/biz/ - Business & Finance

>>21217254
just use koinly.io

and yes, you have to pay taxes on gains when you sell coins, even if not into fiat.

congrats, as long as you bought gold/silver britannias, there is no tax on your gains.

https://www.telegraph.co.uk/money/consumer-affairs/invest-gold-pay-no-capital-gains-tax

>>21217254
Oh mate, look into Gibraltar. It's what I'm gonna do. It's a British Overseas Territory so you can walk in and declare residency. You'll still be able to come back here no probs. It has ZERO CG tax on crypto and staking rewards. If you cash out in UK you're looking at 20% CG (after your £12500 threshold).
Also, Gibraltar has loads of tax expert lawyers and accountants who'll sort you right out. I'm totally going.

>>21217254
20% goes to boris.
else, you can try opening an account in a tax haven, funding an ISA, try tax write-offs, create a new business and purchase assets for the business...
idk dyor

>>21217254
Also, it has an airport and easyjet flies there from gatwick for £50

>>21217254
Most tutorials online I have found said in this order (if I recall correctly): if your crypto gain you'll transfer is higher than 200k, buy guns and do not declare that income, place a gadsten flag for your property and if they come for you shoot with all you have, and retreat to your comfy panic room you purchased wih your gain when you need a rest or if the situation gets tense as fuck

i sent elon 1btc he was suppose to send me 2 back but didnt. can i write this down as a tax loss?

>>21217428
Any you’d recommend?

I don’t know what to do with staking when link/eth comes out with it. I don’t see why I’d have to pay when I get the reward, cause that means I’d need to cash out every reward just so that I had enough to cover tax incase either bombed.

It should be like prospecting. You only pay the tax applicable on the time when you sell the coin. I really wanna live on my 10k link staking but I don’t know what to do at this point

>>21217428
>Gibraltar
devillishly based

>>21217528
Can't recommend any as I've not done it yet. But I anticipate doing it in the next year or so. Just google, and try reddit. I was looking at AirBnBs there, so I could go on a kinda research run, and one of the hosts was a guy called James who works for Hassans International Law Firm as a tax and crypto tax lawyer. Thinking about popping over, staying there and bending his ear. Doubt you'd need a lawyer though. Just a crypto savvy accountant...

all neets pay your taxes

>>21217722
Yeh I'm happy to pay them at 0%

>>21217678
I think I’ll go with cgt on one of my investments and then buy a house for me mum n dad. Cause I just hodled.

Then pick up residency/bank account in Gib and collect staking rewards there lol.

>>21217428
You realise british tax residents MUST pay tax on ALL overseas income? even though gibraltar is a british territory, you will still have to pay tax. And banks in gibraltar will be immediately sharing your information with HMRC thanks to tax treaties.

Want to avoid tax? You'll have to leave the UK and stop being a tax resident. In that case, yes, you could pay 0 tax in any tax haven like Gibraltar.

>>21217780
Of you’re outside the UK for more than 183 days you’re exempt from tax iirc

Sailors/offshore workers don’t pay income tax because of this

>>21217428
No tax to pay until I cash out right fren?

>>21217516
kek

>>21217780
>Want to avoid tax? You'll have to leave the UK and stop being a tax resident. In that case, yes, you could pay 0 tax in any tax haven like Gibraltar.
Can you not read mate? Here it is again
> Oh mate, look into Gibraltar. It's what I'm gonna do. It's a British Overseas Territory so you can walk in and declare residency.

>>21217826
Tax due when you realise gains, not cash out. Crypto to crypto counts as gain realisation and a taxable event. HMRC don't care that you didn't know this and it doesn't work as an excuse.

>>21217780
If this is correct, would portugal be a viable place to hunker down for a while?
they have full tax breaks avialable for non-habitual residencies, provided you get an NRI and open with an english speaking bank.

>>21217962
So what’s staking rewards?

>>21217366
>and yes, you have to pay taxes
Cuck

>>21217962
What is defined as realising gains? If say you 2x on a shitcoin, sell for ETH, and ETH goes to zero a day later, surely no gains?

>>21217965
Hasn't Brexit put a bit of a spanner in the works for us going to Portugal to live?

>>21218001
Good question but I imagine HMRC will take same approach and consider the rewards as tokens with purchase price of 0. Tax due when realising gains as normal.

>>21218034
Thinks it's overall gains realised in any one tax year. So the net result of all your crypto moves made in that year ie gains minus losses.

>>21217965
I will be booking the first flight to Portugal the second i make it. Not only is it favourable in terms of taxation(golden visa program), its cheap and truly a beautiful country.

>>21218034
No you made gains on shitcoin and realised them trading for eth. You still owe tax on the eth trade (assuming above cgt allowance) but can offset with your loss when eth dropped. You need to declare those losses in the same year though or you still owe tax.

>>21218034
in that case you would owe tax on the trade to eth, but it would be written off with the loss eth made if you sold the eth at a loss.
What % of your stack are you selling?

>>21218066
Yes from January its fucked, maximum 90 days in EU at a time.

>>21218200
That Golden VIsa Portugal thing is interesting. Buy a property over 500k euros and they'll give you a passport, basically. You only have to reside there 2 weeks every 2 years

>>21218084
In Germany (and I think in the US as well) it is just income as if someone paid you on the day you got the staking reward. Might need to look into it.

>>21217962
Wtf, so if my shitcoin pumps x10 and I change it to ETH, I'm due 20% on my gains and then after I cash out the ETH into fiat I'm due another 20%?

What the fuck this is bullshit, getting robbed of 40% of my gains so niggers and pakis can get benefits
Fuck this shithole of a country

>>21218128
>>21218066
post-brexit, perhaps golden visa program will be the most suitable if you're willing to splash on a nice home.

>>21217254
Never heard anything on being taxed on shit you didn't cash out or lost here in Burgerland. If you cash out, you pay a tiered Fed and State tax on CG. Depends on the state, some states don't tax CG but most do. If you cash out at 1M+ after holding it for more than a year, you're probably going to pay between 27-29% in tax. A few years ago though in hopes of attracting more business, Puerto Rico eliminated the CG tax for residents. Once I make it, I'm going to rent out a cheap apartment in PR for 7 months to qualify as a resident, which would save me close to $2M I would have paid in taxes.

>>21218125
OK and if you hold a shitcoin for say 5 years and it 100x in that period but you never sold it, then you're not liable for tax until you eventually sell it?

>>21218276
No, just the first 20% as your eth to fiat transaction unlikely made you any gain. If it did (ie - you wait 10 years and eth is $10k) you could again be above cgt threshold and owe tax.

>>21218276
Only on the ETH gains from when you bought it.
You calculate how much pounds you'd have gotten from selling your shitcoin (vs when you bought it) and buy ETH with those pounds (which later you calculate against your sell as well).

>>21218344
Tax only due on realised gains. Until you sell for fiat or another crypto no tax.

>>21218344
>u hold a shitcoin for say 5 years and it 100x in that period

Yeah thats right, you only owe tax once you sell.

>>21218084
Yeah I was reading on it last night. There’s not clear guidance on staking rewards from Hmrc. The best thing is to speak to an accountant and see if you could file for dividends sort of thing.

I’d be alright with that actually. Say link staking let’s me be a neet. I just cash out when I want and pay the tax on it at the time of cashing out. Sweet as.

>>21218361
>>21218365
Ah I see fair enough.
Still straight up theft but not as bad as I thought, thanks for explaining anons.

>>21218301
A burger made a thread saying he lost everything after the 2017 crash but still was liable for tax from his 2017 gains. So he ended up $100ks in debt.

>>21218412
Yeah it'll force them to decide how it's handled. I'm not putting any eggs in the staking basket personally until we see something concrete from the team.

>>21218417
Yeah 20% isn't that bad at all
Based UK
Thanks Boris
And thanks frens

>>21218461
I think in the UK we actually have it better because we can use losses from upto 4 years ago to offset current year gains. In yankland I think you need it all declared same tax year.

>pay taxes
but why?

>>21218520
Scared they'll come after crypto HARD once furlough ends and full on recession hits.

>>21218629
100% dude. Sunak is already understandably sniffing around cgt so you can at the very least expect the allowance to drop to 11k ish next year. Won't be surprised to see a rate hike also on the higher earners.

>>21218679
I'm only making 28k so the second part doesn't affect me at least but can definitely see them going specifically after crypto and slapping a 50% rate since it's an easy target

>>21217459
>funding an ISA
Surely that wouldn't work

>>21217254
https://www.gov.uk/government/publications/tax-on-cryptoassets/cryptoassets-for-individuals

For fuck sake it takes a 2 second Google search to see that hmrc have already laid out a full set of guidelines. Would you like me to read it out to you as well?

>>21219338
Sure go ahead. In a sexy voice