TAX ON FTMO [DO YOU PAY TAX ON FTMO? WHAT UK TAX DO YOU PAY ON FTMO ONCE PASSING THE FTMO CHALLENGE]

[@elmestizo2630]

You are already at x1.5 speed! thanks mate

[@MatttoMillion]

🙏😂🙏

[@chingmow99]

Absolute robbery, outrageous!

[@MatttoMillion]

Yeah more than most people think!

[@KnightLifeVlogs]

Thanks for this mate trying to sort myself , such a pitty with the UK tax system

[@MatttoMillion]

Yeah all a bit of a nightmare!

[@jasonfermenter]

Thanks Matt! Finally someone who actually breaks everything down.

[@MatttoMillion]

Thanks Jason - really appreciate it 🙏

[@pablo0o7]

A complete an utter robbery! These guys are thieves in suits. BUT thank you very much for the video. Will be checking out the LLC one too

[@MatttoMillion]

🤣 Absolutely - impossible to be ignored! That's for sure.

[@Unknown-el2zk]

Great video mate! People are great at making money but not preserving it and that’s what separates the rich from the wealthy. Have to start thinking one step ahead !

[@MatttoMillion]

Cheers mate 🙏 Well said!

[@rufdymond]

I’m late to this video, but great content - I’m hoping to pass the first stage on FTMO soon and was only thinking about tax today. I was roughly calculating things at about 27% of my earnings - I know everyone’s situation is different, but after watching this I will up that to around 33% of money earned.

[@MatttoMillion]

Appreciate it - thank you. And nice! Always best to be conservative - especially in tax hot countries!

[@whatUwanaB]

What a great video and short and full of quality info. Thanks mate

[@MatttoMillion]

Thanks man - glad you got some value from it! 🙏

[@JayHennigan]

exactly what I needed to know, thanks a million MatttoMillion !

[@MatttoMillion]

Thanks Jay 🤘

[@gioscott2363]

I'm in, subbed and scrubbed. Great videos. Love the channel. By far the best in explaining Prop Firm.

[@MatttoMillion]

Amazing, thanks Gio - really appreciate the support 🙏

[@jeetrooprai981]

Waiting for my first profit split from FTMO.. This will help alot. Thank you

[@MatttoMillion]

Nice 🙌

[@whatUwanaB]

Also if you could do a video on what people would claim for tax relief it would be amazing.

[@MatttoMillion]

OK cool - yeah will add it to the list!

[@sspider7846]

Damn slow down mate lol. Thanks for the info

[@MatttoMillion]

😂 yeah, I was exhausted listening to it back haha

[@kennichi89]

what? im i the only one listening to this at 1.75 x speed? lol

[@hamza361]

Great video. It’s odd how when you google this it says forex is classed as spread betting and therefore tax-free in the UK. That always seemed sketchy.

[@kayburns829]

Nothing sketchy about it. If you are spread betting with your own money, it's not taxable unless it's your only income. A funded account isn't your money and you're therefore paid for your service, which is why it's different.

[@Adamtastic9000]

Just move to Monaco or Dubai😂 anyways thanks for the info!

[@MatttoMillion]

haha yeah maybe one day!

[@briamalex8154]

Or to Andorra

[@manchesteryoutube2108]

I have really been thinking about Dubai. I need to live in Dubai and be in UK at least once or twice a month as have kids here.

[@issalj2661]

@@manchesteryoutube2108 That’s gonna cause detachment to the kids relationship with you

[@manchesteryoutube2108]

@@issalj2661 yes very true. Their mum only lets me see them twice a month

[@kayneabel]

Brilliant video. Exactly what I was looking for. Subscribed 👍🏼

[@MatttoMillion]

Thank you sir - glad you got some value from it 🙏👊🏻

[@sabedulislam850]

Yes Tax on personal accounts will be useful too thankss

[@MatttoMillion]

👍 absolutely, that'll be coming over the next week or so 🙏

[@80amnesia]

Thanks for the video! Please do the limited company video.

[@zohaibb1572]

i had to play 0.75x thanks alot for speaking so fast.

[@Relectron]

Would be really interested in a Forex UK tax video, don’t think there is one currently on YT!

[@MatttoMillion]

🙏 Absolutely - that one is coming soon - almost finished the prep work on it 👍🏻

[@sanyujoanita14]

This was incredibly helpful- Thank you so much

[@MatttoMillion]

Thanks Sanyu - glad you found value in it 🙏🙏

[@bradleywilkinson4246]

1.5x speed not required my friend, you’re managing just fine😉

[@MatttoMillion]

🤣🤣

[@bradleywilkinson4246]

Honestly, when people usually speak that fast it’s off putting, but you do it flawlessly👌

[@djararockz1234]

Nice and helpful video mate and just subscribed, but i really had to slow you down instead of speeding up. hahaha

[@MatttoMillion]

haha thanks man - glad you got some value from it 🙏

[@dawgsout4free]

For Canadians like myself i read somewhere that we have to declare it as commission income

[@MatttoMillion]

Yeah could well be the case, it's blown my mind just working out the UK stuff 🤣

[@samwalden315]

Great video, simple to understand how it works now as self employed! Do you know if after receiving profits post invoice from FTMO (which will of course be taxable) and then putting some of that to compound in a separate personal trading account, would you also pay tax on the profits made on that personal account using the FTMO profit as deposits each month? And would it be taxed in the same way?

[@cfdProptrader]

it is recommended to open an Company account offshore and Pay lower tax in that country. Cos you worked hard and risk your account , what is the point pay 20%-40% on your own hard work, Follow Richard Branson

[@MatttoMillion]

Yeah that's beyond my remit - can't say I've ever looked into offshore!

[@santosrulaye9024]

In uk you don’t pay taxes for forex because it’s known as gambling

[@MatttoMillion]

If only!

[@FrameCycler]

great video thank you!

[@MatttoMillion]

Glad you got something from it

[@michelkamwena3492]

The UK is bare greedy smh 🤦🏽‍♂️

[@MatttoMillion]

🤣 it's only getting worse 😂

[@isaacsmith5568]

nice vidro m8 very informative

[@MatttoMillion]

Cheers mate - appreciate it 🙏

[@MarkLindor]

my guy....i had to check if my video was on 1.5x cause were talking sooo FAST haha

[@frankcarlos6762]

You don’t pay tax in your if you Trading your own money forex spread beating

[@frankcarlos6762]

@Samir Malik hhhhhhhhh

[@MatttoMillion]

True but the tax efficiency on spreadbetting only goes so far. If you start creating it as your main income, the HMRC will determine this eligible for income tax. So spreadbetting is a good place to start initially but once reaching decent success, a switch to CFDs under CGT legislation is best long term

[@frankcarlos6762]

@@MatttoMillion in UK spread beating free tax even if you make millions or you can open a bank account in Dubai to avoid tax but you can not stay in UK more than 90 days a year

[@MrGxld-bd7ss]

Lol good thing where I live we don’t pay taxes except for VAT

[@MatttoMillion]

Lucky you!

[@alexandrual2782]

Thanks for the video, although I'm 2 years late lol. I, for some thought the profits from FTMO should fall into the capital gain tax instead of the income tax. It's probably different from the profits someone makes from selling stocks and shares and profiting on that.

[@MatttoMillion]

Yep - it's a common misconception!

[@ssj4vrn]

Thanks for the video! I had a question regarding your video. . Once we create the company for tax purpose how do we switch our existing ftmo account to be under that company? What is the process and what needs to be changed?

[@younube2]

cant wait for the limited company approach!, which route did you select Matt?

[@MatttoMillion]

Cheers Bobby 🙏 that one will be next.. hopefully this weekend but it's all drawn up 👍 for me ltd. is the better choice but there's a lot to weigh up with them for sure

[@sparkyman91]

Thanks so much for taking the time to make this video. I'm very uneducated about taxes in general and this is a big help. i have a full time job and was looking to become an FTMO trader on the side. i honestly was under the impression that the only tax i would be subject to if i passed the FTMO challenge would be capital gains tax. Are you sure that the account is subject to income tax?

[@MatttoMillion]

Thanks for watching 🙏 as I say, this is just from my personal experience and the research/advice undergone, so if you've been told that by an accountant then there's likely a way that they've perceived that. For me capital gains is tax on the profit/appreciation of a personal asset. As you don't own any assets and haven't invested personal capital and you just invoice essentially a commission, it would be deemed a service and therefore an income. But as I say, I'm not a qualified accountant at all, I'm just a trader. But would be keen to get your take on it/what you've heard as am always wanting to see as many scenarios in this space!

[@manchesteryoutube2108]

WHATT!! You'd pay 24k if you made 70k?? They've taken half your money!

[@MatttoMillion]

It hurts 😢

[@TheNocTrader]

Very useful video!

[@MatttoMillion]

Thank you 🙏 glad you got some value from it

[@jasonjoyce4489]

Very informative! What about VAT which kicks in over £85,000

[@MatttoMillion]

Thanks Jason 🙏 yep you do need to register for it but FTMO sort their own affairs currently due to their location (I speak about that more in the limited company FTMO video) so more of a compliance thing this end rather than a complication!

[@erlandesthejourney9132]

Can you slow down when you talk, I’m an American it’s kinda hard to understand what u saying when u talk that fast with a British accent.

[@MatttoMillion]

I've tried to peg it back somewhat in more recent videos for sure - a terrible habit of mine.

[@jonbremner9703]

I’m going to be going for an ftmo account soon. How would I approach an accountant/tax advisor as I’m unsure on if they’d even know what forex and ftmo is?

[@MatttoMillion]

I did a KZbin video on this here kzbin.info/www/bejne/qXrQe6qkdtakf68

[@kristian_personal]

Ill go for an accoudant after the 2nd payout.... and out of germany asap

[@MatttoMillion]

Nice

[@georgegoodchildwork]

Nice video Matt! If you were to withdraw gains from your FTMO account and then invest those profits into your private trading account would that impact upon the tax?

[@MatttoMillion]

Thanks George 🙏 if you're just doing it as an individual/sole trader and not as a company, then you'd still owe the tax on the FTMO payouts regardless. You couldn't offset anything against your personal trading account as they are seen as two separate tax statuses.

[@georgegoodchildwork]

@@MatttoMillion thanks Matt!

[@JakeG1]

Great explanation. Are losing trades on a funded account tax deductible? Apologies if you covered this in the video and I missed it.

[@JakeG1]

I guess not then. That is a shame. Some tax relief would be useful to a funded trader.

[@MatttoMillion]

Thanks Jake - glad you found it helpful. No, on funded accounts your costs of business would be deductible. I.e. a failed challenge fee could be deducted off of your overall profit but due to it being through a demo account and on a self employment contract, taxation wise you aren't trading live assets and you're also not doing it with your own money. So therefore they're not losses to you, they're losses to FTMO. You 'loss' would be a failed challenge fee. Other deductibles would be the cost of tradingview for example. Essentially anything that you're using 100% for your prop trading. Your personal account however, is of course a different story. Of course on there it'd be linked directly to your annual profits but your net profits on your personal account would by definition include losses. So if you think of it from a 'conventional' businesses perspective of turnover vs profit. Your 'turnover' on a personal account could be seen as all of your profitable trades totalled, then your overall 'profit' would include the deductions of your losers. So you would always pay tax on what your net result was anyway.

[@MatttoMillion]

I think this was a comment off the back of a comment you'd made prior.

[@JakeG1]

@@MatttoMillion Hi Matt, thank you for such a comprehensive answer. It's much appreciated. Your explanation makes a lot of sense so I'm clear on the tax deduction situation on a funded account now. Regarding a personal account, to clarify, are you saying that losing trades can't be counted as tax deductions because they're already deducted from your bottom line, which is the sum you'd pay tax on? I thought losing trades could be considered a business expense; the cost of taking on risk in pursuit of profit, and therefore used to lower your taxable profit.

[@MatttoMillion]

@@JakeG1 This is a much more loaded topic because it will depend on how you're trading personally, spreadbet vs cfd vs full ownership and also what other income you have etc. in most cases if you make a net loss on your personal trading (and depending on your classification) you can claim that loss against other income etc. but unless you're planning on running your taxes yourself (which you'd have to be a bit of a nut like me to do!) then different accountants prefer different setups and claim in different ways depending on the personal situation.

[@roshanpatel6875]

legend!

[@MatttoMillion]

🙏

[@beanhole123]

this video was helpful when it comes to understanding tax's. i have a question tho currently I'm a full time student. i have student finance. so how what happens during that scenario (i need the student loan for my uni course)

[@MatttoMillion]

Your student loan is debt and debts aren't classed as income. Though once you start declaring your profits you may need to pay a proportion of them to your repayment. At that point, you should instruct a reliable accountant.

[@mandykemp6475]

Hi Matt I hope you can help me with the following I am in middle the of submitting my accounts as Self Employed. My accountant has asked me a couple of questions which I'm hoping you've got the answers to having submitted your accounts already. My accountant asked: 1.What is your job title? What are you called? 2.Because I have purchased multiple challenges, what are these challenges charges that are paid called? Thanks in advance

[@MatttoMillion]

Hi Mandy, thanks for the comment! If your accountant is asking those questions, I'd suggest moving accountant to one who understands the place. Reach out to accountantsunlocked - they have a desk dedicated to it and will be able to sort everything 👍

[@Alex-8181]

nice explain...i need the same with italian tax system ahah...

[@MatttoMillion]

haha in bocca al lupo! Forse un giorno imparerò a conoscere più paesi

[@xscyxo]

So can you do the taxes, self assessment on your own on HMRC? Or do you definitely need an accountant to help with it all?

[@kristian_personal]

so its not capital gains??

[@MatttoMillion]

I think you mentioned about Germany - I wouldn't know about that

[@dazt66]

So only if you register for tax you have to pay? If your a sole trader how would they know. That may be a naive question, but if they don’t know your trading how can you pay?

[@MatttoMillion]

You legally have to register for self assessment or self employment if that's how you earn. The HMRC find out by doing spot checks and if they find you've been evading tax, you'll be hit with a crippling penalty

[@deronteforbes8143]

This might sound crazy but, how will HMRC know when I receive my profit split ? Let’s say I ask FTMO to pay me out In cryptocurrency how will they know ?

[@MatttoMillion]

Through an audit

[@montanya101]

Any advice on which UK business bank accounts accept FTMO payouts if going the Ltd company route?

[@dominicmm6]

Nice video, what month do we pay the year tax? Is it January or March or?

[@MatttoMillion]

Cheers man 🙏January but depends on how you structure it with your accountant as some people pay on account whereas others pay half in July half in Jan. Best to chat to whoever you're using for accountancy so they can steer you with the best advice on that

[@ICEYPEEPS]

But isn’t the first 12500 from FTMO tax free then whatever you you after that you have to pay tax on? Even if you have a second job? That’s hat I was told by HMRC you get the 12500 allowance for your paid 9-5 job and then another 12500 on your self employed job aka FTMO….you can pick either option 12500 allowance OR declare everything and then add expenses etc

[@MatttoMillion]

If that's what you've been told, then don't let me know tell you any different. I just share my understanding from what I've researched, been told and through all conversations I've had with the finance bods. But no, my understanding is you get one £12,500 allowance for total income tax exemption and you also lose that allowance incrementally once you go £100k above total earnings. At least that's how I've been filing my returns over the years. I'll look into this - if the government are essentially giving you a £25k exemption if you're split between self employed and employed - then that's a gap that needs filling!

[@ICEYPEEPS]

Yeh at the time I wasn’t enquiring about FTMO I was hired for a self employed part time role even though I already had a full time job so I enquired via HMRC and that’s was I was told if I don’t make up to….actually now that I type this out and think back to the conversation I am wrong lol I think it was up to 1000 it’s the first £1000 you get tax free anything over that you have to pay sorry lol

[@TomoJSnapey]

What if you're moving your FTMO profits straight into a personal?

[@aksharma-eh9xo]

Bro what if you don't make any profits by the end of the year? Can you write off the failed challenge fees as a non- capital loss?

[@canearu7478]

Hi Matt, I’ve only just got funded and about to get my first payout. So I start paying tax in a year or in January? Cheers

[@MatttoMillion]

Your payout will be in the 2023/2024 year, so you'll owe the tax in Jan 2025

[@ancienthindu1479]

Bro in India the forex trading is restricted But as you said in video that we are not trading with our money we are just proving service to them and they are giving us our profit split Will it is legal in India

[@MatttoMillion]

Contact FTMO and see if they cover India for sure - they have a live chat on their site!

[@ancienthindu1479]

@@MatttoMillion OK thank you

[@yellowbananacola]

Speed it up to 1.5x yeah right XD..

[@MatttoMillion]

🤣

[@Bandobabyy25]

Hi Matt, for you're limited company, did you set up a separate business bank account? and if so who do you recommend

[@nickedmunds1829]

Spread betting is tax free in the U.K... 🤔

[@MatttoMillion]

Yep, well depends on circumstance of course. Just can't get funded with spreadbetting!

[@pianostool44]

Yes and no. If you considered yourself a full-time trader, you would be liable for income tax as its basically your job. If you are just part time then yes you would not be liable for capital gains tax.

[@harrytribe8208]

@@pianostool44 exactly this vid is so misleading

[@emmanaderemi8592]

Do I need to setup a limited company before I get a payout? Or can I sort it out later once I have gotten a few payouts?

[@MatttoMillion]

You can sort it out later and then update your contract

[@yask8230]

Make your money on ftmo and put it into spread bet 👊🏼

[@ancienthindu1479]

bro which is the best country for a forex trader where forex is fully legal In India it sucks everything is restricted

[@MatttoMillion]

I couldn't really say - UK or US is probably the most widely accepted

[@srv016]

although I am not from UK , asking anyway..do you need to pay VAT quarterly? I am from Portugal, and as far as I know in Portugal if I provide services to a business company in another country I am exempt from VAT.

[@MatttoMillion]

Yep in the UK, VAT returns are quarterly and paid on month following period.

[@fxblandy]

Is it not under the spreadbetting law

[@justrelax2125]

Hi mate I have a quiestion. What happens if I don’t withdraw the money ? I don’t have to pay until I withdraw it right ?

[@MatttoMillion]

No, you will pay tax on prop, only when you receive your payout

[@Gwdufsm]

wait let me get something here... if I earn over 50k. I am pairs for class 2/3? I thought you said 9-50k is 9% anything over 50k is just 2% so if I earn 50k isn't it just flat rate + 2%?? so where from the 4200 ???

[@cefotod7609]

Hi Matt one question do I have to pay the tax every payout I make on FTMO?

[@MatttoMillion]

You'll subkit your tax return yearly and if you're and individual, after the first year, you'll pay two payments a year

[@greg5588]

Bro, slow dooooooooooown. Are you being chased ? Great video tho :)

[@MatttoMillion]

🤣🤣

[@ishy7035]

Say if you were only making/ withdrawing £900 a month on ftmo trading forex, While working full time on £25k salary. Would I register as ‘individual (natural person)’ and don’t need to apply for self assessment… or would I need to change my account to entrepreneur self employed and apply for self assessment - then expect deductions? If so by how much on £900 withdrawals

[@knowledgeseeker5499]

Question about tax : how about if I pay all payout payments towards pension contributions? I work full time and want to use funded accounts payout to build my pension portfolio

[@miketsingaing6302]

You speak really fast bro 😅 but great info tho’

[@MatttoMillion]

🤣 glad it was useful!

[@forexdissector9565]

might be a dumb question, but are failed ftmo challenges deductible? if so, i would assume its treated as an investment loss?

[@gullyfx1]

To be fair that’s a good question

[@MatttoMillion]

Yep

[@damn4085]

Can losses from failed challenges be deducted?

[@liampearsall9893]

hi mate , do you do the self assesment after youve done 1 year of earnings ? if youve got a job aswell

[@MatttoMillion]

yeah you'll need to run a self assessment if you earn anything over and above your PAYE salary

[@liampearsall9893]

@@MatttoMillion is self assessment just on the gov site mate ?

[@Miloolio]

Think to make money first, taxes you’re always on time

[@MatttoMillion]

Absolutely! And just don't spend that money before you pay the tax 😉

[@123MondayTuesday]

If FTMO is your only income and you only earn £10k. You have no other income. Do you even need to declare it, or can you just take it all tax free?

[@MatttoMillion]

You do need to declare it via your self assessment at the end of the tax year. You won't owe tax on it but you need to declare this so the HMRC know how much of your allowance you have used. Also for future purposes, you can demonstrate your earnings for any financial products you may require (mortgage or personal loans for example). But ultimately, it's illegal not to declare it and you could end up with fines if you get spot checked by the HMRC even though you wouldn't owe tax itself.

[@jamesmurray5345]

The system is definitely meant to keep you poor, great video though.

[@MatttoMillion]

Yep 💯 - thanks James 🙏🏻

[@MarkLindor]

Do you guys pay SE tax (self employment tax) in UK? Don't I have to pay that as well in the US?

[@Freddie1M]

Is self-assessment the same as sole trader?

[@MatttoMillion]

It's what you'll need to do as a sole trader

[@Freddie1M]

@@MatttoMillionThanks Matt. Just found out that spread betting means you don't pay tax in the UK, is that correct or have laws changed? I also found an exceptional spread betting platform called TD365, amazing spreads and zero commissions, really no catch, I've researched it thoroughly. Also curious whether if for example one of these funding businesses used a spread betting platform themselves, and we invoiced them for services done on their spread betting platform, would that still be classed as profiting from spread betting or would that be looked at by the tax man as regular business/income transaction?

[@adeelmustafa1]

Thanks this was really helpful, I'm in the process of getting an ltd company as I will be trading the funded account from January. If you have any advice for me on the following it would be appreciated🙏 I'm also 19 and in my first year of university, and am doing Amazon flex(deliveries) on the side too. Is there anything I need to take into account when it comes to taxes and the ltd company? Also, would I only need an accountant after one or two months of trading the ftmo account or should I be hiring one now? Thanks

[@MatttoMillion]

Glad to hear it man 🙏 I've noticed you commented on the Ltd. one so will reply on there for that one. Re: getting an accountant, I'd get one as soon as you've registered your company and are close to you first FTMO payout. Do some research on accountacts work best for you. Some accountants can be pretty pants when it comes to finance related businesses.

[@adeelmustafa1]

@@MatttoMillion that's great cheers, luckily getting a trustworthy accountant shouldn't be a problem as I have family who have some decent contacts. Rn my focus is on getting this LTD company up and running before January Thanks🙏

[@MatttoMillion]

👌👌

[@DeadlyEditss]

@@adeelmustafa1 hey how’s your ftmo experience going?

[@dangeloallen8162]

😬Yea I see why the Top Boys in the UK be selling dope 😂

[@MatttoMillion]

🤣🤣

[@samwisher9852]

Strange question, the money I earn on a live account through MT4 do I pay tax on that if I do not withdraw it? So imagine I have 30K win on a live account MT4 but it stays in MT4 if that makes sense!

[@GazasKamazas]

No u dont get taxed. its safe there.

[@nadimdiab330]

Do you have to pay taxes when you leave the money what you earned in the ftmo account to let it grow?

[@MatttoMillion]

No not if you hold the money over within the FTMO account and you haven't invoiced for/taken your profit share. You're only tax liable once you invoice/it hits your account

[@Nonsotellsstories]

@@MatttoMillion does this apply to personal fx accounts as well? So I won’t be tax liable until there’s proof of me trying to withdraw my profits?

[@bondasfaq]

Very helpful but spoke too fast lol

[@MatttoMillion]

Haha, noted! Glad you found value in it 🙏

[@alphz1328]

So I do this once a year?

[@dalegordon9911]

Hi Matt, I have a question as my position is a little different to others, I'm currently working overseas so classed as a non-UK resident (only spend 90 days in the UK a year) so i dont pay any tax on my earnings whilst overseas. If i was to get funded with FTMO would i be liable for tax or is this something i should speak to my accountant with, i understand you aren't a financial advisor, just wondering if its something you've come across before. Also thank you great video. 🙏🏻

[@britdoestravel]

Machine-gun delivery which gets annoying quickly. Slowwww dowwwnnn

[@MatttoMillion]

Thanks Edward, noted. Bad habit of mine for sure. Have tried to peg it back in my most recent videos

[@acaopayraud1004]

i in malaysia .do i get taxx??

[@landangillespie2267]

What about american taxes?

[@MatttoMillion]

I can only vouch for the UK unfortunately 😔 not sure on IRS statuses

[@abenaa3108]

im deaf and dumb when it comes to percentage and tax pls how much is tax in this example??/ £1200 a month salary permanent job,, £3500 ftmo package which made £11k this month?? all this is before ftmo remove their 30percent..pls dont tell me to calculate by myself cos i know nothing about all of these,,and i dont have limited company,, thanks

[@MatttoMillion]

Don't fully understand the example there. £3.5k + £1.2k comes to £4.7k in total.

[@abenaa3108]

@@MatttoMillion ooh my mistake I meant 35000k and 1200 monthly salary.. Thanks

[@laxide13]

imagine trading being so hard and having to give the gov 40% christ hahah

[@jaysee381]

It’s fucking disgusting

[@MatttoMillion]

#uklife 🤣

[@korolosaziz7896]

Hey Matt. What if you’re making small withdraws (that add up to under £12,500 over a year) into different bank accounts belonging to different individuals? That way you’d not be taxed but of course pay NI. They can then technically just send you (or withdraw it as cash and give it to you) those withdrawals that you’ve made into their bank accounts... abit of a long shot I know, but is that one way around it?

[@MatttoMillion]

Hey Korolos! in short, no: you sign a contract with FTMO for the invoicing/payment details and these can only be to you or you company. So the money will only get paid to one account and that will taxable for you.

[@korolosaziz7896]

@@MatttoMillion thanks for the reply! but What if you just change the bank details (change them to a different bank account belonging to a different LTD for example) on the ftmo payout section every time your withdrawals exceed 12,500? would it still come up with your name and details on the the bank statements?

[@MatttoMillion]

Yeah it would still have your invoice reference and if any of the people/you were to be audited, then the invoices would be linked back to you. As even though you don't pay tax on the first £12.5k you'd still need to declare it so you would need the records of the invoices and FTMO also have the invoices stored against your specific account, which is naturally linked with your personal details.

[@korolosaziz7896]

@@MatttoMillion that makes sense I guess! Thank you so much!

[@Majk246]

Just live in dubai lol

[@MatttoMillion]

Yeah, that'd have been a cooler video to make 🤣

[@bozkurt6264]

slow down 😨😨

[@MatttoMillion]

Sorry, bad habit! I've tried to slow down in more recent videos

[@ryangreene4632]

Wish this was tolerable to watch. Talking so fast I couldn’t even focus and left the video

[@MatttoMillion]

Sorry to hear it Ryan 😔 you can drop the speed to 0.75x or 0.5x on the video playback settings as another option

[@goldmanforex123]

I nearly unsubscribe just 5secs into the video cos is irritating with your fast talk. I definitely will end this video.

[@MatttoMillion]

Sorry to hear that Agbe. There is a speed function where you can slow it down but I appreciate you're already irritated by the original speed. Sorry to have lost a subscriber but I understand your reasons - thank you for the feedback either way.