Tax on forex trading in UK

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.

Hi,

As far as I know mate spreadbetting is not taxable in the UK, however profits from trading CFD's are taxable but that there are still exemptions to this.

Its worth speaking with a financial advisor who will be able to guide you best.

Hope this helps.

My accountant is asking for the annual trading statement for each trading account. For the taxable period. Probably a good idea to keep these somewhere? In case they want to see them?
And yes, there is a corporate tax on profits generated by trading. I guess, similar tax is there, as an individual, if you are not using a company (for your trading activities)?

Some advice here:

https://taxscouts.com/do-forex-trade...-12f8f4b62e39/

Yes.



Not initially. Only if they ask.



Capital Gains.

You're well under the tax-free CGT allowance, and won't have to pay anything (unless you also have other capital gains in the same tax-year, of course).



Yes, it is.

Get advice from HMRC's helpline, NOT in forums.

As Far as my accountant said if you don't want to offset the losses you don't have to declare the wins.
but this was a while ago.