Day Trading Tax: UK Tax Return Deadline
If you’re an active day trader you’ll be conscious of the rapidly approaching deadline for filing your UK self assessment tax return by 31 January 2017. But how have you reported profits or losses made from day trading on your tax return? Have you given yourself private investor status and reported your profits and losses under the capital gains regime? Or have you classed yourself as a self-employed trader and taxed your profits and losses under the business tax regime?
It is worth establishing with HMRC whether your day trading activities, for tax purposes, mean that you’re classed as a private investor or a self-employed day trader.
Read Anna’s article about a tax case where a day trader went up against HMRC when they didn’t agree with the day trader’s decision to treat his day trading activities as a self-employed day trading business for tax purposes.
We at Decipher Tax provide a dedicated consultancy service to those day trading in the UK, helping our clients establish their day trading tax status.