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taxadvisor.uk
taxadvisor.uk, Chartered Certified Accountant
Category: Tax
Satisfied Customers: 5029
Experience:  FCCA - over 35 years experience as a qualified accountant (UK based Practitioner)
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I am thinking of trading on the stock market using an

Customer Question

Hello
I am thinking of trading on the stock market using an online binary trading website. If I quit my normal job to do this full time how do i go about paying tax and national insurance. thanks in advance for your help.
Submitted: 2 years ago.
Category: Tax
Expert:  taxadvisor.uk replied 2 years ago.
Thank you for your question.You need to register with HMRC for self assessment as self employed. This would enable you to file a tax return with your unique tax reference number.If you already file a self assessment tax return, then you need to register as self employed.More information on this can be found herehttps://www.gov.uk/register-for-self-assessment/self-employed I hope this is helpful and answers your question.If you have any other questions, please ask me before you rate my service – I’ll be happy to respond.
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Customer: replied 2 years ago.
Hello and thank you for your help.
The monies earned are not taxable as they are regarded as 'winnings' so I could work self employed and not pay tax, is that correct?
How would I pay National Insurance contributions?
Expert:  taxadvisor.uk replied 2 years ago.
Thank you for your reply.Winnings on stock market are taxable... if this is what you do for living then it is taxable to income tax as income from trade and if you do it casually, then gains are chargeable to capital gains tax.You would pay tax and NI through filing self assessment tax returns. I hope this is helpful.