/biz/ - Business & Finance

bump

>>26100333
checked. Buy freedom reserve

>>26100333
Never selling, there done. Genius.

not looking forward to CGT when I cash out it has to be said fellas

>>26100333
I'm going to sit on my stack and not touch it. I don't even try and swing anymore because of CGT. Their greed kills innovation.

>>26100333
in UK was it maximum 5k allowance on CGT before you get taxed right?

i dont want to pay VAT on platinum, is it okay to buy with storage in Zurich?

>>26100333
gonna hire some jewish accountant to figure out how to dodge it. there must be a way, maybe moving to jersey and opening a ltd company there or something idk
worst case scenario, im gonna fuck off to the middle east for a bit and cash out over there tax free. but under no circumstances am i paying 20% of my gains to this fucking government

doing a poo

Just signed up for a monolith card, anyone else used them? Or any other crypto debit card? Surely the point cgt/aml gets you is when you try to put it in the bank - but this would allow you to bypass the bank stage entirely.

>>26101411
First 12,300 gain is exempt

sucking a golf ball

>>26101440
Lmao im moving to the uk and im happy to pay just 20%
I live in Ontario and they ask for 50% of any cg.

Best crypto friendly UK banks to use when cashing out?

>>26100333
bruh... go to jersey, open a bank acc, put your gainz in there. done newfag

>>26100333
I've got 4BTC I mined while living in another country, I assume if I sold while living here it's taxable here right

>>26100333
By not selling
>>26101664
Monzo

>>26101675
Could you please point us to something more detailed?

>>26100333
Morning my fellow Brits, may prosperity rain upon you.

>>26100333
Checked. Nice try HMRC.

>>26102325
>prosperity
Not on this shithole island. See when Americans or Aussies "make it" they can afford a mansion and 5 acres of land with $250k. Meanwhile here in outer London you need £1.2 million for a 3 bedroom terraced house

>>26101664
>>26102055
>Monzo
known to be hostile to crypto

if i make a million or more from crypto, i'm fucking off somewhere else. this place is pure fucking shite.

>>26102161
that's literally it anon. you just need an offshore bank acc. and transfer straight there into a savings acc. good ole BoJo and the rest of the mp heard has been doing this for ages.
and also, get an accountant (preferably a good one) they'll sort you out

>>26102410
You're here forever. After living in Britain you'll never be quite comfortable anywhere else other than countries with similar culture like Aus/NZ

>>26102161
also in the world of capital gainz it's pretty much a free for all. if you're not intellectually resourceful in any way, you'll get eaten.

>>26102410
Agreed.

>>26102419
Thanks, man

Morning lads. Starting the day off with a shit and a bath. Also fuck HMRC

>>26102410
This. I hate this country so much, no idea where I'd live though

>>26102473
I kill in the markets, but many of my gains are untaxed because offshore

>>26102441
my fucking arse. i'll go buy an island in the philipines or something. nothing can be worse than this place.

>>26102558
>>26102410
If I make it, I'll go the gibraltar. still uk, but nice weather, blue sea, not that grey shit. basically same culture, but with a nice weather.

>>26102441
Philippines is based, have a half pinoy gf and she is extremely well mannered and modest, beautiful, and most importantly is an excellent cook

>>26102820
>t. Mr Dudley

>>26102731
good luck with that, I'd prefer to live somewhere cheap. Eastern Europe would be good but the language(s) are hard to learn

PAKIS OUT

Self sufficiency tax residency in Gibraltar.

>>26103790
NIGERIANS IN

>>26101664
There isn't one, they all follow the same FCA guidelines.

You should just communicate with your bank before releasing large amounts of capital. Why do people ask this?

>>26100333
Any of you using Gemini? Do you receive any postal mail at one point from them?

Ah a Paki thread. How are my fellow Pakis?

What's this bullshit i'm hearing about CGT being raised to 40% this year?

Everyone worrying about CGT is in crypto right? I don't envy that aspect of it, I was too brainlet to ever get in anyway, I stick to normal stocks.
Also it's not that bad here, sun is shining and I've got all my limbs you miserable bastards.

>>26104527
which stocks are you in?

>>26100333
I like where this is going. Put a space between /brit/ and biz next time and make it an edition. Also buy monero

>>26104860
fucking Brits segregating themselves wherever they go, fuck off

1. Claim your investment in Crapto was a gamble
2. Gambling is 0% for CGT
3. By the time HMRC pulls you up gainz have tripled your money yet your CGT has gone up by only £100 fine for misreporting

>>26102523
>>26102410
>>26102558
tastelet plebs

have been 30 odd countries and nowhere compares to this green and pleasant land

i need a really big poo lads

>>26102731
have you been? it's a shithole lmfao

>>26101153
Hahahahaha.

Same, Never selling any of my shit. Plus they banned bank deposits anyway.

Plan is to get rich in crypto and leave this fucking brexit place and go somewhere that has 0% tax on crypto (ideally somewhere rum cost 1p a litre).

>>26104879
t. seething london paki

>>26102342
IQ>120

Nice try HMRC. I now VPN when browsing 4chan for this reason.

Can anyone recommend a good stocks and shares ISA?

if i ever /made it/ >£1m, i'd use my Irish passport to move to Portugal for a few months until I was considered tax resident there then cash out with 0% tax

>>26105209
Vanguard, done.

>>26105244
Probably gonna move my retirement fund there.

>>26101302
They're looking at increasing CGT to be in line with income tax. So the top rate of CGT would be 45%. I'd rather cut my cock off than pay that. Will move country or something.

>>26100333
What happens if I somehow cash out my gains in, say, Thailand? Would (((they))) come after me after I become a full expat?

>>26100333
Move to Isle of Man

>>26101664
I have Co-Op and Monzo.

Never had any issues with Co-Op, I think they are just happy for the business.

Monzo, have gay daily limits in place, and aren't accepted by some exchanges.

>>26105343
I would cash out just below the minimum each year out of spite in that case

>>26105399
>£12k/yr
pocket money

>>26104957
Yeah, that's not gonna wash. They aren't mugs - and they have specific advice for crypto now.

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

>>26105244
>>26105308
do they pick the stocks/bonds for you? if i ever had a small fortune i'd like something like that, crypto makes my head spin

what's the next 100x bros? will throw £5k at it

>>26105399
>I would cash out just below the minimum each year out of spite in that case

that's not how it works. Presumably you would have already converted to stablecoins. That conversion requires you to pay tax.

>just hold it in bitcoin bro

I'm not sitting through another 3 years of bear market before it's eventually banned and goes to zero just so I can cash out below 12k a year

>>26102419
>>26102573
and you're still a resident/ tax resident in the UK? as far as i'm aware it doesn't matter where you cash out to, youre still liable?

>>26105451
ROSE. it's already just started pumping, I just gained 50% from it but I think this will be over £1b market cap eventually

>>26105443
Vanguard offer a variety of funds which are baskets of stocks and/or bonds that they pick for you, or that are designed to match an index such as the FTSE250... Global All-Cap index has 7k different stocks in it and is a popular one owing to it's diversity

you cannot pick individual stocks on their platform - maybe go for Hargeaves Lansdown or AJ Bell if you want that option.

>>26105467
>that's not how it works. Presumably you would have already converted to stablecoins. That conversion requires you to pay tax.

stablecoins?

convert some LINK -> BTC
BTC->£12K

>>26105451
Avax - I've been shilling it since 5USD.

https://www.avalabs.org/

>>26105399
Yeah, but like another annon said, you wouldn't be able to convert it into USDC or Tether, as that's a 'taxable' event. There's also talk of them lowering / removing the CGT free amount of 12k as well, so that would be fun. Someone's gotta pay for Abdullah and his ten kids, and Brenda to be on furlough for 12 months. Fully looking forward to income tax going up as well.

>>26105545
Any time you sell / gift / swap, or otherwise dispose of your crypto that's a taxable event.

You could do it if you only converted less than £12k of LINK (for example) into USDC per tax year.

>>26105552
I have 550 AVAX already, avg. cost $5.8

you still accumulating now at $13?

>>26105490
I'm non-dom, but thinking of moving to a lower - tax jurisdiction. Have a comfy job in the UK though, so would need to commute in every few weeks to show my face.

>what constitues a 'disposal' [i.e. taxable event]
>....
>exchanging cryptoassets for a different type of cryptoasset

uhhh what the fuck lads?

>>26105545
>>26105467

>I'm not sitting through another 3 years of bear market before it's eventually banned and goes to zero just so I can cash out below 12k a year

>>26105593
>You could do it if you only converted less than £12k of LINK
errr that was my original point (i'd take 12k out a year)

>>26105545
also swapping link for bitcoin is also a taxable event... how do people not know this yet

>>26105596
I've got 4k at $5.5 buy-in.

I want to get upto 5k, but probably won't be buying anymore now, unless it dips near / below my average by in. I doubt it will dip that much though. $100 this year easy.

>>26105669
LESS THAN 12K!
how fo people not read posts

>>26105658
Yeah, but what I'm saying is if you had say 100k of link. You couldn't convert it all to USDC in one tax year, as you would be liable for tax on 100k minus the 12k allowance.

>>26105552
it's a taxable event if there is any capital gain but converting £100k BTC to £100k Tether involves no profit/capital appreciation so there would be no tax. Right?

I don't pay CGT if I buy a stock for £10 and later sell it for £10 [ignoring the allowance]

>>26105537
nah I don't want that option lol, i don't like having to think about this shit desu

There's always somthing like: https://incognito.org/

Convert everything to Monero.

However you still have the same problem that if you cash out anything significant to fiat, your bank is gonna report it to HMRC. They can do "unexplained wealth orders" and literally take anything you have unless you can explain where every penny of the funds have come from.

there is no reason to buy fucking alts, you should sell everything to get some profit
> go base and don’t take care about lossing, check this amazing PUMP on uniswap!

>>26105749
erm what? we're not gonna see 20x on BTC/ETH anymore.... alts are where the opportunity is

>>26105716
>but converting £100k BTC to £100k Tether involves no profit/capital appreciation so there would be no tax. Right?

No that's not correct. It depends on your cost basis for the btc.

If you bought 1BTC for £1k (for example) and it's now worth £100k. You convert the BTC to USDC, then you would have a capital gain at that point of £99k.

>>26105677
what do you do when a crypto you have moons hard? do you try to swing?

It's a weird anxious feeling, I'm happy I have something that mooned but at the same time I'm scared it will go all the way back down and waste all those gains

>>26100333
They are delaying the tax rises

If you cash out before end of the year or even 2022 will keep the max rate at 20% by the looks of it.

>>26101440
Taxes unfortunately don't work like that.

It's based on long term residence which takes the piss as it's something like 5 years.

You can evade it but to be able to legally not pay it you need to live somewhere else for a while.

>>26105848
Yeah I know what you mean lol. I've only just got back into crypto. But Avax is my only holding at the moment, I'm bullish on BTC as well, but more room for growth with Avax.

This is a long term hold for me, as I think it's a top 5 coin easy. Don't wanna be the guy like pic related.

I know what you mean, but it's not really worth trying to swing - firstly you could sell hoping for a dip, then it zooms up, and also it has tax implications if you swing (each profitable trade you pay CGT on).

>>26100333
OII YOU GOTA LOUISENSE FOR DIS 4CHON POST??

>>26105788
good point yep - I guess my point was that there is no cost over going BTC->USDT->Cash out vs. BTC->Cash out, just means you pay tax on the USDT transaction rather than the cash out.


Am I right in assuming that basically nobody in UK crypto is tax-compliant and will likely pay no tax until cash out?

>>26105552
>There's also talk of them lowering / removing the CGT free amount of 12k as well, so that would be fun. Someone's gotta pay for Abdullah and his ten kids, and Brenda to be on furlough for 12 months. Fully looking forward to income tax going up as well.

I think the current system is pretty reasonable. It still incentivises making investments. You don't really pay *that* much tax up to 50k, and then if you're making beyond that, yearly, purely through capital gains, you can probably afford to lose 20%.

It's just a shame that that money doesn't seem to be going to any good use with the NHS gradually being gutted out etc...

>>26105957
>Am I right in assuming that basically nobody in UK crypto is tax-compliant and will likely pay no tax until cash out?

I think the main thing is: you can't cash out to a bank without HMRC being aware of it.

They may accept your return, but if they decide to take a closer look, and you don't have the proper records of each trade, then you are fucked. The do actually have teams in HMRC that deal with this now, even going as far as asking for exchange records and wallet addresses so they can audit your return.

>>26105635
this is the main issue

>>26105716
Crypto to crypto is the same as "disposing of an asset" for "another asset". it is absolutely taxable.

https://www.gov.uk/guidance/check-if-you-need-to-pay-tax-when-you-sell-cryptoassets

>You might need to pay Capital Gains Tax when you:
>...
>exchange your tokens for a different type of cryptoasset

as another anon said earlier, how do people not know this yet?

>>26105130
They didn't ban bank deposits.

>>26106009
20% is okay, but they are thinking about increasing it to 45%.

I earn just under 50k, but I still think the tax is high on an all-in basis, then you have all the 'sin taxes', council tax, etc, etc.

I dunno man, I'm of the millenial generation, and I just think we've been absolutely fucked by sucessive governments and essentially we're paying the bill for boomers without getting any of the benefits: no free uni, housing market fucked, job market fucked for many, no gold plated pensions anymore, etc, etc.

>>26106009
fucking cuck

>>26105957
>>26106037
Btw - you can use a site like this to work out your taxes for you: https://app.koinly.io/

wouldn’t live anywhere else me
love the people here too much

>>26105433
It then goes to your regular income tax level. So it's like 10% 12500-50000. It's after 50k it goes to 20%.

>>26106098
HSBC did: https://www.thetimes.co.uk/article/bitcoin-holders-barred-from-depositing-profits-in-uk-banks-pgswbfrdz

>>26100333
>Help to buy ISA rate went from 2% to 0.95% to 0.05% since March 2020
I'm moving my savings to S&S I just want a fuckin house

>>26105892
any concrete info on this?

>>26106152
No - no one knows until the chancellor does the budget. It's not gonna be this tax year if they do change it, so you have until April.

>>26106101
>but they are thinking about increasing it to 45%.
yeah that's crazy, CGT should probably always be lower than the equivalent income tax

>essentially we're paying the bill for boomers without getting any of the benefits: no free uni, housing market fucked, job market fucked for many, no gold plated pensions anymore, etc, etc.
I'd argue uni is still near enough free with the tiers of how it's paid back; it's effectively a small extra tax which you will only pay significant amounts of if you actually benefitted from uni (generally). Yeah though housing + jobs + pensions all completely fucked I agree.

>>26106116
bring back national rail

>>26106195
so its a balance between the loss of paying extra tax vs any potential extra gains post april in a bull run

>>26106101
>I dunno man, I'm of the millenial generation, and I just think we've been absolutely fucked by sucessive governments and essentially we're paying the bill for boomers without getting any of the benefits: no free uni, housing market fucked, job market fucked for many, no gold plated pensions anymore, etc, etc.

We will have to kiss the state pension goodbye too. Debt, aging population, welfare costs going up and up and not enough being paid in by subsequent generations = rugpull at some point.

>>26105941
saved
this guy probably really wants to kill himself now

what do you think of ROSE? I feel really good about it, I think it could be top 25 at least. I'm just gonna hodl and buy dips

>>26106143
That isn't the same as a ban.

>>26106243
Yes - if you have like six figure profits then I would be looking at cashing out before April.

If not then just hold on, and worry about it later.

>>26106195
Would be very unusual for a Tory chancellor to do that.

>>26106215
why would you tax speculation at a lower rate that labour? lmao

>>26106335
thats a risky play anon
that 6 figures could easily become 7 from april to november (ETH was $50 in apr-17)

>>26106329
It's not illegal no - I don't think he was making that point. Just that it might be more difficult to deal with / find banks that are willing to deal with you. Especially if others follow suit.

>>26106287
>We will have to kiss the state pension goodbye too. Debt, aging population, welfare costs going up and up and not enough being paid in by subsequent generations = rugpull at some point.

Yep, absolutely. This is what I'm so angry about with paying all these taxes, because I know we are not gonna get the same benefits previous generations did. Fully expect the state pension age to go to 75 by the time I retire lol.

>>26106301
>what do you think of ROSE?
Haven't looked at it mate. I'm all-in AVAX right now, probably will be for some time.

Christ, i've done hundreds of trades since 2016, i'm going to get royally fucked by HMRC

>>26102035
Yes

>>26100333
Convert BTC gains to Monero, send to my brother. He cashes out under the CGT allowance and I pay the cash into my account. Simple.

so you could buy £2k BTC, take it to £120k on a bull run, trade into shitcoins and lose it all, but still owe £20k CGT? kek.

Thoughts?

30 years old, renting, no debts. Hoping to buy in 5 years with gf. 40k~ before tax income.

- £1900 in BTC/ETH/DOT
- £450 in $CLF
- £4000 in Vanguard LifeStrategy 40%
- £5500 in Bank
- £15k in a LISA

Currently trying to build a credit score and save a few tens of pounds a year with an AMEX.

>>26104510
They delaying it till after recovering if it ever actually even happens.

>>26106506
might as well stick your current account cash (presumably your 'emergency fund') into premium bonds

>>26106500
Losses detract from tax owed.

>>26106357
Someone has to pay for all the gibs they have been handing out: https://www.bbc.com/news/business-54908037

>>26106390
It discourages investment and innovation? Capital will just go elsewhere, not the UK where they're taxed to fuck.

>>26106390
to incentivise people moving money around and using it, isn't it meant to be better for an economy if money is invested in things rather than sitting in bank accounts? G R O W T H

(I have no idea what I'm talking about and could be completely wrong, it just seems right intuitively. Unironically please explain why it should be the other way if you know why)

>>26105209
Go with Vanguard. Great service and low fees.

>>26106553
Was considering that as well, will look into it more

>>26106498
You retards are gonna get fucked by HMRC lol.

>convert BTC gains to Monero
You pay tax on that.

>send to my brother
You pay tax on that.

uhhhh lads... did you see this?

https://cointelegraph.com/news/british-financial-advisor-calls-on-the-gov-t-to-ban-crypto-transactions

we're actually finally fucked

>>26100333
>How do you plan on avoiding CGT this year?
I don't because I'm not a degenerate
Pay your taxes

>>26106404
>AVAX
How did you find out about this? it's fairly recent and it pumped pretty hard

I plan on avoiding CGT by not selling anything.

>>26106500
Yes - until the point you sold the shitcoins, thus crystalising the loss. Otherwise, yeah you would owe the tax.

>>26105745
Unexplained wealth orders are usually limited to huge amounts of money. A few thousand every couple of months won't lead to one. I paid in £12,000 cash into my account a few months ago in one go and Halifax didn't say a word.

>>26105209
Vanguard UK

>>26106531
>Premium bonds
Yes I was thinking of putting 1k in vanguard.

And dollar cost average £100 of another 1k in crypto. I can only see BTC and ETH being higher in the long term.

>>26106596
its just a shitty petition with 108 signatures
fuck em bro

>>26106596
>some boomer britcuck financial advisor who doesnt want to learn crypto wants it banned
kek, fucking boomers. I wouldnt worry too much about this. This sounds like every old british person ever

>>26106419
So have I, but unless you’ve made a shit ton of gains don’t worry. You only need to report over £12.3k total gains. There’s a “4x allowance reporting” clause but it only applies if you’re already registered for self assessment.

If you have done all that, if you’ve got records of your trades (for example CSV exports from finances) I don’t think you would have much difficulty figuring out what you owe anyway.

>>26106596
File it next to the "rejoin the EU immediately" petition.

>>26105209
I use nutmeg , really easy and always positive.

>>26106596
Oh no! 108 signatures! That is literally nothing. It won't be banned here before it is anywhere else.

>>26106572
Already done it and nothing happened. HMRC workers have an average IQ of 80. You just have bamboozle them with technology they don't understand and you're all set.

>>26106608
>Just pay for Jamal's ten kids!

>>26106596
>Liversidge, the owner of the independent financial advisory firm West Riding Personal Financial Solutions
In other words "oh no millenials aren't using by boomer investment services anymore"

>Liversidge cited a common anti-crypto narrative, arguing that cryptos like Bitcoin have no intrinsic value
Neither do Pokemon cards yet people exchange them for thousands. Shall we ban that too?

>“can be a destabilising influence on society, and often used for criminal activity.”
So can: Cash, London Property, Fine Art, Fine Wine, Diamonds. Let's ban those too.

>The advisor also thinks that cryptocurrency mining is “harmful to the environment.”
So? Also, there are cryptos that use less engergy.

Absolute state of that guy.

What if I get an airdrop? does that still get taxed?

I got UNI tokens for free, lets say that I sell them for a different crypto which does a 100x, do I have to pay tax if that sum is now worth six figures?

Retarded neet here, how do they even tax you for this kind of thing? Only time I paid tax it was emergency tax when working in Sainsbury’s and that came out of my payslip. Can you just avoid this altogether?

>>26106404
Where do you buy AVAX from?

>>26106788
yes, CGT applies to the airdrop an to the 100x

>>26106740
Okay, well good luck. If it's low-ish figures I'm sure you will be fine.

>>26106792
self-assessment

if you cashed out over the allowance without reporting your bank would probably alert HMRC to the unexplained funds

>>26106792
Read the thread.

>>26106788
Yes, it's taxable.

>>26106803
Binance

>>26106803
binance

>>26106788
If you sell them for another crypto it’s counted as selling them for GBP then immediately buying another crypto with said GBP.

The gain would be the total amount of the initial crypto -> GBP transaction, and you would pay CGT on anything over 12.3k (alongside other assets)

The thing that 100x is treated like anything else you would buy using GBP. So if you “swapped” your UNI for £1000 worth of another crypto, the gain for that second crypto would be the total amount you sold that crypto for subtract £1000

>>26106390
CGT --> people stop selling --> asset bubbles (incl property)

>>26100333
I intend to not pay this year, and if I make successive gains I'll make a tax friendly portfolio assuming they don't outright ban it and slowly launder little bits of my 'folio there for cashing out.

>>26106890
>>26106851
>>26106813
eh, wasn't banking on it anyway. I just thought there might be an off-chance that there was a grey area that hadn't been covered yet or something

what about putting your crypto up as collateral for a loan and using that to buy a house or something? good way to get around cgt? I get a feeling this is just a solution people say but never do themselves

>>26106954
I'd be surprised if that was a loophole that exists.

I think the only realistic one is to establish tax residency in other country. But that takes like 5 years or something stupid.

>>26106792
>Only time I paid tax it was emergency tax when working in Sainsbury

what?

Where's a good or at least "okay" place to rent in London? I have to commute to Westminster for my graduate job.

>>26106009
Thank fucking god the NHS is being gutted imo, what a burning heap of shite

>>26107138
CLAP FOR R NHS

>>26107123
>London

Nowhere - fuck London.

>>26107123
>I have to commute to Westminster for my graduate job.
Can't you WFH?

Bros I have no money until I start my job in September will I have missed the crypto gains by then?

>>26106843
Ok makes sense. So say I cashed out £20k this year, they’d tax me what? 200? 2k?

>>26107105
Literally was paying ‘emergency tax’ in my first job at 18, they pay it back to you eventually.

>>26107123
Depends on how close you want to be. I’m going to work in IB at Canary Wharf and people say I should live as close as possible because the hours are so long

>>26107292
How are you starting a job 8 months from now

>>26107331
>So say I cashed out £20k this year, they’d tax me what? 200? 2k?

Read the fucking thread - and the answer is "it depends". We're not accountants.

>>26107350
In uni

>>26107405
no saved up student loan?

>>26101440
It is your patriotic DUTY to give niggers your money. HOW DARE YOU?

>>26107346
yeah you're fucked live as close as possible you'll be sleeping at work most of the time anyway

>>26107453
I have mine saved up, should I go for ETH or BTC?

>>26107405
Oh gotcha. Yeah you'll miss some sure but haven't we all missed out at some point. There will still be gains to be made fren

>>26107503
depends how much youre starting with
if its a couple k then you may as well take punts on alts

>>26107528
I have 3k saved up

>>26107556
you can still make gains fren
my advice:
>avoid btc (too late for big gains)
>probably avoid eth, but i can see it hitting new ath soon
>1k in link
>1k in another solid alt
>500 in two low caps with good potential

>>26107638
Thanks fren, was considering chain too

Anyone got an suggesting for S&S isa funds to invest in?

>>26107638
It feels too late for link :/

>>26107874
GRT or PRQ
flip a coin

>>26107218
I can WFH for the time being but in the future when offices open up, they expect me to move and commute.

>>26107874
its too late for astonishing gains (>x10s)
but its a solid hold which will outperform btc
gambling shitcoins involve risk, especilly if you take biz's advice

>>26107405
I'm in a similar situation. I'm siphoning off my loans and putting it all in to ROSE. It's too early for me to diversify so I'm going all in on a sound project with still a lot of upward potential. If I get to a point where I have £20k or something then I'll start buying different stuff

>>26108025
>gambling shitcoins involve risk, especially if you take biz's advice
that's pretty ironic

>>26108143
i didnt recommend any specifics for this reason
dyor or die

>>26108193
calm down newfag

>>26108135
Why ROSE

>>26102410
I make a lot of money on Crypto, but I am still working my full time job so that I can get a work visa in the US

>>26101302
I'll unironically move to portugal for a year. So long as it even saves me just a year's living expenses then it's worth it.

>>26108287
>I'll unironically move to portugal for a year

If you come back to the UK within 5 years, then enjoy your tax bill.

https://www.gov.uk/tax-uk-income-live-abroad/selling-or-inheriting-assets

>>26108025
>its too late for astonishing gains (>x10s)
Wish I knew crypto 5 years ago

>>26108255
they have a lot of partnerships with companies like BMW, will probably be on Coinbase this year, still has less than 100m market cap. I know the Winklevoss twins have it in their portfolio

it seems like a winner just based off of that. I don't really know what it does lol something about personalised consumer privacy

>>26107387
relax, I’m just asking what the average is

Listen up cunts, the easiest way to pay 0 tax is to buy crypto related stocks using your S&S ISA. Unfortunately I didn't know these stocks existed until the current bullrun and I bought BTC and alts instead. When the crypto market crashes I will be going all in on ARB.

>>26108654
>relax, I’m just asking what the average is

There is no 'average'.
You didn't read the thread.
You don't know how Google works.

Not gonna make it.

>>26108557
5 years from now tons of other shitcoins will have gone up by 10x/50x/100x

>>26106357
We are in very unusual times. We have spent absolutely fucking insane amounts of money for healthy people to stay at home and do nothing.

>>26100333
It's only 20%, I'm going to pay it, I have to fill out an SATR anyway so it's not really a big deal.

Am I right in thinking I don't have to fill out a SATR If I withdraw (Binance Acc to monzo) less than 12k each tax year?

>>26108698
I’m phoneposting while on a leisurely stroll u mong

>>26109143

NOT
GONNA
MAKE
IT

>>26105788
Correct

Alright chaps, I'm a bong who turned $42k into $320k this year. That was from going all-in into 1 alt during the march dip and holding. I have £50k in previous years losses I can carry forward, which is lovely. But I'm not looking forward to paying CGT on the rest. Thinking 5 years in Portugal might be the call. But there also may be an option to gain self sufficiency residency in Gibraltar, but I haven't looked into the details of it all yet. Tallyho old boys, chin up. It'll all come right.

>>26109446
Accountant here. Some of you are so dumb, by ill throw a bone and some basic math

If you purchased £10k of BTC and sold at £40k
You have made a gain of £30k
You do £30k gain LESS ALLOWANCE of 12.5k
Which is 17.5k
Depending on your INCOME
We take that 17.5k and multiply by either 10% or 20%

So if you are a high earner and at 20% of 17.5k is £3.5K TAX YOU OWE

>>26109786
Sir this board is for degenerates only wat r u doin here

>>26108691
The gains from such companies are not even directly tied to the value of their holdings. Look at grayscale ethereum trust over the past year for example.
I'll take some out to use the allowance probably but not fully convinced at this point to go all in a crypto stock.

What if you exchange BTC directly for legal tender gold coins?

>>26109963
disposal

>>26102557
Based.

>>26109786
can I list gas fees as losses?
at least on actual trades

>>26105343
If they do that I'll seriously just move country to cash out. I actually don't mind paying ~20% too much, but if that changes I'm gone.

>>26110226
Yes, you deduct them from selling price

>>26106138
That's actually less than I thought, I thought it was a flat 20% on anything over 12k.

Boys a quick question, I have money in a US broker (female), would I pay CGT when the realized profit on that exceeds £12,300 or only when I cash out?
I plan on reinvesting any realized gains and only cashing out when I get to the amount I want, would I have to declare this to HMRC?

Do I have to do this taxes stuff right now or can I leave it for a few years until I decide to cash out. Assuming I've got all my trades listed down in an excel.

Let's say I invested 10k in January 2021 and it steadily increases every month until I become a millionaire after 3 years.

Do I have to do this tax business every year, or can I just do it all in one go at the end?

>>26109701
>Alright chaps, I'm a bong who turned $42k into $320k this year.

Nice work. You will hit 7 or 8 figs if you work it right.

> That was from going all-in into 1 alt during the march dip and holding.

Absolutely fucking based and the right approach. I have 2mil USD and am still 95% in one altcoin, kek. That is the way to riches.

Keep playing the game. Pick VERY safe bets (better 99.9% sure to get a 5x than 90% sure to get a 10x, for example). Only coins that you know, absolutely, will do well over time. No exceptions.

Then go in huge.

>>26110566
>Do I have to do this taxes stuff right now or can I leave it for a few years until I decide to cash out. Assuming I've got all my trades listed down in an excel.

Each trade is a taxable event that you should be notifying HMRC about. You can either do that immediately, or "You can report your gains in a Self Assessment tax return in the tax year after you disposed of assets."

So if you made a disposal today, you'd have to report it some time before April 2022, it sounds like. Basically like reporting income, you do a return the next year when the year in question is all concluded.

https://www.gov.uk/capital-gains-tax/report-and-pay-capital-gains-tax

I dunno if its changed since then (or was just plain wrong in the first place) but do coins still count as assets after a year of not trading them? So if I did a bunch of swinging it would be income tax but if I held afterwards for long enough it’s CGT I’d pay when cashing out?

>>26110888

I went all in QNT and I intended to stay that way. If I don't see at least $1 million by the end of 2021 something will have gone wrong with Quant.

>>26110888
>I have 2 mil USD
*bows* your highness

I went all-in QNT and I'm planning on keeping it like that. I fully expect to see at least $1 million by the end of this year. If not, something will have gone wrong with Quant.

Do you have any suggestions you care to share from your experience?

>>26111010
>Self Assessment tax return
if I cash out 100k from trades done in the previous year, it's the capital gains tax self assessment that I fill out? if the same year it's self assessment tax return?

>>26101408
the net result is the same in terms of taxes swing away.

For the double digit IQ /biz/lets here, CAPITAL GAINS PERCENTAGES ARE LEVIED ON GBP (INSERT YOUR COUNTRIES FIAT HERE) PROFITS MADE ONLY.

IF YOU MAKE ZERO OR LOW ENOUGH PROFITS YOU PAY NO TAXES, IF YOU REALISE GBP LOSSES THEN THEY ARE SUBTRACTED FROM PROFITS FOR THAT YEAR

>>26111749
Does that mean I don't declare anything until I make more than £12,300. Sorry brainlet here

>>26111964
>buy a shitcoin for £100
>your stack moons to £100100 value
>you then go all in on another shitcoin
>you currently owe taxes which can be calculated from this figure as you have disposed of your assets, however
>stack dumps violently to a value of £12300
>your loss in now factored into your CGT, and you now owe 0 taxes due to losing £87800 value from your trade and being in the CGT free zone

>>26101473
This doesn't assist. Purchases made on a crypto debit card are taxable for CGT purposes...

>>26101664
Pulled down 20 grand on Coinbase Pro to Lloyds, no issues

>>26108505
>ever returning to this shitty island
kek...

>>26110430
Provided you don't have a high paying job it works out ok

>>26105209
Trading 212 has a good range of products, also no fees

>>26106500
This happened to tons of people in the early 2018 crash - many anons got rekt

>>26107123
Clapham/Balham if you're white

>>26112984
absolute wankers inhabit these areas lmao

>>26107123
East London is pretty cheap

>since getting into crypto spend hours a day fantasising about how I would use a £500k/£1m/£2m cash out
>portfolio at £13k...
it's pathetic lmao

>>26108654
you sounds like the kind of person who bought bitcoin at 42k

>>26100333
By staying below the 12k CGT free threshold.
Dont have that much in crypto anyway.

When do people reckon offices will open up? I was thinking whether to wait it out for longer, working from home with my parents, or start looking for places to rent in London while landlords are desperate.

>>26102419
and by doing this you avoid capital gains?...

>>26110888
>Keep playing the game. Pick VERY safe bets (better 99.9% sure to get a 5x than 90% sure to get a 10x, for example). Only coins that you know, absolutely, will do well over time. No exceptions.
>Then go in huge.
wow dude just buy the thing that will go up you're so fucking smart why didn't I think of that

>>26106621
>>26112976
>>26106500
how the fuck would hmrc know if you gained 120k on btc and moved some btc to some shitcoins and lost it all anyway

Should I open a stocks and shares ISA with my bank (natwest) or elsewhere

>>26109061
You have to declare if you have REALISED capital gains over £12.3k. So, say you invested 1k in a particular shitcoin, it then went to 15k, you withdrew 10k to fiat and bought 5k of another coin...your total realised gain is 14k, subtract your allowance = 1700 is taxable (even though you've only pulled 10k to fiat)

>>26113436
they wouldn't unless you get audited