Can someone from London give me the tax rundown over there for professional traders? Such as all applicable taxes a professional trader would have to pay to be self employed. Thanks.
Income tax is 40% above £30k, 21% below. Self-employed you can opt out of national insurance which is 8 or 9% up to 50k.
IF you're serious about this and you want to start a real firm in London, why are you asking people here?? Call a local UK accounting firm! You take what people write in these places as fact?? Good luck bro.
No, I do not want to START a firm there. Our firm already exists. We simply want to have a London office. And for your information, the tax question was trivial, and has no bearing on our operation. I was just curious what the tax rates where there. Why would I call a UK accounting firm? I live in Chicago and pay taxes here. And no, I do not take everything that is written on ET as fact. Where did you pull that comment from "bro"? Relax. Your literary skills are average at best. I hope your trading skills are better.
Maverick, I've traded at RTS in London back when Refco was a good shop, it was an amazing trading floor.. once things got sour many guys got offered great packages from other firms. I must say London already has a very competitive market. Which firm do you own in Chicago and what do they specialize in?
You can PM me for the name of the firm. I don't own the firm, I run our Chicago office. We specialize in derivatives. I'm not interested in all the futures and fx bucket shops in London. So far all the London guys I have talked to have told me there is no one over there doing what we are doing. Hell, there are no firms in the US that really are doing what we are doing. Don't ask me why.
There are prop firms in London trading equity options only I can assure you. www.liquidcapital.com is but one. Mako, Hills may do as well. Many dont have such a public face as Liquid do though. Many are smaller operations that I mentioned in my PM. How you differentiate between these I don't yet know. All the best.
I checked out Liquid Capital's web site and it seems that they are mostly a market making firm and I also don't see where they offer access to US equity and index options. They look like a good operation but I don't think they have the same business model as we do. I really don't think anyone in London is doing what we are doing only because there is really no one in the US that is doing what we are doing. Trust me, I have looked far and wide. I have worked in New York and Chicago and have been involved with 4 prop firms and have traded on the floor of the exchanges. I know a lot of people in this business on the east and west coast and the midwest. It is my opinion that firms simply do not want to take the risk associated with this and would prefer to go after the quick buck that scalpers and daytraders indulge them with.