Early payments on account dont apply to capital gains tax in the UK, HMRC have never asked me to pay on account in the past. So the tax will be due on the tax filing dead line, which is in january the following year. I wont be providing blotters, as i said these can be easily 'photoshopped' so dont mean anything anyway. However i am always prepared to meet up with other profitable traders and discuss performance and war stories and such. I could share my results (p&l) live on screen, if other traders were prepared to do the same. Are there any other profitable full time directional day traders in London who wanna meet up?
No need for blotters for me. A public website is mostly for sharing. Would you share some your trading experience with us? Like: 1. how long have you been trading? 2. How long did it take for you to be profitable? 3. What's the thing that made the turning point?
Why do you guys insist on all of these? A public website is for sharing, and he chooses what he wants to share. It's his thread. He started it for his own purpose. He doesn't have to prove anything to anybody. If you don't like how he's running his journal then don't read it.
Week 3 ===== +£265 Closing Balance: £50579 31 trades to date, 20 winners 11 losers. Won a few, lost a few this week to eek out a small profit. Still waiting to be blessed by the first losing week for this year.
I have been fulltime trading for 5 years, my only source of income has been trading profits during that time. I have a family and home to support. I see this as both an advantage and disadvantage. Obviously it adds more pressure but it also forces me to be serious and businesslike in my trading. Trading is a continuos journey, you never arrive at the mythical status of consistent profits, accept maybe your account finally hits some large number and you could retire if you wanted. As a trader you have to constantly work hard, both on yourself and your trading strategies.
Week 4 ===== £-1129 Closing Balance: £49450 First down week for 2012, for sure there will be many more to come this year, and some will be a lot worse percentage wise than this one was.
Thanks for the reply. After I read your posts, I know you are real. I have reached many eureka moments, but each time I quickly realized it was not enough. Others claimed that something just clicked suddenly one day...... Good luck.
Out of interest, if you are a genuinely successful UK based independent trader what tax vehicle have you chosen to operate through? Do you trade through a Ltd company or have you gone the offshore route or something else?
I trade through both a Ltd company account and also through a personal account. Approximately the first 40K per year of dividends paid to you from companies do not attract income tax, only corporation tax at around 20%. The first 10K of capital gains from the personal account are tax free. If you have a partner, then you both get these allowances as the HMRC failed in their evil attempts to ban sharing of corporate profits between husband and wife when only one of them is doing most of the work. I have considered offshore options but realistically you need to be living offshore too. There maybe schemes where you can live in the UK but trade through offshore accounts, but these are always a bit suspect, personally i prefer to sleep easy at night.
Yeah, I agree. Most of the tax consultancies offering offshore solutions to UK residents are real back bedroom jobs. Would touch them with a barge pole. The Revenue take great pleasure in ripping them apart. I currently use an onshore structure but it's rather complex for my liking and George is still taking a fair chunk. Am considering going offshore. Want to be reasonably close to family and friends so looking at the Isle of Man. However, if I'm going to go through the upheaval of shifting the kids then moving to the middle of the Irish Sea doesn't really appeal that much...so also investigating heading down to Gib. All the best