Pulling in profits from abroad

Hello, I have started to make a bit of money trading with a foreign broker and I am wondering how to handle the taxes as I pull in profits. The broker is in Eastern Europe. Is there any requirement that the UK government know that I have this brokerage account? As I pull in profits, I can either have them sent to an Isle of Man account that I have, or send them directly to my England bank account. Do I incur a tax liability only when the money crosses the border into my England bank account? I would prefer to transfer profits into the Isle of Man account then only pay taxes as I transfer funds to England if that's how the system works. I do want to be 100% legal. I also want to defer taxes if I possible can.

Thanks!!

Firstly - please teach us your system as we would all like to make more money!

Moving to tax; if you are a US person you report everything to the IRS. No question - including FBARs, and on Forms 8938 and 8960.

From a UK perspective the answer depends on whether you choose to pay tax on the arising basis or, alternatively, elect into the remittance basis. HMRC explain this here: http://www.hmrc.gov.uk/cnr/rdr1.pdf

What are these investments? Their structure could have significant US tax consequences if you are a US person.

Moving to tax; if you are a US person you report everything to the IRS. No question - including FBARs, and on Forms 8938 and 8960.

Thank you! I will be quite happy when I reach the thresholds to fill out those forms

From a UK perspective the answer depends on whether you choose to pay tax on the arising basis or, alternatively, elect into the remittance basis. HMRC explain this here: http://www.hmrc.gov.uk/cnr/rdr1.pdf

I will have a look at that publication. On the surface it seems to be exactly what I am looking for. Thanks again!

PS: No secret on the investments. Just a bit of currency trading.