Shame on you, Preston. Tell the guy to set off his losses against his profits. (You do not benefit much by declaring only the losses!) Unfortunately, with the tax certificates issued by OST and other platforms, you'll have to disclose everything and if you're a trader, every cent profit will be taxed together with other income: salary, pension, interest, rent, etc. That's why I don't trade. Try to head for the longer term (beyond 3 years) and if there is profit get taxed on the (at present lower %) capital gains tax.
Chattychat I,m with you here. A short term trader has to pay 40% (top bracket)of his profits to the taxman. Thats one hell of a ball and chain to contend with. The long term (3 years plus)investor has a much smaller burden of 10% capital gains tax.
my logic tells me that a cc would pay 28% (company tax rate) and not the 40% if trading as individual with the highest tax bracket? is this true? cc can also write items off tax to try and reduce this more, not?