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A taxpayer has registered with HMRC as a sole trader in futures derivatives. He has made a loss in the first six months of £30,000
Towards the end of 2013 my new client registered with HMRC as a sole trader because he was trading futures derivatives for himself. Despite making several attempts to register with HMRC as a self-employed individual he has still not received a unique taxpayer reference (UTR) and has consequently not yet paid any National Insurance contributions.
After office costs and fees the client has made a loss for his first six months of business of about £30 000.
Would HMRC be convinced that “trading futures derivatives for myself” is a trade at all? And to what extent might the losses be allowable for tax purposes?
When the 2013/14 tax return is prepared should the income and expenses be declared on a self-employment page as the client seems to be expecting?
Query 18 332– Marty
Reply from ANA
Marty will have a struggle to persuade...
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