trading in platform with exchange brokers UK

Hi I started my activity as no resident - living abroad - doing trading with exchange broker in UK in January 2024 The broker confirm me that I need pay tax income over benefit - that its right and according the law in UK, but the exchange broker frozen all funds and disabled the account to transfer my own fund and benefit fund. Actually im working with Tax agent in UK - to advance with the right self assesment - based on information about transaction. The broker said that the limit to pay tax income is 7 June 2024 at 12 UK time- my question are: a) Can the exchange broker to disabled account and frozen fund? - b) Is the limit 7 June - when the dates to pay income 2023-2024 close in April and 2024.-2025 close in November 2024? c) I undertand that the rate to pay tax income is 21% - my question, is can I talk with HRMC - to understand my alternatives in this situation? - Thanks for your attention!

Hi,

We cannot comment on whether the broker can suspend your account.   

Income tax and non-residential property Captial Gains Tax, declared in a Self Assessment return is payable by 31 January after the tax year has ended.  

You can contact our Self Assesment team if you wish to discuss anything.

Self Assessment: general enquiries

Thank you.

Thank you very much for your prompt response. The broker through your platform tells me that the reason is that I have to execute the payment of tax on profits. In this regard, I am already moving forward with the registration process with HMRC under the supervision of a tax consultant in the UK so that I have the self assement developed to execute the process according to the laws in the UK.

I have a related question. I am a UK citizen and using stock trading platforms registered in UK. With the general trading accounts (not ISA) , the idle cash produce very small amount of interest - say less than £20 a year . I understand that these interest are covered by income tax personal allowance but my personal allowance are normally used up before any additional income. Assuming the stock trading platforms would inform HMRC about these interest, would HMRC adjust the tax code yearly to manage these very small amount of money? Regards

Hi ,
 

You still have to report the interest, as it will be included in your tax calculations.  It may be covered by the interest savings allowance or it may mean you exceed this allowance and tax is payable. Thank you .