I’m curious as to the experiences of those who day trade or have had to pay tax on their activities in the UK. From my limited perspective it seems quite complicated if you do a lot of trades and has anyone been audited before any money has been added to your account?
Is it just a case of keep records and declaring every trade you do which is essentially liable for tax? and then informing HMRC?
I should imagine there are also people out there who didn’t realise what they owed and then got stung with a huge bill. Has anyone experienced that?