Spread-Betting accountant required.

[Mr fox]

Is there a specialist accountant/firm in the London area that can be reconmended that specialise in independant traders/trading.

You here all brokerage firms letting you know that spread-betting is actually tax-free, yet theres many a caveat like if its your primary source of income then it is fully taxable etc. Could someone point me in the right direction, and if anyone knows the real ins and outs of spread-betting tax law please let me know.


Regards

Mr Fox

[Lawrence5]

Not sure whether it has anything to do with primary source of income.... Approach the hmrc and ask ?

More to do with the substance behind the transaction. I would suspect the companies involved set it up that you are not carrying on a trade.

http://www.hmrc.gov.uk/manuals/bimmanual/bim22020....

Good idea to keep a complete log of all winnings as sooner or later you may be asked to account for the money one way or another for aml purposes.

[anonymous-user]

Bim 22017 also

[Hoofy]

Good to hear it's working for you.