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My client is an employee. However wishing to make some more money he decided to start trading in metals. He doesn’t buy and sell scrap metal but rather buys and sells valuable metals through an online platform.
Over the past year I understand that he has made 20 or 30 such purchase and sale transactions. He had no previous experience of doing this and this activity is unconnected with his normal employment. In fact and perhaps due to his lack of experience so far he has not made a profit and has losses of about £5 000.
My question is how this should be declared on his tax return. With the amounts involved at present and given that he incurs minimal other costs I can see the benefit of treating this activity as capital transactions. In that case...
Please reach out to customer services at +44 (0) 330 161 1234 or 'customer.services@lexisnexis.co.uk' for further assistance.
