Donna Forex Forum

General => General Trading Discussion => Topic started by: ibuk on February 11, 2011, 10:52:45 PM

Title: US Based vs UK Based setup
Post by: ibuk on February 11, 2011, 10:52:45 PM
This is my first time posting here,  don't know if this is the correct place to ask this or not....

After 20 years in the US I will be moving back to the UK later this year.  I am currently trading in the US and setup a Company to do this.  Now that I am moving back to the UK i want to move my trading base to the UK, for obvious reasons.

My question is should I set up a company in the UK to continue trading,  for the business expenses/tax advantages or am i better off with an individual account?

I would welcome any opinion from current UK traders.

Thanks.
Title: Re: US Based vs UK Based setup
Post by: donnaforex on February 12, 2011, 07:28:45 AM
That depends on how much you are actually trading. You probably need to set up a meeting with an accountant, a lot will do a free 30 minute phone consultation with you so it is something you may be able to do before you get back to the UK.

If you are earning what is a full time wage from your trading it would probably be worth your while setting up a company. You need to determine with an accountant if your trading activities can be treated as capital gains (and so you get your yearly capital gains allowance, which if you can use would be great)- i think that is your first port of call, especially if you are earning a small amount. If you are taking larger sums of money then i think a company is the way to go in any case. There are soooo many variables here it is just impossible to say one way or another.
Title: Re: US Based vs UK Based setup
Post by: ibuk on February 12, 2011, 03:00:03 PM
Right now I am trading part time,  when I return to the UK I will be doing this full time.  I have a company set up in the US so I can write off expenses etc related to it.

Looking at the personal Capital gains tax allowance and business expenses write off's it probably makes sense to set up a company.

Will talk to an accountant though.

Thanks..     
Title: Re: US Based vs UK Based setup
Post by: DaveL on February 12, 2011, 05:53:41 PM
wondering, do you have US Citizenship now, as that may also affect what you can do given their new regulations? IIRC it would potentially be applicable to any US citizen regardless of residency, so would be a good idea to ask about that also...
Title: Re: US Based vs UK Based setup
Post by: ibuk on February 13, 2011, 03:59:10 AM
No I am not a US Citizen and returning to the UK permanently.