I've looked through threads on here, sought advice from friends/family and even spoken to a financial consultant friend, but still not clear about my tax position.
Trading is my only form of income, I do this in a sole trader/business like manner for tax purposes, so my understanding is that I simply pay income tax on any profits I make, right?
What's confusing me is stock I held at the beginning of the financial year and stock I hold at the end. Am I liable for tax on the value difference? And if so, where does my opening stock come into the equation? I mean, that's startup stock (capital) right?
Trying to compare myself to a retailer selling goods but not sure if that is the correct approach.
This is my first year of profitable trading, hence the query.