I have a question, I trade indices and FX it's currently a self employed role and I have a big payout coming after 3 years of trial and error. My question is that after I file for self assessment as a sole trader due to it being above the £1000 allowance should I report money lost to brokers and prop firm fee expenses from previous years, is there any purpose in this? Or is it only relevant for the current tax year what my expenses were?

@HeelanAssociates

Ай бұрын

It’s a difficult one to answer in a comment, as so much depends on when you starting ‘trading’ officially. As it maybe possible to bring in previous ‘pre trade’ expenses on day 1 of the ‘trade’ on the first tax return. Or it might not, depends on the facts. Sorry not a specific answer but so much depends on the facts in play.

@charliecross6773

Ай бұрын

@@HeelanAssociates Of course I understand it's cirumstandtoinal, thank you for taking your time to reply though, I have been enjoying watching your videos.

That is weird, thats non of my employer's business. I do whatever I want out of my working hours. My current manager even knew of my business in an interview and wasn't bothered by it at all. No one should as long as that doesn't affect other job

@HeelanAssociates

Ай бұрын

I agree we’ve got plenty of our team with other things going on, but it’s a very common concern people have. I find most of the time though it’s when they are looking to quit soon and go freelance, but don’t want to upset their employer in advance.