about options and forex trading brokers present for French tax residents as such. Plan to start with an outlay of about 10k EUR and want to invest in US based stocks primarily.
Would also be grateful if you might know of any platforms that provide demo accounts for options trading here as well.
submitted by precociouscalvin to vosfinances [link] [comments]

Paying taxes from Forex trading in Poland

I am a full-time foreign student (a tax resident) in Poland. I do not have a job, and the only source of my income is Forex trading, which is basically converting the currency (transferring from one of my accounts to another) within the same Polish bank. Presuming it is taxable income, how much of it need to be paid as tax and how would I go about paying it?
I have read a bit about PIT-11 form which is usually provided by an employer, but in my case I'm likely considered to be "self-employed".
submitted by arc650 to poland [link] [comments]

Country with the lowest taxes for trading Forex?

submitted by danang1986 to Forex [link] [comments]

If I'm unemployed and I profit more than £12,500 a year (tax-free allowance) trading Forex, will I have to pay income tax on all profits above £12,500?

Also, when do I declare it as income? Does it count as income when my Forex account balance increases, or when I actually withdraw the funds into my bank account?
So lets say that I gain £20,000 this year trading Forex, but this stays in my Forex account (I don't withdraw any money into my bank account). Will I have to declare it as income and pay taxes on it? Or is that only if I withdraw the profits into my bank account?
(by the way, I am spread betting, therefore there is no stamp duty or capital gains tax).
submitted by RapidActionBattalion to UKPersonalFinance [link] [comments]

taxes on forex trading

Hello, I've been doing some forex trading (~$500) for the past year. What should I include in my tax return about this investment ? Or is it necessary to include this being a small amount ?
submitted by retiredadmiral to cantax [link] [comments]

When trading CFDs (Forex) as your main source of income, do you just pay income tax or do you have to also pay CGT?

When trading Forex CFDs as your second source of income, you will have to pay CGT.
When trading CFDs as your main source of income, you will have to pay income tax. My question is: do you also have to pay CGT along with the income tax, or is it just income tax by itself?
submitted by RapidActionBattalion to UKPersonalFinance [link] [comments]

Will Bernie Sanders’ “Wall Street speculation tax” impact forex trading?

This tax would impose a .5% tax on all stock trades, .1% tax on bond trades, and 0.005% tax on derivatives.
My question is, will this impact forex trading??
Obviously for day traders in the stock market, this will hurt big time. I’m not able to find any info anywhere on whether or not this will impact forex/currency trading.
https://www.cbo.gov/budget-options/2018/54823
https://www.google.com/amp/s/www.marketwatch.com/amp/story/guid/D445E464-1824-478B-8D43-7F36BD9367F8
submitted by Conye27 to Daytrading [link] [comments]

Trading taxes making scalping impossible in forex?

https://www.wsj.com/articles/democrats-aim-for-financial-transactions-tax-11551818240
A 0.1% tax on the forex market... Is that gonna make scalping on the one minute chart obscenely difficult or is it just going to tax me a pip? Are they taxing based on leverage or no? Hopefully not.
submitted by Myagooshki4004 to Daytrading [link] [comments]

Can I do Forex trading with my bank account? How is it taxed? And is it worth it?

I currently have Canadian and US bank accounts that let me convert money back and forth easily. The exchange rate between the two seems to fluctuate a fraction of a percent daily. I'm wondering if it's worth the time to continually flip money back and forth when the exchange rate is favorable on each side. Is this even legal to do without a proper Forex broker? Would my bank block me from doing this? How would this be taxed?
I'm thinking if I just had a 10k emergency fund in cash, I could flip it back and forth occasionally to make some profit, and I might get a higher yield than putting it in a savings account with a 0.5-1% rate.
submitted by ohThisUsername to personalfinance [link] [comments]

Question for my fellow canadians,can you trade forex in a tfsa to avoid paying income tax??

submitted by james23765 to Forex [link] [comments]

Tax on forex trading in Canada

I just started trading forex a few months ago and went from $10k to $14k on Oanda. When do I have to pay taxes? Is it only when I withdraw the funds from Oanda or is it on realized P/L?
Also, is this taxed as capitals gains?
submitted by slardar2019 to CanadianInvestor [link] [comments]

It is estimated that a 'Robin Hood tax' charging 0.01-0.5% on forex trades, stock trades etc. would generate $177–354 billion

It is estimated that a 'Robin Hood tax' charging 0.01-0.5% on forex trades, stock trades etc. would generate $177–354 billion submitted by rooshiamarodnimad to YangForPresidentHQ [link] [comments]

Paying taxes when trading forex online

Paying taxes when trading forex online submitted by cosmodrom21 to u/cosmodrom21 [link] [comments]

Taxes for Forex trading

I am looking to get into the foreign exchange market where I trade different currencies as the value of different world currencies change day to day and am currently reading up on the subject before I start it. One thing I was worried about was taxes. How do I go about filing taxes for this? How much would I owe in taxes if I make a certain amount from this? I live in Georgia, USA just in case that matters on a state level. I don't wanna start this then get hit with a crazy amount of tax money owed next year.
submitted by JuggManKevo to personalfinance [link] [comments]

Forex Trading UK- Tax free or not? Does it need to be with a UK broker? Does it need to be a spreadbet?

Hi All,
I'm looking for advice. I have started making some money doing forex trading. I use IC markets as a broker. I am resident in the UK and forex trading is my second income. I haven't withdrawn anything from my trading account. I am really confused about the "forex is tax free" condition in the UK.... so a few questions and really grateful for some answers!
1: Do I need to be registered with a UK broker in order to fall under the "forex trading is tax free, as long as it's second income" or does IC markets work for me?
2: Does it need to be a spread bet account? only a handful of companies do this, and they give a leverage of 1:30. I need 1:500 as my trading account isn't the word's biggest, tens of thousands gbp.

3: Do I need to file some sort of tax return?

I may have more questions as you lovely, learned people give me answers!
Thank you
submitted by jg019877 to UKPersonalFinance [link] [comments]

How do you file taxes on your Forex trades?

Hey I’m just starting out trading on the Forex market, and I just wanted to know as a resident of the United States what are the steps or process you go about to file your taxes on the earning you made off of Forex?
submitted by strEss_out090 to Forex [link] [comments]

Do Forex Traders Pay Taxes? - YouTube Forex & Taxes  Do Forex Traders Pay Taxes paying taxes when trading forex online Forex Taxes On Trading With IML

Most new traders never have concern themselves with finding out the specifics of taxes in relation to forex trading. All of a new trader's focus is simply on learning to trade profitably! However, at some point, traders must learn how to account for their trading activity and how to file taxes-hopefully filing taxes is to account for forex gains, but even if there are losses on the year, a ... I know it’s difficult, so I decided to put together a mini-primer on how Forex trading taxes work as I understand it. As a budding Forex trader in the U.S., you have to be aware of two sections of the tax code: Section 988 and Section 1256. Both of these sections were initially made for forward contracts, but over time, they have also carried over to apply to spot Forex transactions. As ... Pay what you owe: Some traders try to beat the system and don't pay taxes on their forex trades. Since over-the-counter trading is not registered with the Commodities Futures Trading Commission ... I just do not pay taxes on my Forex trading profits. My broker is withholding all the necessary taxes for me. I pay the same tax on Forex profits as the normal income tax in my country. I pay normal capital gains tax on my Forex income. Forex trading is not taxed in my country. Forex trading profits are taxed at unusually high rates in my country, but I still pay the taxes. My case is special ... Forex. Canadian tax laws on currency trading are another topic of interest. With some assets, it’s pretty clear-cut as to whether they will be treated as income or capital gains. However, the 2010 CRA Income Tax Interpretation Bulletin makes it clear that forex trading taxes in Canada can be either. Is Forex Trading Tax Free in the UK? Do traders pay tax in the UK? Forex trading is tax free in the UK if it is done as spread betting by an amateur speculator. How do you pay tax on Forex? In the U.K., if you are liable to tax on personal profits from Forex trading, it will be paid and charged as Capital Gains Tax (CGT) at the end of the tax year. Every Forex trader should be aware of the fact that profits gained through Forex trading are taxable and therefore taxes should be filed and paid properly. This is a requirement under the laws of most countries in the world and therefore should not be ignored as sanctions for failing to pay your taxes can be very rigorous. The relevant sections of the tax code in the US that Forex traders need ... Forex Trading and Taxes. Seeing profits from forex trading is an exciting feeling both for you and your portfolio. But then, it hits you. What about taxes? The forex tax code can be confusing at first. This is because some forex transactions are categorized under Section 1256 contracts while others are treated under the Section 988 – the Treatment of Certain Currency Transactions. Section ... Taxes are a complicated hoop for day traders to pass through when reporting profits and losses. Whether you’re trading full-time to make a living or just trying to shore up cash for your long ... Fees and taxes vary depending on the broker and which country you reside in. It is vital to do your research and shop around for the best broker and platform for your needs. Pick a broker who operates in the same country as you; this will provide clarity on your tax obligations as it can determine whether your trades are considered gambling or income. Forex trading is sometimes tax-free, but ...

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Do Forex Traders Pay Taxes? - YouTube

Do Forex Traders Pay Taxes. Simple answer... YES. How to pay tax on forex income.. Ask your Tax professional. If you would like to work with me, send me an email or message me on Facebook. If you ... What the brokers don't tell you - Forex Trading for Beginners - Duration: 5:20. Vince Stanzione Making Money From Trading 58,673 views Hey everyone! This is the 6th video in my December to Remember series and today I will be touching on how forex taxes are paid. I am NOT a tax professional, ... (Forex Taxes) How To File - So Darn Easy Forex™ - Duration: 19:28. So Darn Easy Forex University 11,736 views. 19:28. DO TRADERS PAY TAX? ...

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