/biz/ - Business & Finance

>>29843094
Fuck off mate. Paying taxes to the government is for retards. They'll have to kill me first before I file anything to that paki infested bureaucracy. Might av to move to Portugal soon. Fuck London.

it doesn't hurt to keep records though
i have a folder with stuff i downloaded from exchanges and even etherscan
i can see some anons fucking themselves by not keeping records and having to pay cgt on the entire sum rather than just the profit of total minus initial

>withdraw 12000 into my mums account
>withdraw 12000 into my dads account
>withdraw 12000 into my brothers account
>withdraw 12000 into my other brothers account
Etc etc

Can you just do this?

>>29843094

I use https://www.bitcoin.tax for all my HMRC tax calculations.

Best advice I can give is make sure you pay your taxes - the alternative will be absolutely punitive for the rest of your life.

>>29844017
You 100% work for the tories

>>29843833
if i cash out 120k before april 6th, when do i have to file and pay by?

>>29844017
how do you even pay tax anyway

>>29844014
Subatomic brain

>>29844150

It imports all your exchange trades and then automatically calculates your UK tax liability.

You pay via your Self Assessment return if your profit is over £12,500 in that tax year.

If in doubt, an accountant will do this for you for around £250 (London rates).

>>29843418
nor fc based as fuck

>>29843094
'ate hmrc
'ate rishi sunak
'ate shitcoins

luv me pub
luv me monero
luv me tax evasion

>>29844017
>Best advice I can give is make sure you pay your taxes
No thanks.

>>29844367
>reddit spacing
>encouraging anons to pay taxes
off yourself, cunt.

>>29843094
>I just want to state for the record that that cunt is wrong and it would be impossible for HMRC to trace each and every tx you do on the ETH (and other) network/s anyway.
>impossible to trace transactions on a public and immutable blockchain
You have to be a massively thick cunt to believe this shit.

>>29843094
I took a £10k loan out with my bank for crypto, made £24k from it so I cashed out £10k to repay loan. Because it's under £12k (capital gains tax threshold) I am hoping HMRC won't come for me, r-right?

>>29843418
Fuck off then, cunt

>>29843833
I mean my initial is so small of a percentage that it would be little different to paying tax on the entire sum...

>>29844661
>Use XMR
>Suck my dick HMRC

Chartered tax advisor and chartered accountant here:

Don't report any gains to HMRC. The only way you get found out is if you go around giving it the big one and someone reports you to them. Apart from that there is literally no way for you to be on their radar. Plus they are dealing with furlough and covid grant fraud right now, and that is all they will be dealing with for the next 10 years. You are safe

>>29844683

Did you only liquidate £10k of crypto to repay the loan?

>>29844802

And what happens when HMRC asks the exchanges for all trades from UK registered/verified accounts with over £50k gross?

>>29844802
Coinbase has already rat me out to HMRC. Plus there was a britanon who cashed out in the last bullrun, triggered NatWest AML and got v& by the NCA

>>29843094
The hard-working Pakistani pays his fair share of tax. It's only the white Angloid who seeks to cheat the Crown.

>>29844899

Yes, precisely - terrible advice from the chartered tax advisor/accountant.

>>29844879

>>29844802
This is shit advice tbf

>>29844802
I read that Coinbase tells HMRC of any cash outs >£5k (roughly). That's the only thing that worried me.

>>29844822
Yeah still got >£10k in crypto

>>29844899
If coinbase rats you out, you need to use a different exchange

>>29844899
How much did you cash out in total though? For me now that I cashed out my initial to pay off loan I won't be cashing out until it's a large amount and it will be abroad in a tax haven (I have dual nationality)

>>29844966

Ok if you only liquidated £10k and that is your only capital gain for this tax year then you have no capital gains tax to pay.

>>29845043
They will all bend the knee because they want to continue to operate in the UK.

>>29843094
Why is there always some dumb fuck saying you have to be resident in Gibraltar or Portugal for 5 years though IIRC!?
You just have to be out of the UK for 5 years - no longer than 6 weeks in a tax year.
I swear down mate, fucking swear down, next fucking cunt who says it we're gonna go right now mate.

>>29845191
Step outside cunt

>>29845075
Sweet

>>29845223
YOU WANT SOME YOU FUCKING PRICK?

soo anyway
look into ZIL ye
one of the few projects to deliver on time every time since inception, layer 2 eth shit yadda yadda, cheap but p high m cap, its a slow grow for sure, 15% stake etc blah blah
im acoomulatin n shit
any brit nigs say otherwise ill glass ya
but ye actually any fud is good too
also any brit nigs ordering physical silver at the mo? thinking of cashing out and get some but heard theres big ole delays n shit

>>29844966
Coinbase can tell hmrc all they like about 5k transactions. HMRC do not have the manpower to deal with every report. Even then, a transaction over 5k isn't necessarily evidence of tax evasion. It could be a capital loss, which doesn't need to be reported on your tax return.

If coinbase gives info regarding how much money you've made, thats fine. It takes a specific enquiry into you personally before you were to be found out. HMRC do not have any sort of automated system that cross references your gains with a corresponding tax return you may have submitted. It is all done manually. Therefore when I say you only get investigated if someone reports you, I mean it.

Believe me when I say they are too busy with furlough fraud right now to enquire into any of your poncey crypto gains.

>>29845365
i'll fuckin av ya

>>29845454
I'd also like to point out that if coinbase is reporting to HMRC on your gains, HMRC will often send a strongly worded letter along the lines of 'do you need to tell us about undeclared income?' Which will scare you into thinking you need to submit a return. Ignore it. They are merely fishing exercises.

if I had an opportunity to change something I’d like to shoot this niggers who shilled there this trash
have already lost 1500$1700$ for their shit bot
who this nigger that made this stupid retarded bot
sounds like it’s better to wait for full-ecosystem release for Bot Ocean and their solutions
my purse is weeping

>>29845609
gotta love british bureacrasy
im currently being investigated by tv license me self, p scary anons, theres a van outside and it always drives off slowly when i take the bins out
but its back by the time im in the kitchen again
voices in the walls telling me to stop watching adam curtis new series even though i think hes a nonce

>>29845609
I work for HMRC on the operational delivery level. Can't confirm the specifics of the tax code but can confirm thatwe're up to our eyeballs with the Coronavirus shite the government has pulled. Today's my first day off in 2 months and we're doing 10-12 hour days. Overtime is nice though as it's 2.5x base pay. All going into Cryptos

>>29844966
Why would they inform on 5k? When capital tax doesn't even start til over double that?

>>29845740
Are you declaring your crypto? Is it worth buying xmr, claiming it was to pay someone, and then converting that to whatever you want to invest in?

>>29843094
>>29843094
I feel like none of these entities will be able to handle it BUT don't you think they will end up outsourcing to like ChainAnalysis, Palantir, and everysingle payment gateway that ties to the real world? It seems like such a scam though all of these gov't are so fucking corrupt what the fuck bros.

>>29845969
Am I fuck, as that tax Anon said HMRC have bigger fish to fry than some Anons making a couple of grand on Cryptos. Now if you were to start cashing out millions that's a different story. Though even then it'd have to be flagged up and the cases we usually deal with are massive. For instance I've just worked a case dealing with property fraud for about 20 million and the guy involved is a foreign national. That's more what we target.

>>29843094
>just cash out in Gibraltar
>just move to Gibraltar, live there for 5 full years, pray in that time your coins dont go to 0 (they will) and then cash out

Getting tired of hearing retards say shit like "just move to x country and cash out" like its the most simple thing in the world. By the time youre a tax resident in any of these shitholes your coins will likely have dumped 80%. Unironically you would have to move at the start of the bear market and then spend the entire time praying that there is another bull market so you can cash out, or face being broke, stranded in a shit hole with your life ruined.

>>29845740
>can't confirm the specifics of the tax code
Why not? What difference does it make if I know you're on a 1250L tax code?

>>29846604
I meant I don't know the tax specifics, HMRC don't just hire accountants and I'm definitely not one of them lol
We just direct the caseloads and work on operational delivery

>>29843418
Supremely based

>>29845069
Haven't cashed out, just had £5k+ go through my coinbase account

>>29845740
oh nice HMRC anon is back, I ended up declaring crypto losses to HMRC via a letter, can I still get away with it or am I now flagged

>>29847508
brainlet move. Now you're on their radar

>>29844014
well no but you can set up a trading account in each of their names, "gift" them your money and then trade on their behalf, as long as you trust them.

>>29844683
I did the exact same thing. But I am not repaying the loan early, I don't know about your bank but mine has given me three years to repay along with a low interest rate, I am just going to keep investing that money and turn it into more money for the next three years while making the regular repayments

>>29847549
coinbase already rat me out, i figured I had nothing to lose

>>29847877
When HMRC wrote to you, did they have specific info about your gains? Or was it a generic letter along the lines of 'is there anything you need to tell us about'? If the latter, you got played. They had nothing on you

>>29847549
I have cashed out to my bank around £40k

I plan to fill and report this on my self assessment form.

I think it will be around 3k tax, which is fine.

If I do that, the chances of further investigation will be lower right.
Also if I’m a basic rate payer. Then the crypto gain makes me higher rate, do I pay 20% or 10%

>>29848109
Cashed out a few months ago., bought in 20@8

>>29845926
see >>29844959

>>29847416
How long until you got the Coinbase message once >£5k had gone through your account? When I was cashing out the £10k I did three different transactions spread over 3 weeks all under £5k at £3333 in the hopes that I'd lowkey evade any flags. Don't know if it worked but no message like that from Coinbase yet.

>>29848170
2018.

What’s your advice

>>29847508
You're on our radar now so you fucked up. Will anything get actioned? Probably not, unless you really hit it big.

>>29847722
>I am just going to keep investing that money and turn it into more money for the next three years while making the regular repayments

Anon, no. Pay off the loan. We were already retarded to take out a bank loan for magical internet money. Don't get greedy.

>>29846402
Doesn't look like that. It looks like you can deposit as soon as its approved, but the legitimacy can be revoked if you break the terms of the visa within the 5 year period. You'd have to speak to an advisor to confirm that though.

>>29844014
what's in for them?

>>29848109
1. How much did you buy in for?
2. How much did you sell for?
3. What is your gross salary?

tax dodge?

ME?

I just like the monero logo officer

>>29848181
>Based on further discussions with HMRC, a revised notice with reduced scope was issued that now requires the disclosure of customers with a UK address who received more than £5,000 worth of crypto assets on the Coinbase platform during the course of the 2019/2020 tax year.

>>29848270
>there's a 4 year time limit for investigations
>multiple tax authorities are now sticking their nose in to crypto taxation
>some form of automated chain analysis software will be sold to governments and this will be in conjunction with asking exchanges to hand over transaction records for their citizens
figured that there's no escape from this hell anyway

>>29848660
>get flagged for using privacy coins

>>29848854
But what they say, i.e. say to scare you is different to what they actually will/can do. So my question is still valid. Fact that you replied with a quote from them makes me think you really did play it wrong and got shook too quickly. No offense.

>>29848412
So I bought for 1k, but also spent 5k on Shitcoins and sold all of them in 18, but haven’t declared or gave that loss.

Sold at different prices, for around 45k

Gross salary is 45k

>>29848996
>Fact that you replied with a quote from them makes me think you really did play it wrong and got shook too quickly. No offense.
like the quote said, I had more than £5k through my acc from Apr 19 to Apr 20, I got the email in October.

>When I was cashing out the £10k I did three different transactions spread over 3 weeks all under £5k at £3333 in the hopes that I'd lowkey evade any flags
also you gotta be careful with that shit because it could trigger your bank's AML flags (see: "structuring")

If your gains are less than 12.3k do you have to let the HMRC know?

>>29843094
you are wrong. go to koinly and read their page on uk tax law. it links to the relevant .gov page.

I'm a full-time master's student. Torries can fuck right off.

https://www.gov.uk/tax-relief-for-employees/working-at-home

Has anyone else claimed the tax relief? I think I'm eligible but I'm not quite sure becuase my large company kind of gives people the optino to work in the office but not really

>>29851621
I have, but we were told to work from home

It's a default position during the lockdown anyway but its really only like £10 a month or something shit hardly worth it

>>29850069
One anon in a previous thread said that you do. I'm a little worried as I have cashed out 7k this year to pay off a charge so I'm not sure where I stand on this.
I'll wait to see if they come after me first and then plead ignorance. I don't owe them anything anyway so they can't really penalise me..

>>29850069
>>29851963
you still have to declare if your total trade volume is greater than £48k (i.e. 4x CGT allowance), see SA108

>>29848660
>>29844391
I'm an absolute brainlet so can someone link or post a comprehensive guide to evading tax through monero, or is it all just a meme?

>>29845191
It’s one year you fucking slag

>>29843418
Incredibly based

>>29843094
Government was created to regulate incorporated business. There are laws for living men and laws for incorporated businesses. When your parents registered your birth you were incorporated and your corporation was given a name.

State:

I DO NOT CONSENT
I DO NOT STAND UNDER PARLIAMENT
I AM A LIVING MAN
I DECLINE YOUR OFFER OF CONTRACT

>>29852421
According to what?

>>29845740
Am also a HMRCfag in PT Ops, mainly talking to people daily about their tax codes and filling out their tax returns

We do get updated about interest accrued in saving accounts from the banks but haven't seen anything to do with online investing etc. You should get £1000 allowance over interest if you're a basic rate taxpayer.

Its out of my remit anyway as it would be capital gains, thats a tech query.