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Hi, Sam here , one of the UK tax Experts here on Just Answer, thank you for your question and I shall reply shortly
Hello, I am one of the experts on Just Answer and pleased to be able to help you with your question.
It is perhaps a pity you are not spread betting as this is outside the scope of UK taxation! Otherwise your net profits are subject to UK Income Tax (IT). You can offset your net gains by the commission you have to pay. You will have to keep records of every trade you make and any expenses incurred. I suggest that a spread sheet would suffice. At the end of each tax year you would declare your total position to HMRC by means of self assessment. You will have to register with HMRC as self employed and that Department will send you a return to complete at the end of each tax year [5 April]. You shoulsdalways use the HMRC rates of exchange for conversion.
I do hope that you have found my reply of assistance.
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