TAX on PROP TRADING ACCOUNTS - HOW TO FIND AN ACCOUNTANT.
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- Опубліковано 13 січ 2023
- Prop trading accounts - everything you need to know. This video covers a guide to how to find a reputable prop trading accountant effectively. The questions to ask, the answers to expect and also a prop trading accountant recommendation.
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Contact: traders@accountsunlocked.co.uk
#proptrading #proptaxes #propfirmtaxes #forextax #accountant #forexaccountant
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#proptrading #proptaxes #propfirmtaxes #forextax #accountant #forexaccountant - Розваги
omg i can’t believe i have found a channel that talks about tax in the UK about trading, i have been doing research for sooo long and nobody talks about it. thank you so much for the video and recommendation on accountant. absolutely golden
Can't express how helpful this was mate! Thanks a bunch
Glad to hear it! Thanks for stopping by 👊🏻
The information we really needed Matt! Keep it up.
Cheers Seb - glad you found it useful.
This new wave of Matt to Million videos are elite on so many levels. knowledge and entertainment all in one. 2023 Is the year of Matt for sure!
Thanks Harry - appreciate you 👊🏻 glad you're enjoying them!
Totally hilarious Matt! Great content too. You've given me food for thought on this subject so thanks for this video!
🤣 Glad you enjoyed it and had some value for you too!
You know what, I really enjoy this new style 😎 you are so funny and the content is sooo good 👍 keep it going Mat!
Thank you! Appreciate you 👊🏻 I'm glad you're enjoying and getting something from them 🙌🏻
Absolute legend
🎉subscribed!!!!
Thanks for making these kind of videos , id love for you to make an over view / video of what kind of expenses we can run through the companies when trading for prop firm and also personal accounts
Brilliant! Thanks for the video.
Great video Matt!!
Thank you sir! Appreciate you 👊🏻
Fantastic video really helped me as I just passed the challenge and now funded . I love your videos you are just too funny 😂
Congrats! Glad you find it useful and timely 👊🏻 appreciate you 🙏🏻
Thank you so much for making this video. This side of the industry goes over my head so I'd much rather use your recommended accountants when the time comes for me.
I pray you'll make a video on setting up the private company option you talked about previously. It sounded like a better option with around 20% of our income going to those leeches, but I wouldn't know where to begin.
yeah i hope matt covers a video like that it would tremendously help
Glad you got value from it 🙌🏻👊🏻
Yes I'll be doing updated tax videos initially as there are some quite fundamental differences, which actually makes the ltd route (in a lot of instances with trading) the least beneficial
@@MatttoMillion OK. thanks🤘
@@MatttoMillion Thanks for your videos, we love your energy! any accountant you can suggest in London?
Very good advice dude.
Glad you enjoyed 👊🏻
Im actually part of an accounting firm and we are currently discussing with HMRC whether we are to be charged under CGT/Basic income tax. We are making headway on the basis that prop firms are paying based on a % of profits of actual market trades making it different than regular sales commission. This is regarding individuals not companies.
Any updates with this situation? Cheers
Thanks very much for the useful information! Also thanks for slowing down when your talking. Some of videos I have had to slow down the playback speed! 😅🤣
Great video Matt as always. Have you tried running and wild swimming in Scotland though?
Thanks Niall! Haha I have not!
No cats were harmed by falling off a wall in the making of this video.
Really helpful info though, thanks you Matt
🤣🤣 glad you got some value from it 👊🏻
the effort that goes into these vids , teach us the editinT-T
Amen! Thank you for noticing! The stuggle is real 🤣
Lol. Entertaining as always!
Glad you enjoyed it!
Very helpful video. You mentioned VAT, do prop traders have to pay VAT if they go over the turnover threshold?
I started an LLC as a prop trader and my bank denied me an account because they don't offer accounts to business where money or commodities are traded. How should I explain my duties to secure business banking and even credit?
is it best to register as a business when trading with prop firms?
So I live in the uk, and have only just passed a challenge. One I’ve taken the 1k allowance. Should I get an accountant then?
Can you write off failed prop firm challenges as expenses?
Would really like to know this answer!!
Which currency should you use when you trade with prop firms? Do you earn more if you manage 100 000 $ or 100 000 €?
Hahahahahah.. Brilliant, got a sub from me!!
🤣 Glad you enjoyed it
Is this an accountant firm you actually vouch for and know are good at what they do, or is it just the one that reached out to you and offered you money to talk about them?
Yes, they've not offered me money to plug them in a video to advertise. They offered their services to me at the start of last year - I then went through over an hours worth of conversation with two of the practice manages to get to the bottom of how they operate and how their forex dept runs. Then some of my guys who I've coached have gone with them too, mainly the ones that wanted to construct the LTD route.
Of course, choosing an accountant is a personal thing. So there's no cost for any consultations for any accountants (usually anyway), so if you're looking for one, I'd advise having as many meetings as possible so you get a feel for the company, the person, the process, the support and make a decision that best suits you (hence the majority of the video being based on what you can ask and look for). It's just everyone is always asking for an actual company as they don't know where to start - so at least there's a starting point for people to make their decision.
I want a forex business, but don't the prop accounts have to be in my personal name and not the LLC?
Just do self assessment online as income net of expenses. Sorted
Yep - best route for 90% of people. Surprising the amount of people who are dead set on LTD - especially at the beginning
@@MatttoMillion I have a LTd company, holding my crypto investments. Ive just started prop farming and I aim to take any profits as income to me personally and avoid the ltd. I'm an accountant btw
@@seancaseo84 nice 👍🏻 yeah I mean with the latest changes on corp tax, combined with dividends from April + upper rate banding change - most people need to choose wisely. For the average prop trader who earns a reasonable amount and intends to use it personally, there is little justification for the LTD. As an accountant - what's your rationale behind keeping your crypto ringfenced in the LTD? Presumably because you're not intending to withdraw profits and rather reinvest and have a long term lense on it to then use it in the future when it becomes more worthwhile and filter out with your split dividends and salary. So in essence your annual tax will be less on the usable profit on an annual basis, as you'll only pay corp tax and have more to play with in terms of reinvestment (with it being the longer term goal) vs pulling it out personally and losing more of the buying power/capital, just for sake of then doing the same thing from a sole perspective?
Would this be the best option someone trading futures with prop firm as well as having a full time job?
@@seancaseo84do you actually make money proptrading ?
excellent intro, imma have to back out, def british situation not murican
Can you earn prop firm as a limited company? Thats all i want to know 🙄
Hey Matt can challenge fees be expense as a sole trader
Fantastic content, thanks a bunch. Anyone who dislikes this has to bounce😂
Glad you enjoyed it! That's six people that need to bounce 😉
Are prop firm fees classed as an expense for a sole trader? For example, if I’ve paid 10 grand in prop firm fees and withdrawn 5 grand, I’m obviously down 5 grand but will they want to tax that profit?
High fee amount, sounds like a scammer prop
i cannot see the link
It's not a link, it's an email address
Hi do they work with US prop traders
No these guys are just UK
say what you want Matt, but a mono on left channel only monologue won't make you friends among the headphone wearing hipster crowd. (it hurts!)
No - that's the sad truth 😢 let down by technology on this one.
damn it i thought my headsets died lmao
🤣 nope that was my mic feed taking me for a mug! Didn't have the heart to re record 😢
your so funny 😁 😂
Or mentally unstable .. I just don't know anymore 🤣
hahaha na mate it is great content 👌 👍
it's different
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Too many jokes kinda annoying
Thanks for sharing Jerry - I'm certainly not for everyone. Wishing you a great week ahead 👊🏻
Are prop firm fees an allowable expense? I.E spend 10,000 in the last 12 months on prop accounts, and been paid 5,000 by prop firms. Equals -5,000, would one be liable to tax? @mattomillion
Matt do you know or heard for "apextraderfunding" its for futures mainly, but if you know it? I worked before for "morr...s" too I am having you like a colleague : D You said you worked part-time before.
Ah nice! Morrisons alumni 🤣 I've not heard of apex unfortunately so can't really comment!
Dude you crack me up.. lovin the new format.. alot changed since your first video's...lol
Haha - cheers Gareth - appreciate you 👊🏻
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