[UK] Income declarations and TAX from Binary Options.
Does anyone have any resources that detail the best way to set up as a binary options trader in the UK. As briefly as I can, this is what I mean:
Is it wise to register as self employed, or is there any need to? Has anyone set up a business, and traded as that business, so that the liability is not on an individual, and rather a company? Are there any benefits from this? I have read that any financial gains made from trading binary options are not subject to tax in the UK as it falls into some sort of gambling regulations. If that is the case, does anything need to be declared to anyone. ever?!
Appreciate this wont be legal advice. just experiences from people based in the UK who are already making money from their trading.
Comments.
You are correct, profits from binary options are NOT subject to income tax in the UK. The reverse is also true - you cannot claim back losses on your tax return.