Does anyone have a client trading in binary options? As far as I can tell from reading about this it could be classed as gambling winnings and therefore not subject to tax, but has anyone had this challenged by HMRC?
Any help would be gratefully received, as I've not come across this before.
Thanks
Replies (4)
Please login or register to join the discussion.
Realistically...
... there are only two alternatives; either:
0. He knows his onions and he'll make money. That's trading and it's taxable.
1. She doesn't know her onions and she'll make losses. That's gambling and not taxable.
not so sure
Unless this is his main or only source of income then unlikely HMRC would succeed in an argument that just because hes good at it its a trade. Remember the bookie always wins. Would have to be judged in the round depending on what else he does.
If you are delving for the binary brokers, then you should visit
https://www.youtube.com/channel/UCpA02tGLvK9UlxOhuX0LE9A . All the brokerage firms available here are 100% authentic and renders generous perk. Payouts, winning rates, broker legitimacy, software accuracy, and trading signal types are the factors, which make any platform best in the market.
I got into binary options trading at 2012. It came around exactly at a time when I was looking to earn extra money from online sources. I have learned a lot in my journey and found that this path is littered with huge scams. So many people become victim of fake trading system, brokers or signal services that because of rich quick scheme. Eventually they ripped off and remain empty handed at last.
As far as I have learnt, you can make money in binary options trading, but you need to be aware about such scams. The best you can do is always conduct a research and scroll sites like http://www.binaryoptionsplace.com/Scam-Reviews http://www.judgebinaryoptions.com/Binary-Options-Scams and avoid scammers. It’s a stepping stone to become a legit trader and gaining profit.