My 1st post and many questions

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Hi
Thanks for reading my 1st post.

We are in the process of setting up some managed accounts for forex trading, we have decided to create a UK Ltd company with my wife as 100% shareholder as she has no income at the moment. We are resident in the UK.

So, a few questions....

1. Are currency trading gains from the foreign exchange taxable at a personal level and/or a company level?
I've read 3 versions varying from tax free like spread betting, to normal income tax applies and even CGT applies.
My thought was to withdraw any profits and trade them personally to be tax free, but now I'm unsure of the tax status of it.

2. If we make over £73k, do we need to be VAT registered? Are there any exceptions we can use? A significant portion of the income will be from commisions on investor's account gains, I guess they are a VATable item. Gains on our company trading account, I beleive, are not a VAT item as it is just an investment/trade of company money. Is that right?
Any way around this as an investment group or something like?

3. Do we need to be FSA registered? From what I see, as long as we are not taking deposits/funds from customers and not soliciting for business then I think not.
Our clients will open an account with the forex broker and deposit funds, we will trade them under a limited power of attourney and the broker will debduct a pre-agreed commision from profits and credit it to our account. The broker will be a swiss broker which is FINMA regulated (Swiss version of FSA), using their PAMM system.

dukascopy.com/swiss/english/management/solutions-for-money-managers/asset

nice little graphic here explaining PAMM structure if you haven't come across it before.
Any thoughts on this? I'd really rather not be FSA tethered.

Thanks in advance for any responses.

B
 

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