Hi all,
I have been searching for an answer on this for ages with no hope.
Does UK tax apply on the introducing brokers who get commission on their clients’ trades considering that introducing brokers are full-time employed?
Thank you.
Tarek
Hi Tarek, welcome to the forum. Yes, of course it’s taxable.
Some are; some aren’t. This isn’t relevant, anyway, because additional “freelance”/“self-employed” income earned on the side isn’t exempt from tax.
In general, it’s not a good idea to ask for or to take tax advice in a forum, because the answers you get will almost always be from people who (like me) aren’t accountants and aren’t really qualified to answer. But this question seems straightforward enough. In any case, HMRC has a very good website and “public helpline” phone numbers which you can always call for quick answers to tax queries like this.
Hi Lexy,
Thank you very much for your answer and warm welcome.
Yes I am aware that it is not a legal advice but I will just use it as a reference for me to know what should I do next to report this to the government. I was wondering if it’s classified as a self-employed or freelance so I start registering at the first instance. Porbably HMRC’s helpline will give me the exact answer thank you again.
I [I]think[/I] so. I [I]think[/I] it’s assessed separately under “Schedule D”, and you probably don’t need to register immediately - but don’t take my word for this!
Yes I will ask anyway, thanks a lot