/biz/ - Business & Finance

>>12799896
are you retarded why would you pay taxes

You only pay when you realize your gains (ie: sell to usd or another type of asset).

>>12799896
do not declare shit
if you owe something they will remind you

I will pay tax when I eventually convert everything back to fiat and withdraw it back to my bank account, and not a minute sooner

Thanks guys.
Appreciate your time in helping out .
You've eased my mind.

Every trade is a taxable event. Whether you’re buying BTC with GBP, or ETH with BTC each trade should be recorded with details of their profit/loss. Kek, good luck. Tip use software for large number of transactions.

I’m pretty sure there’s no time limit on paying tax here in the UK. Almost certain there’s no 1 year amnesty.

>>12799970
Well I would just so I can buy property.
Govt will repossess if not.

>>12800128
This is bad news, especially whenever you are buying each month.

>>12800219
Read this:

https://blocktax.uk/guide

>>12799896
all info you need is on the gubment website on capital gains tax

You only pay capital gains tax when you sell it for another currency
assuming you bought and held, you don't have to pay any tax (yet)

on the other hand, if you've been trading between coins, then every trade is a taxable event and you are screwed (but for that fairly low amount I'd just pretend it never happened)

and remember you get something like £11k gains tax free anyway in a year. If you bought £10k worth and it went to £20k and you sold that's only £10k gains so you don't have to pay any tax anyway. (assuming you didn't sell any other investments)

>I read online that you only have to pay capital gains tax on crypto if you hold it for over a year.
that's in murrica or germany or somewhere

>>12799896
>I read online that you only have to pay capital gains tax on crypto if you hold it for over a year.
Doesn't work like that in the UK mate

>>12799896
You only pay when you cash out. You don’t need to hold for a year. Capita gains tax applies to any crypto profit made from either trading or investing.

Also gambling is tax free. Under some circumstances you can claim your profits as gambling winnings.

t. Emailed a crypto tax accountancy

>>12800128
This is bullshit. Only in the US is this true. In the UK it’s only capita gains tax on the amount you cash out. They don’t care if u made the profit from trading or not. Still the same tax rate.

>>12801280
Your tax accountant isn't up to date with crypto rules. HMRC have issued guidance and they clearly state, ALL trades are taxable events.

>>12801290
> https://www.gov.uk/government/publications/tax-on-cryptoassets/cryptoassets-for-individuals

What constitutes a ‘disposal’

Individuals need to calculate their gain or loss when they dispose of their cryptoassets to find out whether they need to pay Capital Gains Tax. A ‘disposal’ is a broad concept and includes:

selling cryptoassets for money
exchanging cryptoassets for a different type of cryptoasset
using cryptoassets to pay for goods or services
giving away cryptoassets to another person

>>12801366
How are they going to prove anything but the first point?

>>12801344
As if anyone is going to sit calculating my profit and losses from all the millions of shitcoin fomo buys and panic sells I've made on all the various exchanges including dexes over the years. I guarantee no one has ever gotten investigated for their crypto to crypto transactions regardless of what HMRC tell you

>>12801344
Lol. Ftq.

>>12801389
They don't need to. if they manage to obtain data from just one exchange and you have lets say, 20 BTC and it doesn't add up from the data in their system, i.e. not from income or cap gains etc they will investigate you simple as that.
If you only traded on dexes you might be alright. But right now even Binance is becoming more regulated (they need fiat on ramps) which means they have to cooperate with EU money laundering regs, which means HMRC will get your data eventually if you have ever traded on binance.

>>12799896
fookin tard mate

10k free gains in the UK, cash out 10k each season and fuck 'em

>>12801489
this is only if you KYC for exchanges.
You didn't KYC for binance, did you?

>>12801366

now that's an article

kinda depressing but at the same time, we real moneys now