Tax on trading as 1st or 2nd income

Rocksolid

macman said:

Rocksolid said:

macman said:

Rocksolid said:

I hope this professional advice doesn't cost me a piece of lung .

I want to become a trader full time, so I was asking what happens in terms of taxes at that point if that's my only source of income.

If I make more than 70k per financial year, for my knowledge I need a VAT.

I need to pay anyway taxes and national health insurance in somehow, then obviously I'll add a private one by myself.

The VAT is useful to deduct many expenses such as devices, monitors, and all the rest of the things.
Probably also charges from brokers and financial tools, but I'm really not sure about it right now.

The VAT threshold is currently £85,000, not £70,000. That is based on turnover, not profit. Below that level, it's optional. Until you reach that level, at which you have no option, registering for VAT is unlikely to be worthwhile, just to be able to claim back the VAT on a one-off purchase of a laptop or monitor, which is tax deductible anyway as a capital expense if purchased purely for your business.
If you operate a a sole trader, below the VAT threshold, then you can do your own accounts and self assessment return. Once you start to involve VAT or form a limited company, you will almost certainly need to employ an accountant.

A tax accountant will be needed anyway

Not if you wish to do the work yourself and operate as a sole trader.

I wouldn't risk to declare something wrong and pay fines, and in any case, how much are we talking about?
I do aprox 4 options trades per day, plus I'll need to declare my long term investments because I used to swing few shares.