Does anyone have any resources that detail the best way to set up as a binary options trader in the UK. As briefly as I can, this is what I mean:
Is it wise to register as self employed, or is there any need to?
Has anyone set up a business, and traded as that business, so that the liability is not on an individual, and rather a company? Are there any benefits from this?
I have read that any financial gains made from trading binary options are not subject to tax in the UK as it falls into some sort of gambling regulations. If that is the case, does anything need to be declared to anyone... ever?!
Appreciate this wont be legal advice... just experiences from people based in the UK who are already making money from their trading.
Things start to get slightly more vague if you class binary options as your full time occupation, but at present binary options are treated the same as sports betting in terms of income tax - you do not need to declare it. This may change if regulation of binary options moves from the UK gambling Commission (where it is now) to the Financial Conduct Authority. binaryoptions.co.uk/uk-tax-binary-options