Hi,
I would need some advice. I am trading with ICMarket mainly on forex like most of us here. I live in UK, and last year I made £5000 profit. Today, I received a letter from HMRC with the title: Your overseas assets, income or gains.
My question is the following, do I need to declare all my gains, if yes, do I need to provide them with all the monthly P/L? I have 10 accounts so that's a lot of stuff to give. Or do I just have to tell them I made this amount of profit without giving any proof.
Is this gain will be a capital Gain tax or income tax. It's all quite confusing.
Thanks for you answers.
I would need some advice. I am trading with ICMarket mainly on forex like most of us here. I live in UK, and last year I made £5000 profit. Today, I received a letter from HMRC with the title: Your overseas assets, income or gains.
My question is the following, do I need to declare all my gains, if yes, do I need to provide them with all the monthly P/L? I have 10 accounts so that's a lot of stuff to give. Or do I just have to tell them I made this amount of profit without giving any proof.
Is this gain will be a capital Gain tax or income tax. It's all quite confusing.
Thanks for you answers.