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Anyone trading with a Prop firm 6 replies

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Quoting TrAndy1
{quote} you need to say trader because otherwise you will pay sales tax on all your income + income tax, as trader you should only pay income tax. If authorities say something you can say you are demo trader only or trader on demo accounts only. That way you cannot be classified to register. I want to do it that way too. On financial transactions there should not be any sales tax. If you just say self employed you will pay 100% sales tax on all your income in addition to other tax. Which is not good.
i believe if your payout from the prop firm is derived from outside the UK such as ftmo which is based in Czech Republic, then VAT or sales tax does not apply post Brexit. 5%ers is a bit more complex as its registered in Israel and in the UK.
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Quoting Sc11
{quote} i believe if your payout from the prop firm is derived from outside the UK such as ftmo which is based in Czech Republic, then VAT or sales tax does not apply post Brexit. 5%ers is a bit more complex as its registered in Israel and in the UK.
It does not depend on the country where you generate profit. It only counts where is your home base and pay taxes. That country counts and in UK there is sales tax.
But of course I am not an accountant or tax expert. I do not know all jurisdictions and its laws. For Germany and most EU countries my thoughts should be valid too.
https://www.gov.uk/guidance/vat-how-...ly-of-services
Quoting TrAndy1
{quote} you need to say trader because otherwise you will pay sales tax on all your income + income tax, as trader you should only pay income tax. If authorities say something you can say you are demo trader only or trader on demo accounts only. That way you cannot be classified to register. I want to do it that way too. On financial transactions there should not be any sales tax. If you just say self employed you will pay 100% sales tax on all your income in addition to other tax. Which is not good.
why dont say simple you play a game, and this win is the price money. exactly thats what it is. should be taxed so bad in UK?
because trader in demo account get no money paid out, only when its a game behind or selling signals..... but maybe the tax employer in UK dont know this fact.
Quoting lynnc
https://www.gov.uk/guidance/vat-how-...ly-of-services
"If you’re in the UK and the place of supply of your service is in an EU country, you do not pay UK VAT."

also this https://www.accaglobal.com/uk/en/tec...utside-uk.html
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I believe obligations from the laws concerning VAT duties makes FTMO not very good for traders from Europe. MFF was better option.
MFFX announcement this morning:

MyFundedFX Community
This is an important announcement regarding the company changes. As you are aware the industry is evolving very quickly in many regards and firms must adapt to the ever changing conditions of the industry and the market.
Our 2-Step Pro plan since launch has been slow to catch on relative to the other two programs we offer. The type of trader it is attracting however is not the type of trader we want long term trading with MyFundedFX.
In order to adapt to this and with the long term sustainability of our organization we must make a change. We have disabled all purchases with the 2-Step pro plan while we migrate to the new 2-Step Pro Plan. The new plan will have 2 changes. The first is that the phase 1 profit target is increasing to 10% to align with the 1 to 1 drawdown to profit target ratio that we feel is the long term industry standard. To accompany this, we are lowering the prices of the 2-Step Pro plan to match the rest of our programs.
IMPORTANT: All existing customers on the 2-Step Pro program will remain unaffected and may continue as usual trading.
We recognize this is a change that will impact public perceptions, and customers who trade on this plan but we re affirm this change is to aid in the long term viability of our company and we are confident other firms whom have not already made such changes will do so as well.
Thank you for your fierce loyalty and goodluck this week traders!
Side Note: Our new office is opening in Cyprus soon which will greatly increase the robustness of our trading operations.
Quoting AaronPriest
MFFX announcement this morning: MyFundedFX Community This is an important announcement regarding the company changes. As you are aware the industry is evolving very quickly in many regards and firms must adapt to the ever changing conditions of the industry and the market. Our 2-Step Pro plan since launch has been slow to catch on relative to the other two programs we offer. The type of trader it is attracting however is not the type of trader we want long term trading with MyFundedFX. In order to adapt to this and with the long term sustainability...
Haha, they need to reduce payouts with that.
Quoting Sc11
{quote} i believe if your payout from the prop firm is derived from outside the UK such as ftmo which is based in Czech Republic, then VAT or sales tax does not apply post Brexit. 5%ers is a bit more complex as its registered in Israel and in the UK.
For 5ers I would consider what is in the traders agreement (Israel) because that's what you show to the tax man. UK appear mentioned but just for data protection.
I don't know now but when I got my funded account the agreement was still done through Deel and this was the entity with who I signed the contract:

Quote
The private liability company (LTD FIVE PERCENT ONLINE LTD, having its principal place of business at 14 Haroshet, Raanana, Israel, 4356674, email address: [email protected], registered in Israel under the number 515864007 (“Cl ient”)
Quoting Sc11
{quote} "If you’re in the UK and the place of supply of your service is in an EU country, you do not pay UK VAT." also this https://www.accaglobal.com/uk/en/tec...utside-uk.html
The reverse also true. In UE we don't pay VAT if services were provided for countries out of UE, like UK, UEA, US, Canada, Australia, etc.
Quick question about Apex

Imagine that we have an eval running from Dec 11st to Jan 11st
If I cancel that on Jan 7th for example and I achieve the target on 9th, do I still get the funded account ?
With this name I don't know if this is a joke:
https://ceocokefundme.com/
Quoting Capablanca
Quick question about Apex Imagine that we have an eval running from Dec 11st to Jan 11st If I cancel that on Jan 7th for example and I achieve the target on 9th, do I still get the funded account ?
No because you need minimum 7 trading days at Apex, so there is one round to be paid more. But if you passed before then this is a sure thing to get the PAs bit later.
Quoting Capablanca
With this name I don't know if this is a joke: https://ceocokefundme.com/
scam
Quoting AaronPriest
Thank you for your fierce loyalty and goodluck this week traders!
Side Note: Our new office is opening in Cyprus soon which will greatly increase the robustness of our trading operations
Wait... but Mattl why are you running from the US all of the sudden? I thought you welcomed future regulation...
Quoting TrAndy1
{quote} No because you need minimum 7 trading days at Apex, so there is one round to be paid more. But if you passed before then this is a sure thing to get the PAs bit later.
I was assuming that I would get the 7 days. Thanks.

I'm asking this because we should cancel some days before to make sure we are not rebilled.
Quoting Capablanca
Quick question about Apex Imagine that we have an eval running from Dec 11st to Jan 11st If I cancel that on Jan 7th for example and I achieve the target on 9th, do I still get the funded account ?
I believe if you traded a min 7 days and you pass 1 day before renewal, they give you 48 hours to setup & pay for PA account.

I passed my evaluation, but getting rebilled tomorrow / I need more time to pay for my PA – Apex Trader Funding
Quoting Capablanca
Quick question about Apex Imagine that we have an eval running from Dec 11st to Jan 11st If I cancel that on Jan 7th for example and I achieve the target on 9th, do I still get the funded account ?
Yes.
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Don't give up on your dreams. Keep sleeping.
Quoting CableJ
{quote} I believe if you traded a min 7 days and you pass 1 day before renewal, they give you 48 hours to setup & pay for PA account. I passed my evaluation, but getting rebilled tomorrow / I need more time to pay for my PA – Apex Trader Funding
Thats been changed. As long as you keep your eval account open, sign the PA agreement you can pay beyond the 48hr requirement.

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Trade with confidence, trade without fear.
Quoting AaronPriest
will greatly increase the robustness of our trading operations.
-Whatever that means. Doubtful that such a move will provide the kind of benefit that he is hoping for.
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