This is the most comprehensively informative video on UK trading taxation I've seen! Certainly gives you a good idea of which direction to go before seeking advice from an accountant, which obviously isn't free. Thanks for sharing your knowledge.
@MatttoMillion2 жыл бұрын
Appreciate this Jake - glad you got something from it 👊🏻👊🏻
@hinside42893 жыл бұрын
You really did explain this so well! Ive spent over 10 hours trying to research this and so much misleading stuff! I apologise for my last comment about you not being specific enough! VERY GOOD WORK HERE THE BEST YET!!!
@MatttoMillion3 жыл бұрын
No worries! I'm glad you found it useful 🙌
@lewip19912 жыл бұрын
Fantastic discussion surrounding the whole trading status vs investment debate. I haven’t seen other commenters even make this distinction.
@MatttoMillion2 жыл бұрын
Absolutely!
@traderfoorexx57723 жыл бұрын
He speaks as fast as my tf the 1m tf.. Naturally with fluidity omg! Champion
@MatttoMillion3 жыл бұрын
🤣🤣
@junaid2473 жыл бұрын
0.75x
@nickstyles29433 жыл бұрын
Very informative, packed with soo much info, going to have to rewatch a few times to grasp everything.
@MatttoMillion3 жыл бұрын
Thanks Nick 🙏 yeah took a while to put this one together!
@steff61393 жыл бұрын
First: why you are so underrated? Second: you give tremendous amounts of information for free on youtube as well as instagram. Legit, quality info, without expecting anything in return, without making stupid paid online courses filled with shit. Keep up the good work!
@MatttoMillion3 жыл бұрын
Really appreciate this - thank you 🙏. I'm glad you're getting some value across here and insta - always just let me know if there's anything you'd like to see in the future too
@rufdymond2 жыл бұрын
I think you may have answered your own question - the unfortunate truth is that more people are drawn to the IG, get rich quick, turn £500 into £500,000 type videos. The information provided here is far too sensible and grounded for those types.
@ianjresells2 жыл бұрын
What a great video! So basically if you are just starting off with CFD's forex pairs day trading and happen to make a profit in you first year, you would put it down as capital gains and keep doing that annually until the HMRC otherwise notify you with a certain trader status.
@MatttoMillion Жыл бұрын
Glad you enjoyed it 👊🏻 Yep - registering for self assessment to declare CGT on CFD profits is certainly a strong option.
@owenjay25153 жыл бұрын
Great video! Thanks for taking the time to explain tax in depth
@MatttoMillion3 жыл бұрын
Thanks Owen - glad you got something from it!
@azh99302 жыл бұрын
. Really useful appreciate the effort mate. We'll done. This needs to be made more aware for UK bitcoin traders who click away 30 trades a week from their phones and end up with a tax bill.
@MatttoMillion2 жыл бұрын
Glad you got something from it man 🙏
@sedakensearch2 жыл бұрын
I bet you are good accountant. Explained so well.
@MatttoMillion Жыл бұрын
Glad you got some value from the video! 🙏👊🏻
@abdulsaeed5540 Жыл бұрын
Hi Matt, this is very informative video. In my situation, I started earned big profits consistentaly in forex trading for the month of May and I've exceeded my daily corporate income. I was learning forex for many years with demo, EA. and with real money too. My take away from this video is set to aside 25% of my trading profits for future tax expenses and in the meantime use 75% of my profits as personal needs. In that way, I can worry about HMRC later and seeking professional advise later so going back to the charts and keep that health profits roll in. I am forex scalper and might be classified as speculative trader according to Matt's video.
@TucsonArizona3 жыл бұрын
Great information! Thanks for sharing! Looking forward to more content! New subscriber here!
@MatttoMillion3 жыл бұрын
Thank you! 🙏 glad you're enjoying it!
@NBS3493 жыл бұрын
Absolutely brilliant Matt helped me a lot
@MatttoMillion3 жыл бұрын
Glad you got something from it 🙌
@MrOkro12 жыл бұрын
Many thanks. Great info 👊🏼👌🏼
@MatttoMillion Жыл бұрын
Glad you got value 👊🏻🙏
@sabedulislam8503 жыл бұрын
Can you recommend a Tax Advisor/Accountant who has considerable knowledge of FX trading and is aware of what to expect ?
@MatttoMillion3 жыл бұрын
Hey Sabedul, always a bit apprehensive on any recommendations for obvious reasons. I am slightly unique in the sense that I do a lot of the accounts preparation myself, so my requirements are different. I know that accountantsunlocked have an arm dedicated to forex/day trading so it may be worth doing a consultation with them to see but I couldn't vouch for them personally.
@Blueticks883 жыл бұрын
Martin Lewis of Forex right here 👍🤑
@MatttoMillion3 жыл бұрын
🤣
@a0nmusic Жыл бұрын
Very knowledgeable thanks for sharing
@MatttoMillion Жыл бұрын
Glad you got some value from it!
@donjour693 жыл бұрын
Bro I was looking for you. Thanks
@MatttoMillion3 жыл бұрын
Cheers man - glad you got something from it! 🙏
@Trade1984-os7rf3 ай бұрын
Such an informative video Matt - thank you! Though I doubt you'd recommend individual accountants in the UK, do you know of any websites, registers etc of accountants who have experience working with traders? I don't want to go to one who doesn't really know or have experience of the tax ins and outs of this unique industry and I end up with advice which means I pay more than I need to. Thanks again mate.
@curtisrivers12 жыл бұрын
Hi Matt! Great and very informative video, could you possibly do one about whether there is a tax difference between trading on an account that you withdraw your funds straight to GBP and one that you withdraw in BTC? Just wanted to know if it’s only selling the Bitcoin that i’d have to pay tax on if withdrawing in BTC. Cheers!!
@MatttoMillion2 жыл бұрын
Yeah BTC is a bit of a grey one atm. But hoping to do a more indepth video on it in time to come!
@curtisrivers12 жыл бұрын
@@MatttoMillion nice one cheers matt. Was just curious as some forex brokers only allow you to withdraw in BTC….
@cola38893 жыл бұрын
Amazing video, good job :)
@MatttoMillion3 жыл бұрын
Thank you 🙏
@andyinasia03 жыл бұрын
Hi Matt, loving this series on tax as it was just what I have been looking into and especially the UK and for ftmo thanks. Is it possible to message you privately?
@MatttoMillion3 жыл бұрын
Thanks Andrew - really appreciate the support 🙏 sure, people tend to grab on Instagram (@matttomillion) or email - matttomillion@gmail.com
@barbwinprocess57313 жыл бұрын
awesome video on tax!!!! nice one!!!
@MatttoMillion3 жыл бұрын
Glad you enjoyed it!
@yatinsardana301211 ай бұрын
Wow. the best video I have seen on this topic full stop. I have a question Matt and of course this isn't personal official advice but I spread bet along side having a normal job and with spread bet I make about 50k a year and my normal job is around 100k. Do I need to declare this to HMRC because my understanding is spread betting doesn't need to be declared but as the amount is getting substantial it's becoming a grey area for me!
@markettechniques2 жыл бұрын
Great explanation.
@MatttoMillion2 жыл бұрын
Thank you 👊🏻
@stockstunna3 жыл бұрын
I'm just about to start trading forex and Im really confused as to what would be more beneficial for me, spreadbetting or CFDs. I work full time and don't intend to leave my job no matter how good I do with trading, but I'm concerned if I earn more than my salary, if HMRC one day demand me to pay tax lol. Is there anyone I could ask who could tell me if I'd be liable to pay tax if I earn more than my salary, and at what profit level would HMRC consider me to start paying tax?
@tomrankin25642 жыл бұрын
Super helpful 👍🏻👍🏻
@MatttoMillion2 жыл бұрын
Glad to hear it 👊🏻
@JuniorMullyDosSantos3 жыл бұрын
Excellent video, thank you!
@MatttoMillion3 жыл бұрын
Thanks Kai - glad you enjoyed it 🙏
@guyarchibald96553 жыл бұрын
Thanks for the great content, will be rewatching to take it all in! One question though, if you trade an Ftmo account and pay tax on it can still trade a personal account and not pay tax?
@MatttoMillion3 жыл бұрын
Thanks Guy 🙏 In theory, yes as FTMO is seen as a service and personal trading is with your own capital but again depending on how much of your income comes from trading related income as a whole/all the other stuff they assess by, will determine what your status would be. The simplest set up to do both would be through an Ltd for your personal account and FTMO (just my opinon though!)
@joeh46943 жыл бұрын
Great video Matt. Is this the same for futures daytrading trading too?
@MatttoMillion3 жыл бұрын
Thanks Joe 🙏 Yeah, what you're trading is less relevant, it's more about how you trade it
@BLUFL19919 ай бұрын
This is the only video that makes some kind of sense. Im still struggling to understand. If i am just copy paste trading a professional, but make constitant profits where would i fall. Do i just go self employed and do i only pay tax on the money i actually take out of my account of everything thats in the account.
@datageek91323 жыл бұрын
What would happen if you are a full time trader and make £50,000 profit in a cfd account and make another £50,000 in a spread betting account. Is the spread betting account still tax free?
@MatttoMillion3 жыл бұрын
All depends on your personal situation, your primary source of income and style of trading, so I couldn't really comment on the combo, best to give the HMRC/accountant a ring on that one
@datageek91323 жыл бұрын
@@MatttoMillion My main source of income would be the £51,000 cfd account. And secondary income would be the spread betting account with £49,000 👌😁😉🤣.
@michaeljohnfx55743 жыл бұрын
Excellent, thanks Matt
@MatttoMillion3 жыл бұрын
Thanks Michael 🙏🙏
@BlazedAFGaming Жыл бұрын
Fantastic video thanks for the info, do you have any videos regarding reinvesting profits from CFD trading into say property asset management. I’m under the assumption that you pay capital gains only when you sell said property.. and you pay tax on any passive income from renting it out etc?
@BlazedAFGaming Жыл бұрын
Liked and subscribe again many thanks for the info and effort of putting this video out ✌️
@MatttoMillion Жыл бұрын
Glad you enjoyed it 👊🏻 yeah I've got some updated videos coming out later this year with the new regs!
@MatttoMillion Жыл бұрын
Appreciate you 🙏🏻
@thomasashfield72844 ай бұрын
Hi mat i have watched loads of videos about tax on you tube yours is the best by far. But can you answer a question for me I have just opened an account I was told by the broke to be expected from paying capital gains account I would have to use a spread account because they use stakes instead of lots its tax free so I went for it but the spreads aren’t good. Could I still use there raw account which little to no spreads and still be excepted from tax ? As long as I don’t have trader status? Please
@jemaimahaddai11333 жыл бұрын
Thank you for the video. Are taxes for trading futures any different? could you if possible cover this in a video, please :)
@stevenberry26263 жыл бұрын
Great video, thank you. Just one question. I work a full time job but was also wanting to get funded by ftmo or funding talent. Would i have to pay tax on the profits from them because i’m not sure it would go down as spread betting.
@MatttoMillion3 жыл бұрын
Thanks Steven - I've got a couple of videos specific to FTMO which explain that in a bit more depth. Head over to them and let me know if you have any questions!
@stevenrichards6402 жыл бұрын
So my buddy been telling me to look into forex taxes and type of stuff - recently crossed the 5 figures barrier, would I be liable to tax ? This is all on my personal trading accounting and I work part-time as a bartender Any advise would be helpful. Thank you 🙏🏾
@thomasxjunior69562 жыл бұрын
Hi Matt. If you don't invoice your payouts i.e. you don't withdraw any profits from the prop firm you are trading within a given tax/financial year do you still have to declare the profits made even though they weren't 'realised'? Thanks in advance.
@MatttoMillion2 жыл бұрын
No - not if it's not been invoiced or received.
@thomasxjunior69562 жыл бұрын
@@MatttoMillion Thanks Matt. Does the same apply to your own personal trading account with your broker where you don't withdraw your profits made? Thanks again
@kurvahonny9726 Жыл бұрын
@@MatttoMillion ??
@TheMrHost Жыл бұрын
@@thomasxjunior6956 Sorry did u ever find an answer to this? Im wondering the same :D
@nassimbaaziz2 жыл бұрын
How would someone know if they have been given trader status?
@MatttoMillion Жыл бұрын
It comes from an HMRC assessment if they feel there's any obvious avoidance of tax. So best to work with your accountant on how you would be determined as you go through your trading years. They're used to the tribunals and whens a good to time to adjust your tax structure
@amstudios52203 жыл бұрын
Great video matt
@MatttoMillion3 жыл бұрын
Thanks a lot - glad you enjoyed it 🙏
@MarkLindor3 жыл бұрын
hey matt, quick question, say you NEVER withdraw your forex profits from your broker and it just stays and builds up in your trading account, will you still be taxed?
@singhn4v3 жыл бұрын
Nop
@olivermaitland35923 жыл бұрын
@@singhn4v Until you withdraw it
@hanmasantan72822 жыл бұрын
Yes you will get tax on any money u make regardless if u withdraw or not and the brokers report all profits u make to your countries revenue
@curtisrivers12 жыл бұрын
Only becomes taxable once withdrawn :)
@DarlinneMarigold12 күн бұрын
@@curtisrivers1 what if you use a cash ISA
@33junk48 Жыл бұрын
Hi, I have question on Income tax for a self-employed sole trader/share day trader, is there any difference on matching rule calculation with the CGT calculation? ie: B&B rules, 30days rule, last in first out etc. Thanks for ur help!
@nickwynjones3 жыл бұрын
Hi, quick question. Lets say im a full time trader & for this example If im making say £20k a year on my personal trading acc - but by the time I submit my yearly earnings to my account - lets say ive spent that £20k that I made, what happens regarding tax as ive already spent all the profits I made? Great videos keep up the good work.
@MatttoMillion3 жыл бұрын
Hey Nick, Thanks for the support - appreciate it 🙏 of course I can't advise on this as I'm not a finance professional, you'd have to get that confirmed by an accountant. From my experience, you owe tax on any profits. So if that £20k was spent on personal stuff, you'd owe tax on it regardless. Easiest way to avoid being caught out is to always put your tax aside as you earn it so you don't end up in a position of owing tax you can't afford to pay and accruing charges and fees etc. in the process. Think of it in a normal job, you are taxed at source so the money you're given is net of tax and you can spend as much as you like wherever you like, an employer doesn't give you your gross pay and leave you to pay the taxes you need to pay. So in essence I treat the trading profits the same. I 'tax myself at source' sort of thing, if that makes sense so I know how much I can spend without worrying about what I owe.
@nickwynjones3 жыл бұрын
@@MatttoMillion Yes, makes perfect sense thanks. I was thinking along the same lines as yourself but had been given other information too so wanted to confirm my thoughts. Thanks again & keep up the good work :)
@yazoosdr3 жыл бұрын
finally , thank you.!
@MatttoMillion3 жыл бұрын
🙏
@yazoosdr3 жыл бұрын
I have trudged the internet and you tube for the last 5 to 6 years worrying about paying tax on spread betting . And you have confirmed every thing I have read. Thank you .
@fahimrahman18653 жыл бұрын
If I’m trading forex with a broker which one applies to me, personal or limited company? Thank you
@MatttoMillion3 жыл бұрын
Either! It's up to you how you would like to structure your affairs/accounting practice
@dazt665 ай бұрын
So I’ve just done a funded challenge, how soon after do you think I should do this?
@sarahhuggins7217 Жыл бұрын
How do you find an accountant which specialise in managing forex accounts in the uk?
@MatttoMillion Жыл бұрын
There are you a few out there you can find online or best by word of mouth. I'll be making a video this year to give a recommendation
@sarahhuggins7217 Жыл бұрын
@@MatttoMillion looking forward to this thanks subscribed to your channel yesterday happy new year btw
@TheSeanxy3 жыл бұрын
How would they know if I make 14k? If I'm not with a prop firm and by myself why would I declare?
@MatttoMillion3 жыл бұрын
Usually your broker will report to the HMRC as you're linkedin via ID and NI number + reporting is the law 🤣
@TheSeanxy3 жыл бұрын
@@MatttoMillion it's law to snitch? I mean report? I didn't know that. So if u ear over the no tax threshold they're obliged to report?
@GuardianShad Жыл бұрын
@@TheSeanxy yeah, and unless you're making much, much more, its really not worth trying to get away with idea. The risk/reward's terrible.
@james-bo9yz6 ай бұрын
Still confused lol , I trade Futures NQ do I register has self employed ?
@kalpanabarot9098 Жыл бұрын
Question. I am on benefits for disability at the moment. If I open a trading account and start trading at a low level below 5K but I don’t withdraw any money from my trading account. Will I still be liable to pay tax and also would HMRC or DWP or Universal Credit Job Centre be contacted because I have provided the trading company with my Name and Ni Number and bank account. ?
@dazt66 Жыл бұрын
So I’m just passed a funded challenge, when should I start paying tax?
@jasonjoyce44893 жыл бұрын
Are you liable for VAT if you hit the threshold or are you exempt?
@MatttoMillion3 жыл бұрын
You don't pay VAT as a deduction on your profits, you'd charge it and pay back what you don't use of it. You will always need to register for VAT if you hit the £85k threshold
@dandanndannnnnn3 жыл бұрын
So what if your trade prop and mirror those trades with a spread bet account?
@fcl96312 жыл бұрын
Are you able to suggest some tax accountants?
@MatttoMillion Жыл бұрын
accountantsunlocked for the UK
@blackmills14582 жыл бұрын
What if I’m trading on binary through broker , should I pay tax of my earned profit or not to withdraw the amount ?
@thefirstassistant50622 жыл бұрын
Hello sir. I have a question. What if u r using a broker that doesn't accept US residents and u r one of them but u r using it somehow!. When it comes to taxes is that can be a problem paying them?. Thanks
@Amanda.87 Жыл бұрын
Is binary options like pocket option spread betting if scalping?
@deepeshmehta78343 ай бұрын
What about prop firms?
@adeelurahmaanakram63802 жыл бұрын
Hey Matt I sent you an email but thought I’d comment here too. Any tips on getting a business bank account for a llc which does forex trading or prop trading. So far it’s been a nightmare to find a bank that accepts trading. Please help a guy out
@tanchohanglawati65687 ай бұрын
All your contents are great and really appreciate your time on making this video. However, I would really suggest you to speak slowly because many time I cant understand you very well and I am sure there many of your audience who are not from UK facing same problem. This makes the video not so much engaging and interesting and on the other hand you lose your viewers and the core message will not be delivered. Speaking slowler helps to digest what you are saying. Thanks.
@shepusmall86652 жыл бұрын
Nice
@MatttoMillion2 жыл бұрын
🙏
@123MondayTuesday3 жыл бұрын
How are you so knowledgeable?
@MatttoMillion3 жыл бұрын
😂I wouldn't go that far! But thank you 🙏
@bananna7465 Жыл бұрын
Hi Matt can you help clarify as there is diff opinion from people on this question. I use a broker and trade forex pairs and some commodities. If i do not withdraw from the trading account by keep it in to compoung do i still pay the tax or only when i withdraw it. Thanks this is not clear to me.
@TheMrHost Жыл бұрын
Hey did u ever get an answer on this? I'm in the same boat
@bananna7465 Жыл бұрын
@@TheMrHost no unfortunately not. Need to Google it some more let me know if u find out bud.
@TheMrHost Жыл бұрын
@@bananna7465 Yeah, I been searching online and keep seeing mixed answers. It seems like something only a professional tax advisor could provide a definite answer for but Il let you know if I find anything.
@Shreddahtrades3 жыл бұрын
nice vid
@MatttoMillion3 жыл бұрын
Thank you 🙏
@katafxtradingacademy62593 жыл бұрын
anyone learning to trade should def not hold trades, trade on 1 min, find the trend direction, get in out fast, rinse, repeat...anyway, my advice :)
@Altissimus3 жыл бұрын
Rubbish.
@ardingocarloente63094 ай бұрын
This is what I do it works
@Afridi7912 жыл бұрын
Bro can you talk slowly if you don’t mind please and thanks 🙏
@MatttoMillion2 жыл бұрын
Yep, definitely tried to improve that with the more recent videos