I always wondered??
2006-09-25 09:49:35 · 12 answers · asked by Anonymous in Business & Finance ➔ Small Business
They are required to keep a record of their daily gross takings....the amount they have taken each day. I have visited many market traders to examine accounts and know this is how they have to keep their records.The takings have to be recorded so that the Inland Rev & Customs know whats going on.
2006-09-25 09:54:42 · answer #1 · answered by nitpicker 3 · 0⤊ 2⤋
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i have attended a lot of seminars, read counless books on forex trading and it all cost me thousands of dollars. the worst thing was i blew up my first account. after that i opened another account and the same thing happened again. i started to wonder why i couldn,t make any money in forex trading. at first i thought i knew everything about trading. finally i found that the main problem i have was i did not have the right mental in trading. as we know that psychology has great impact on our trading result. apart from psychology issue, there is another problem that we have to address. they are money management, market analysis, and entry/exit rules. to me money management is important in trading. i opened another account and start to trade profitably after i learnt from my past mistake. i don't trade emotionally anymore.
if you are serious about trading you need to address your weakness and try to fix it. no forex guru can make you Professional trader unless you want to learn from your mistake.
2014-12-19 03:36:55 · answer #2 · answered by Anonymous · 0⤊ 0⤋
I just count my cash at the end of each day.
That is sufficient for self-assessment purposes.
If you are VAT registered, it becomes a little more complicated but most market traders that I know (who are VAT registered) have a cash register the same as a shop.
2006-09-25 10:00:26 · answer #3 · answered by dave 4 · 0⤊ 2⤋
They get electronic versions and had better be able to produce them at audit. If they can't, the IRS can and will use data that does not favor the trader.
2006-09-25 09:52:04 · answer #4 · answered by united9198 7 · 0⤊ 2⤋
Wisely
2006-09-25 10:05:44 · answer #5 · answered by terrano 4 · 0⤊ 1⤋
They know the amount of stock they take to each market, and how much each item sells for, after each day they count the remaining stock and work out the takings, simple, i'm guessing though, seems about right. lol
2006-09-25 09:54:14 · answer #6 · answered by Claire-Louise 2 · 0⤊ 2⤋
I just count money at end of day, divide it by 3 and this is the figure I give to the I.R.
2006-09-25 11:12:18 · answer #7 · answered by Anonymous · 0⤊ 2⤋
Guess they have two sets of figures, one for tax purposes and one for themselves. Guess it is quite easy with cash dealings
2006-09-25 10:02:53 · answer #8 · answered by Anonymous · 0⤊ 2⤋
Guessing they don't mate. It's cash, no questions ;-)
2006-09-25 09:51:40 · answer #9 · answered by Anonymous · 2⤊ 2⤋
most of them don't contribute to those stats, those that do it is tracked by their ordering.
2006-09-25 09:57:31 · answer #10 · answered by draytondon 4 · 0⤊ 2⤋