I have been dedicating all of my free time to learning about trading forex, Indices and commodities mainly through swing trading as this suits me. I’ve used a few different brokers for demo accounts and chosen the one I want to use (Oanda) and have gotten used to the platform taking it slowly and learning as much as I can.
With regards to UK tax laws, I need a few questions and tips. I would ideally like to stay clear of UK tax and trade tax free if possible but don’t know if spread betting accounts are really worth it.
If I start trading with a CFD account how am I taxed, how does HMRC know how much my P/L are each month /year?
Do I just start trading and wait for a tax bill to come through? Is that how it works?
Would I be better off using a spread betting sub account on Oanda?
What are the pros and cons of spread betting?