PAYING TAX ON TRADING UK - WHAT YOU NEED TO KNOW | Paying Tax on Forex, Stocks, CFD, Spreadbetting

In this video, I talk about the important topic of paying tax on trading in the UK. Covering essential areas of trading such as Forex, Stocks, CFD, Spreadbetting and ISA's.
👉 Get FUNDING for Trading with the 5ers - bit.ly/3qOMtfH
💎TRADING212 SIGN UP & Get FREE SHARES - www.trading212.com/invite/11S...
CAPITAL GAINS TAX CALCULATOR - www.gov.uk/tax-sell-shares/wo...
City Index Spread betting account UK - www.cityindex.com/en-uk/
TRADING RESOURCES (some may contain affiliate links)
👉 Get FUNDING with the 5%ers TRADING PROP FIRM - bit.ly/3qOMtfH
TRADING SOFTWARE
📈 TradingView charts FREE TRIAL - bit.ly/2GxaC8O
✨ MAGIC KEYS 10% Discount use '5_MINDFULLY' - mindfullytrading.com/magickeys
🌟 FOREX TESTER 5 - 10% discount use 'MFTRADING' - bit.ly/3L8lHcc
🤖 4XDev- Create your own EA's, indicators & trading robots. Use promo code 'MINDFULLY10' for a discount! - bit.ly/3Feaffo
TRADING EQUIPMENT
TRADING SETUP - See full list of trading equipment here - bit.ly/3lkSTD3
💻 Get Tri Screen for Laptop by Tropire here - mindfullytrading.com/triscreens
TRADING EDUCATION
Recommended Mentorship - storyofprice.com/
💰 FREE Forex Trading Plan - bit.ly/2WKdrIN​
📝 DOWNLOAD Trade Tracker Pack - bit.ly/3gqgPQu
📚 Trading Books - See full list of trading books here -bit.ly/3ArwVCO
📖 Trading Education- See full list of trading education here - bit.ly/2WRx7NV
///CONNECT
✔️ SUBSCRIBE for more videos - bit.ly/2LbkLb1
MINDFULLY TRADING WEBSITE- mindfullytrading.com/
FACEBOOK - bit.ly/2S6lAot
INSTAGRAM - bit.ly/3ayFrmJ
💎 Support the channel on Patreon & receive great rewards - bit.ly/2RNqDwA
--------------------------------------------------------------------
- TIMESTAMPS -
0:00 Intro
1:13 Who am I
2:25 3 Main areas of tax
2:33 Income tax
3:02 Capital gains tax
3:34 Corporation tax
4:29 Trading with a prop firm
5:31 Buying and selling stocks
6:34 Trading stocks from an ISA
7:31 Trading Forex CFD
8:09 Do you pay tax when spreadbetting
8:55 Conclusion
This video shares more information about paying tax on trading from the UK. Including how to pay tax as a Forex trader, paying tax when trading with a prop firm, as well as other methods of trading.
There are so many different avenues of paying tax as a trader, and it can often get confusing. That's why it's super important to always seek financial advice from a registered accountant.
Although I am not a financial advisor or a registered accountant, I share some insights to help guide you along the murky waters of paying tax as a trader.
Whether you trade CFD's, ISA's, for a prop firm or spreadbetting, this video should help you out, and give you an idea of what tax you need to pay for trading profits.
I hope you enjoy!
- OTHER TRADING VIDEOS -
👉 My Forex Trading Recap Videos (PLAYLIST)- bit.ly/33fLRFF
👉 New Trading Setup! Tri-Screen Monitor For Laptop - • New Trading Setup! Unb...
👉 10 Trading Tips for Beginner traders • 10 Forex Trading Tips ...
👉 Tradingview tutorial for beginners • TRADINGVIEW TUTORIAL F...
👉 Magic Keys On Screen Digital Review - • Magic Keys On Screen D...
👉 6 Best Platforms to Trade FOREX - • 6 Best Platforms to Tr...
👉 How to Start as a Forex Trader • How to Start as a Fore...
👉 FTMO Vs My Forex Funds - • FTMO Vs My Forex Funds...
👉 BEST Backtesting Software for Trading FOREX - • The BEST Backtesting S...
👉 The 5ers HONEST REVIEW - • The 5ers HONEST REVIEW...
You will like this video if you are interested in:
- forex trading for beginners UK
- forex trader
- forex trading uk
- day trading for beginners UK
- the 5 ers forex
- 5ers prop firm
- stock trading taxes explained
- stock trading tax
- paying tax on stocks uk
- paying tax on forex trading uk
- paying tax on crypto uk
- paying tax on stocks uk
- do you have to pay tax on forex trading uk
- tax on spreadbetting
- trading cfd tax
- capital gains tax trading
- paying taxes on day trading
If you enjoyed this video, please LIKE and SUBSCRIBE for more videos! ✔️
Thanks!
Emily
- Mindfully Trading -
// DISCLAIMER
This video is for entertainment and educational purposes only. I am not a financial advisor and I am not telling you where or when to take a trade. I express my personal opinion only. Trading financial markets involves risk. I am not responsible for any losses incurred due to your trading. I do not recommend any specific trade or action, and any trades you decide to take are your own
#forextrader #uktax #uktraders

[@user-xf8sv8uv6j]

Starts at 2.30secs.

[@sharifrahman1671]

Thanks

[@petercollin6056]

You're a hero. Just saved me 2 minutes of my life

[@SoloBench]

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

[@clashsmoothie9548]

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.

[@LemonFX]

Dear Emily! Thank you so much for this video. It is concise and very informative. Very helpful indeed!

[@MindfullyTrading]

You're welcome, glad it helps 👍

[@mrviva1981]

Emily! You’re the star in the sky !!! We’re so lucky to have you here with us ❤️❤️❤️❤️❤️

[@chroniik4557]

Amazing video, very informative, exactly what I was looking for. Thank you so much 😊

[@librapower7810]

Great informative video Emily. I really appreciate it and it has definitely clarified a lot of things!

[@MindfullyTrading]

Awesome thank you!

[@henrygeorgeoertel8092]

Hi Emily, Thanx a mill for the info, it is extremely useful!

[@MindfullyTrading]

Ah you're welcome, glad it helps 😊🙏

[@cameupstarvin7351]

Automatic subscribe. Amazing video.

[@Jimmy_xx]

this has been an amazing video

[@franmaddocks3359]

Amazing thank you so much for clarifying a few things for me 🙏🏼🥰

[@MindfullyTrading]

You're welcome 😀

[@bullant_]

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

[@3952simonbro]

Another good video. Which UK based broker would you recommend for forex?

[@44artifacts]

I from Ukraine. Know about forex 10+ years. Last year trade every day. Thank you! Always wondered how traders pay taxes

[@MindfullyTrading]

You're welcome, glad it helped ☺️👍

[@allsearpw3829]

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 .👍

[@vp2272]

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?

[@rotrades]

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?

[@80amnesia]

didn't know about ISA accounts, thanks

[@MindfullyTrading]

Oh they are great, glad to help 👍

[@jamesstallard9723]

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?

[@paulweston8958]

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

[@Makiaveliiste]

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

[@BranBMP]

From 🇬🇧 too & im thinking of learning but tax came to my head 😂🎉

[@jayakrishnanpadmanabhan9776]

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 ?

[@evakk7813]

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)

[@kspades2530]

Thank you

[@richard1403]

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

[@janewong917]

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)?

[@chrissk8er2]

Great topic. For yourself, do you use individual accountant or an accountant firm?

[@MindfullyTrading]

Thank you, I process my own accountants at the moment but this will probably change when my second baby arrives👍

[@fkimprovements6420]

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?

[@harryturner-ps6ie]

Are there any ISA accounts that let you day trade with the option or trading after hours/pre market? Cheers!

[@paws4thought449]

In an ISA you can’t trade CFDs or options and you can’t go short on stocks.

[@McDeegz]

What if I move profits from prop firm to personal account and withdraw again would I pay tax twice?

[@declanyouvideos9161]

Do you pay income tax when trading forex CFDs, or just CGT?

[@danielapinedamolina9116]

Does the cost of blown prop firm accounts count towards losses in the tax return? Thanks

[@hryvns]

And what about futures trading? UK resident trading with a US futures broker? No one covers futures!

[@bananna7465]

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 ?

[@MindfullyTrading]

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. 👍

[@bananna7465]

@@MindfullyTrading thanks for replying.

[@bufordmaddogtannen]

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?

[@1_shortnote]

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.

[@antoniooliveira8929]

Tem legendas em Português Brasil ?

[@xscyxo]

Just wondering if you're trading but also have a FT job - does your employer need to know you're day trading?

[@MindfullyTrading]

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 👍

[@zaidnaima1872]

What about cryptos??? UK don't like cryptos, but do they like the profit??

[@rhymez320]

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

[@joekafel7474]

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.

[@mohamedazzubaidi7010]

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

[@user-kp8ng3ue2d]

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 👀

[@fallencourt5215]

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,

[@Gwdufsm]

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

[@edwardstaniforth3057]

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?

[@labcrowd]

you dont pay taxes on the gains made using ISA account

[@JakeG1]

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? 🤔

[@JakeG1]

No one’s going to get arrested for answering this question. 😆

[@bartsman]

@@JakeG1 Just report as spread betting

[@JakeG1]

@@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?

[@bartsman]

@@JakeG1 Through a business. Do something digital and pay yourself a grand a month

[@JakeG1]

​@@bartsman Yeah, that's one option. Still got to turn a profit though. I wonder if I could bring yo-yos back. 😆

[@mehuksuria373]

Hi how do you declare losses on cfd account

[@MindfullyTrading]

I would just take the net figure of winners- losers, but if you're not sure, check with an accountant 👍

[@wabbingtonwabby.]

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.

[@melaniejumamil455]

good day maam someone is using your photos at facebook and using it to convince people to trading.

[@MindfullyTrading]

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 👍

[@srinivastm1479]

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

[@RJSCarpentry]

Is trading with a prop firm not classed as spread betting?

[@bradleyreid7761]

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.

[@BMWE-hm7uz]

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

[@scaryjoker]

No tax

[@BMWE-hm7uz]

@@scaryjoker so losses are written off. Got you.

[@liontheories7182]

Boring stuff out the way in 1 video. great performance

[@MindfullyTrading]

Thank you 😅

[@mssm1933]

It's considered gambling... don't think any tax

[@lewisturner8781]

I have 75,000 to withdraw, how the hell am I going to do this

[@jjshortsz]

Can you hand me 5000? really struggling 😅

[@fallencourt5215]

Just withdraw it duh

[@chantellemoorosi9335]

That’s a nice problem to have 😅

[@K4MR4N1UK123]

Move to Dubai

[@user-tl8se8fq1l]

Forex treder needs license in UK and bank saving account working

[@EAFXtrader]

They don't need a license in the UK

[@in6587]

you look like an elf

[@MindfullyTrading]

Why thank you 🧝‍♀️😅

[@paulweston8958]

Ok sorry , ignore my last comment (jumped the gun ) Great videos going to try 5%ers .Which broker do you currently recommend ? Thanks