/biz/ - Business & Finance

>>57228268
Why do you want to cash out? Are you buying a house or something?

you can cash out as much as you want whenever, most banks won't care. you already owe capital gains tax on the trades you made. you're taxed on disposals not withdrawals and crypto to crypto trades count as a disposal in the UK.

>>57228268
>2k to £225k
What coin(s)?

>>57228310
Forgot to add: just sell to stables?

>>57228312
nah that's just an American thing

>>57228268
just pay your taxes and sleep comfy at night, goy.

>>57228310
I have no idea why I want to cash out - I just really don’t want to lose my money & I feel like if I had the money in my bank account as opposed to in my wallet I would take care of it a lot more. I don’t want to be someone who holds crypto all the way down - I want to be the one who dumps not get dumped on. I don’t even think I’d buy a house lmao I’m 23 living with my mum still. I work a 9-5 at a tech company tho it’s really demotivating to take work seriously LOL

>>57228339
wrong uk too check gov website

>>57228312
>most banks won't care
Has anyone done this with Revolut?
They're technically a bank but I doubt they would accept that much money

>>57228268
Do you even have a loicense to make money? I don't think this is allowed in the UK.

>>57228310
Also, why wouldn’t I want to cash out? Crypto is useless unless you can use it for irl stuff

>>57228312
I doubt I could just sell £220k worth of crypto from my binance and it be all okay - maybe if I did like 50k a year though.


>>57228318
$FI - previously BBANK was my main one - a lot of others too. Still holding around £160k in it

>>57228319
Sell to stables to eventually do what? I have to eventually cash out no? I don’t want to keep crypto forever lmao it’s useless unless you can buy items with it.

>>57228358
No thanks, I will take every step I can to ensure I don’t pay a penny in tax

>>57228268
>20 percent
just pay and chill
gotta give back to the system goy

>>57228268
If I make it big on crypto, then move to a south american country for a year, cash out while there , then move back am I gucci or will they want my booty?

anon,

betting is tax free in the uk.
betfair is a betting exchange.
you can back and lay the same bet (bet against yourself) with two different accounts.
for 1.98
against 2.02

start at 5% commission but just do the same range on a big game and you will pretty soon be on 2% commission. by pretty soon i mean in one day if you trade the spread enough.

pay the betfair commission of 2%.
withdraw. money is legit.
save 18% on taxes.

>>57228414
Original poster here - just realised. I could send 50k in crypto & make a Binance/CB account for my family & have them all gift me 50k once they cash it out? I have genuinely heard that they really don’t care or give a shit

>>57228419
How do I convert crypto into money on betfair?
& I am pretty sure my account which is betting against the same other account for a total of £220k would get flagged no?

>>57228436
for the love of god dont do this you will get eaten alive by your family

>>57228547
Propose an alternative then sir.

>>57228312
Are you retarded? Santander UK just banned buying more than 3k of crypto a month and deposits above 1k. Lmao banks hate shitcoins.
Im going to use MSTR for BTC exposure, banks will just block your accounts because banks fucking hate crypto and think you are a criminal by default.

>>57228268
Dude despite what /biz/ retards here will tell you, there's no great way of avoiding tax. If you try, you'll end up getting buttfucked, or you'll uproot your life and end up causing yourself much more problems than 40k of tax is worth.

Ask yourself if 40k is worth the stress/anxiety/elevated blood pressure/possible ruination of your life. If it is then by all means just don't pay your taxes and see what happens.

>>57228575
I could also just cash out £75-100k a year across a couple transactions - if I ever get caught by HMRC I can say I had depression & my mum is disabled (she is) & i was not in a right state of mind. Could also mention how I had COVID & my family who live in Ukraine died + I’m having trouble coming out as gay etc. I actually did this for a university exam i overslept for & it worked. But I feel like worst case scenario is I’d have to pay the tax I owed. Why wouldn’t I at least try & dodge some of it lmao

>>57228381
Revolut is even worse than regular banks, they block accounts all the time.

>>57228596
I’m also coming to terms with this - I think for £40k tax it makes sense - but if my portfolio grows to £500k - 1m it would hurt me a lot more to just pay that tax for nothing

>>57228268

>Go on vacations for 6 months in Dubai
>Open up a bank account there
>Cash out everything with 0% tax
>Fuck some hookers while there

>>57228375
Don't listen to anyone here that tells you it's a bad idea to sell. It's never a bad time to sell crypto.

>>57228613
It doesn't. If there was a legitimate loophole around paying taxes, everyone would be doing it by now. There isn't. It's fucking 40k or 50k out of 225k, so you'll be left with 175-185k anyway. Ballpark estimate. Don't get fucking greedy, don't fly too close to the sun here, you'll get burned and lose it all. The people on this board never cease to amaze me at how retarded they are.

>>57228624
What would I do in Dubai for 6 months? I’m not interested in casual sex or partying. I just want enough to retire & never work again.

Can I open a bank account in Dubai without living there & cash out there?

>>57228656

You have to live atleast 6 months there to become a tax citizen. Dubai is a pretty cool place with people from all over the world, good weather and zero crime. Just see it as "work" where you'll get paid 225k for it

>>57228665
And then OP has to factor in whether saving 40k on taxes (and potentially still avoid legal pitfalls of tax avoidance) outweighs the financial costs of moving to Dubai for 6 months.

Assuming OP is a basement dwelling NEET, those 6 months in Dubai are going to cost a lot more than his current life

>>57228665
What happens if I live there for 6 months, cash out in a bank account (I’m assuming I need to live in Dubai for 6 months to cash out/create a bank account?)

& then return to the UK? I’m guessing they wouldn’t know about my separate bank account right? & could I then use that Dubai bank account to buy a house in the UK let’s say?

>>57228694
I actually work for a FAANG hence why I don’t want to just abandon my job - I could probably just fake a ‘serious life event’ & take 6 months out to chill though

>>57228414
A. I'm not totally believing that given the gain ratio required to make that from a student loan
B. Should probably familiarise yourself with tax laws better
C.
>binance
You've got to be kidding. You realise they have zero payment partners in the UK and aren't complying with the travel rule; I.e. absolutely no one will take deposits from them, including other exchanges?

Book a time with a tax lawyer. Pay the few hundred for the 2-3 hour visit and you get to do it all legally and save most on taxes. Anons here have good ideas, like the Dubai stuff, but in the end you're better off hiring a professional to help you. They know the law and they know the tax loopholes.

>>57228375
>I just really don’t want to lose my money
>hold all the way down
you're aware you can stay in usdc trading on dex right?

>>57228733
I wasn’t aware of this - thanks for the insight - no binance it is.

>>57228746
Yes I think this is probably the best option

>>57228761
That’s true - desu I really don’t have an immediate use for the cash.

My plan is probably the following:

cash out in stables this year - try & get a job/opportunity to live in the UAE/any tax haven.
Cash out into a native bank account once I’ve lived there.
Return to the UK (maybe?) & hopefully be able to use the money from the bank account to buy a house/use.

Thoughts?

>>57228589
>banks fucking hate crypto and think you are a criminal by default.
Exhibit, A;
>>57228597
>if I ever get caught by HMRC I can say I had depression & my mum is disabled (she is) & i was not in a right state of mind. Could also mention how I had COVID & my family who live in Ukraine died + I’m having trouble coming out as gay etc.
And B;
>>57228414
>I will take every step I can to ensure I don’t pay a penny in tax

I know someone who works at santander and this is all standard stuff.

>>57228706
>& could I then use that Dubai bank account to buy a house in the UK let’s say?
that's the hard part. i've heard it's very hard to take your money out of dubai to a european/american bank as none of them will accept the transfer but i'm not an expert on this

>>57228850
Have you ever asked your friend on how to cash out appropriately? How would you go about withdrawing whilst paying the least amount of tax possible mate?

>>57228856
Yeah if that’s the case that’s not ideal - desu the more I’m learning the more & more it’s looking like I have to either pay the tax.

OR I find someone who wants to buy crypto for bank transfer/cash in bulk - (I’d need to trust tho ofc)

>>57228596
20 pct isn't even that much. And in the UK there's also 10k a year tax free capital gains

>>57228890
It’s been reduced to 6k this year

& it will be 3k next year LOL what a shit show

>>57228889
>Have you ever asked your friend on how to cash out appropriately
Just pay the tax...

>>57228889
If you want to pay the least amount then you move to where there's no taxes, protip: 200k pounds isn't enough to start thinking about multiple citizenship/residencies. A passport can cost 100k the 200k.

Also here's some more tips (retard)

> Gold
> Silver
> Giftcards

>>57228889
you can visit sofia and other eastern european countries
coinatmradar.com/bitcoin_atm/30221/bitcoin-atm-shitcoins-club-sofia-shitcoinsclub/

>>57228922
I’m not sure why you’re acting like I’m here asking for money mate, I’m asking a genuine question. Just trying to get some info regarding my options - I’m sure you’d do the same in my position mate.

>>57228932
How would I even buy gold & silver using crypto? Or do you mean to buy gold in place that you’ve cashed out in (UAE) & somehow bring that to the UK to sell?

Just cash out and pay the tax you fucking retard. I cash out 7 figures USD, bank doesn't give a fuck unless you're $100m+

>>57228375
if it was me id just contact one of my friends who trades OTC and get them to cash me out in CASH (banknotes)

>>57228943
I appreciate the help bro but I think for my size, going to an ATM won’t help

if you pay tax on it you're just funding your own (and my) destruction. if you pay tax on it you are my enemy

>>57228959
>How would I even buy gold & silver using crypto
Mate you can buy anything with crypto. Including flight tickets, hotels, appartment rent (Airbnb). And also gold and silver without kyc. They bring it to your fucking door.


You don't even need to "cash out" into s bank anymore.

I expect you help me in the future fren.

Laters

>>57228965
once you have the money in cash, you can start saving your entire salary and substitute absolutely all the discretionary spending with your cash. need to buy plane tickets or something? get your friend to pay with credit card and give them cash. online subscription? direct debits? use your mums account and give her cash.

>>57228964
So you’re proposing I just cash out from Coinbase to my bank account & the bank won’t bother with checking etc?

>>57228997
Bro how am I gonna find someone with £220k in cash that wants crypto AND that I can trust

save your legal salary money and use it to buy big ticket items eventually that need cash, condo in thailand: (needs kyc) use your salary money, everything else: your cash

>>57228981
>if you pay tax on it you're just funding your own (and my) destruction
I don't think anon is actually from the uk anyway, at least more than one generation ago.

Another day. Another drain.

>>57229014
plenty of people, start looking. lots of people have cash they got that they cant deposit into a bank and would prefer crypto, they would also be making like 2% commission

>>57229007
No, why would they? I cash out 7 figures to my personal checking account, no fucks have ever been given. This while "call your bank" whenever you deposit more than $1k or something is a retarded poorfag myth. Banks do not give a fuck for deposits between personal accounts of the same person. Now if you have a business account or are transferring to a different person, then they might care.

>>57229022
shut up government cocksucker

>>57229040
>shut up government cocksucker
So tiresome

>>57228375
Take your profits but leave a suicide stack in case of moon.

Move to the Isle Of Man. There is no capital gains tax there.
What I don't know is if you sell an asset after becoming a resident, do you have to have bought it while there, or it could have been purchased while in the UK.

>>57229141
i dont think you can just leave a country owning assets and sell them in a tax heaven, owing 0 tax. would be too easy. that's why there is an exit tax.

>>57229184
Americans have exit tax, many countries do not.

>>57228268
Go in romania.
Open a bank account.
10% on withdrawals only, no disposal tax.

>>57229204
sovereigngroup.com/news/news-and-views/relocating-from-the-uk-to-a-low-tax-jurisdiction-practical-considerations-tax-implications-and-benefits/

Totally looking forward to you(s) getting caught when you(s) fuck it up. You(s) know hmrc and universal credit can now randomly open your bank account without asking?

>>57229231
I’ve never heard of penalties being issued for not paying capital gains on crypto

>>57229250
Good luck. You're gonna get screwed.

>>57229229
Interesting. That reads like it *might* work:

'Although the UK imposes no general or limited exit taxes on individuals who are emigrating, an individual will continue to be liable to Income Tax and CGT for the remainder of the year of assessment in which he/she emigrates.'

iow if someone has crypto on a wallet, they could move to the new place and then sell it under THOSE tax rules, NOT the tax rules they were living under when they bought the crypto.

Another thing is this: how does anyone, including yourself, prove when you bought the crypto that is on your wallet?

>>57229141
I think its fine but you have to stay out of UK for 5 years

>>57228375
Its always a good idea to take profits.
Go for it and dont look back.

>>57229264
Yes, that seems correct:

There is one significant exception: the ‘re-entry charge’ by which an individual who emigrates and spends less than five years of assessment outside the UK, and who then returns to the UK, is liable to CGT on disposals of assets made during the interim years when he/she was not resident. The liability arises in the year of return. This provision extends UK CGT to former residents who emigrate and spend less than five years of assessment outside the UK.

>>57228268
You're going to need a CPA/Tax Attorney if you want to really mitigate your tax liability on it without doing goofy shit that probably ends up backfiring in your face. They'll bill you a few hundred dollars per hour, but if you're willing to really go the distance, it will save you thousands.

>>57228375
take from someone who has fumbled over $200k not once, but TWICE because I didnt cash out. CASH IT OUT! stick that shit in some real investments. then keep about 10-20k to buy back into crypto when you feel the time is right

>>57229289
But I feel like it will go up more xD

So are we thinking that a UK bank will accept any payment, never mind a large one, from a crypto exchange?
That seems unlikely in the present clime

>>57229277
Considering everything, you think tax is the optimal way to go about it or? 40k is 1

>>57229304
so did I

>>57229305
Surely they’d cash you out if you used Coinbase?

>>57228268
Oi ya cheeky cunt, where's your crypto license. I'm gonna bash your noggin with my billy

>>57229325
I dunno, I would expect them to freeze the account, or reject the transfer or both.
There must be people who have done this though, I suppose it's pointless asking the bank. They aren't the ones who would flag it.

>>57229315
Only suggestion I can see working here is finding a way to buy gold directly off the exchange or your wallet.
I dont know, I'll hopefully have the same problem at some point.

>>57229385
gold is even more illiquid than crypto. thats a retarded idea, you'll end up with gold and the next issue you have will be how can you cash out your gold. you either need crypto or fiat

>>57229399
no you can sell the gold over the counter at any dealer. Some places would probably pay cash in return for paying you a lower amount.

>>57228414
Cakewallet visa gift cards.

>>57229014
You pay 10% when cashing out up to 50k afaik. If you hold your shit off of cex, hmrc shouldn't be able to trace how much you've made.

If you don't want to pay tax, don't cash out. B/c by even holding fiat you are paying tax through supply dilution and inflation. But paper hanidng and cucking to fiat you're whole anti-tax philosophy is already destroyed because you are putting your wealth in a completely fake asset entirely controlled by the government from the get go. So just suck it up and pay the tax. It is probably far cheaper than spending your time trying to move to some shithole where you're probably be scammed or robbed or some shit anyway.

If you don't want to pay tax, then don't sell and just hold crypto that won't be inflated to shit. That's the only actual way. If you want to cuck to fiat then bend over and lube up and embrace the full length of inflation and taxes. Don't fight it and just embrace being a fiat cuck.

>>57228268
I am in the same position with a little more and I just want to buy a house. Don't really know what to do.

>>57228268
Bong here living abroad. UK is far superior to the US in this law: you can go abroad, cash everything out and not pay a single penny in tax ever, as long as you stay an expat for 5 years.
Get a TEFL, go to Thailand (which btw has zero CGT on crypto so you can continue investing/trading cashing out) and chill.
Also, never pay your student loans back. The debt expires after 22 years from your first (not last) loan. I'm an oldfag been living abroad 20+ years, student debt about to expire. Think out of the box anon

>>57228268
The capital gains limit without paying taxes was £13,000 so I was happy just taking that out every year. They have screwed me this yeah though. Changed the limit to £6.

>>57229408
yes but then you lose another huge premium every time you sell for cash. why bother with the extra step of crypto to gold when the objective is to get money you can use

>>57229594
his objective is to not pay tax

>>57229289
>CASH IT OUT!
If you listen to this turbo tard's advice and sash out 3 mo the before the GBR, I will unironically hunt you down and kill you op.

>>57229611
You pay tax literally by just having fiat. This is like saying you don't want to shop on amazon just hold $1000 in amazon gift cards. They already got your real money lol, you're just holding their IOUs.

>>57229264
when you say stay out of the UK for five years, do you mean not work in the UK, or literally don't enter the country at all for five years, even for short visits?

>>57229774
You can come back for a few weeks each tax year - to visit family and such. But you're job should be abroad.

>>57228268
can't help too much yet OP hoping I do have the same problem in 2024. but in 2021 I cashed out about £20k in chunks over 3/4 months into me bank account.

didn't pay any tax on anything, nobody said anything. 2 years later, used that money to help fund my deposit for my flat. this was the only time I had to explain and declare where I got the £20k from. I was bricking it for a bit but seems they still didn't care and nothing came of it.

fuck tax.

but I agree with most sensible opinions here - get a tax specialist to tell you your real options.

>>57228268
You need all records of every trade you did to make the 220k and then you pay taxes on the 220k by providing the trade info to the government. Failure to have proper info will result in you being sent to prison in which your asshole will get expanded by black penis

>>57229841
>a wild moshe emerges

UK non fucktard anon here. I’ll give you proper advice.

Firstly, just pay the taxes you absolute fucking melt. The UK has some of the lowest capital gains taxes in the world. You get a tax free allowance then it it is only 10% up to the first 55k of total income across all sources, then 20% for the portion over that. A neet cashing out 10k theoretically only has to pay 15k in taxes.

And even if you have to pay 20% on the lot, it is not that much. Try places with 30-40%. Then it is worth trying to avoid it. Fucking retarded to try that over a potential less than 40k on 220k. Utterly moronic.

Secondly, you can cash out the lot, send it to a bank no problem so long as you send it from a fucking UK regulated and licensed exchange. You can find a list, there are 9.
Dont be a fucktard who deposits from Binance or whatever little schitzo P2P or whatever services you incels like to use to try avoid taxes. Guaranteed way to get your bank account locked and closed permanently. Go through all the KYC with Coinbase or whatever and you will not have an issue withdrawing it all at once to a bank.

Dont try structure which is doing it in low amounts over a longer period to try avoid it being flagged if you are going to try use a sketchy service to cash out - same result. Locked and closed bank acount. If you use a licensed exchange like Kraken or Coinbase, they will be sending HMRC you trades if they are over 3k GBP total for every year anyway, you will get a letter from HMRC eventually and get fucked for evading.

If you follow the rules and use licensed exchanges you will have literally no issues. If you try use unlicensed services to avoid taxes your bank will fuck your shit up the moment you deposit.
If you dont pay taxes and use licensed services to cash out HMRC will be alerted by those services anyway.
Idiotic to try avoid paying tax on it when it is not even that high in the UK.

>>57229921
I agree, but if for some reason someone is hellbent on avoiding tax, they could put their crypto on their wallet. Then buy gold with the crypto, then later on sell the gold for cash.

>>57228268
>8 out of the 10 biggest tax havens are British territories
>create biz HQ in a UK tax haven
>use crypto to capitalize the biz
>buy & sell random goods at slight gain or loss
>report biz activity, pay sub 10% corporate tax on the small gain/loss amount
>????
>profit

>>57228418
You will die in South America

>>57228268
>>57228656
>£225k
>I just want enough to retire & never work again.
Do you seriously think that £225K is enough to retire on? I mean, maybe if you're a turd-worlder, but not if you want to enjoy even a minimalist life in the first world. Unless of course you're in such bad shape that you're only going to live maybe five more years, in which case my sympathies.

As far as how to cash out while minimizing taxes, I don't know how it works in Bongistan, but in the U.S. I can cash out something like $44K/year and not pay any taxes because capital gains exemptions (thank you President Trump for raising it so high).

Also, dude,
>some random shitcoin
seriously? I mean, congratulations on beating the odds so massively, but shitcoins normally only enrich the scammers who created them. The rest of you suckers just get rugpulled and lose 100%.

Either put it into something serious, by which I mean BTC or ETH, or cash it out into a stablecoin.

BTW, with the expected inflows from the ETFs starting up, I fully expect that BTC will hit a new all time high within a few months. You could do a lot worse than moving it into that in the interim.

Lastly, while tax minimization (or "minimisation" in Bongish) is a thing, seriously don't try to just say "fuck off HMRC!" In the long run they'll destroy you over money laundering charges.

Personally, I'm planning on cashing out my allowed $44K either at the end of this year or whenever Bitcoin hits $100K. And again next year. And again every year after that, because it's my right as an American to get $44+K a year (and it keeps going up, thank you President Trump) of capital gains tax-free, and so I shall follow the law and report my gains on my tax forms and thus not have to worry about getting my asshole reamed out nightly by DaShauain in federal tax prison.

Good luck, Bonganon.

>>57228959
>Or do you mean to buy gold in place that you’ve cashed out in (UAE) & somehow bring that to the UK to sell?
Don't fly with huge amounts of gold. The metal detectors will go off even if you have it shoved up your ass, and then you will get a major cavity search (in all senses of the notion).

>>57229260
>Another thing is this: how does anyone, including yourself, prove when you bought the crypto that is on your wallet?
LOL the blockchain is forever. Every single transaction that hits the blockchain is timestamped.

It's how I can prove when I bought my Bitcoin.

Disclaimer: I don't know about random shitcoins and their whatever-they-use-chains.

>>57229014
There are tonnes of people on binance on p2p for that sort of thing.

>>57228268
You can't cash out legally dumbass, that's the entire point.

>>57228375
>techoid zoomer wagecuck
>gets a x100
it's really the worst people who keep winning, isn't it

>>57228601
>revolut worse than banks
First I've heard of it. All the stories I've heard have been about banks. Revolut supports crypto and you can buy on there. I opened an account in order to cashbook though haven't done so yet. I had a text chat with an adviser there who said basically no problem though they'd maybe ask a few questions about the source if cashing out large amounts. Should be no prob if using a legit kyc'd exchange account.
Please share your reason for saying that?

>>57230615
*in order to cash out

>>57229921
>A neet cashing out 10k theoretically only has to pay 15k in taxes.
holy crap you have to pay 50% more than you cashed out? fuck that

give some to charity I think u get a tax exemption or go to an accountant that will find you a loop
Otherwise just pay the tax you have to pay 40k but you will still have like 180k

>>57228375
>I just really don’t want to lose my money & I feel like if I had the money in my bank account as opposed to in my wallet I would take care of it a lot more.
once you put it in your bank its under the control of your bank. they will oversee every transaction you make and will intervene as they see fit. they can close your account at any moment and you're fucked. thats the whole point of crypto, you're in control of your money without big nigger brother watching over you. also, fyi UK bank accounts only protect assets up to £85k.

>>57228268
what the fuck dude it can't be 5 years. It's 6 months for me (slovakia)

>>57229611
i know. the only way to do that is a P2P trade for cash.

>>57228613
>pay that tax for nothing
kek
Sorry your government sucks
Just pay the tax and live stress free
And get out of crypto, you clearly have no idea why it exists

>>57228268
>How do I cash out £220k of crypto in the UK?
uh you fucking dont?? first of all, you need more. then you can change your residence to dubai...profit.

yest

>>57231271
>change your residence to dubai
Retard. You just need to leave the UK. Zero CGT. Cash out into your UK bank account.
You can be in Peru, Ethiopia, Bhurltan anywhere. As long as you do not become resident in the UK again for 5 years. This has been this way for like 50 years.
>t. Bong expat for 24 years
>Dubai
Stop giving self help zoomer youtube shorts advice

>>57228268
Just hold Bitcoin pussy, you will get a feeling of euphoria for 2-3 days after cashing out and then regret it while Bitcoin makes an easy 2x this year, what are you gonna do with that money anyway, it's not life changing either you will just keep it in a bank like a ccuck getting fucked by inflation

>>57228268
i just sold. Never told hmrc. Whos going to do it? Havent heard anything yet these guys couldnt catch a cold

>>57231407
How much did you sell?

>>57231287
he'll still be taxed in whatever jurisdiction he lands. dubai has zero tax. how is what you said materially different from what i said. yes, i know that changing residence is as simple as staying in england fewer than 46 days.
>cash out into your UK bank acct
ok, now you've gone full retard. havent been keeping up with current events out there on the periphery?

>>57228268
Pretty sure cash out doesnt work youd be taxed on cgt up until when you left.
Id sell some and move some to XMR and then sell bit by bit from there. Use XMR to buy cards for waitrose or amazon or wherever poms shop. Only be able to move out £10k or so a year this way. But from the governments point of view its sitting in xmr. Just checked youre not taxed moving from whatever you have to xmr.

>>57231420

Yeah my stance has changed - I don’t think I want to cash out to my bank - especially because I don’t want to buy a house yet - I’d do nothing with the money.

>>57231427
Where can I buy gift cards etc with xmr l? New to the process

>>57231436
>I’d do nothing with the money
buy A Gently Used 2001 Honda Civic

Are there any debit cards I can load up with crypto that I can use for retail purchases etc? & that i would not need to pay taxes on e.g a Crypto.com card or something.

>>57228268
>as I really don’t want to pay 20% tax

20% isn't even that bad - just pay your taxes and move on with your life. Do you really want to be looking over your shoulder forever?

Banks automatically report large inflows of money to your account to HMRC - you WILL be found out.

>>57231046
>they can close your account at any moment and you're fucked
does this mean you just lose all your savings or what? surely that can't be legal?

>>57231639
I know someone who got gifted 30-50k multiple times from his family members - the bank did not ask at all.

>>57229206
To all the retards thinking you can just move country and instantly change tax residency - that's not how it works.

Fellow UK anon here. Seriously, pay the tax. It's worth it for the peace of mind. Link all your wallets to Koinly and you might find that your capital gains is lower than expected, with paper losses etc. Don't forget if any of that is accumulated staking rewards you'll also need to pay income tax.

>>57231407
Good luck with the tax evasion and money laundering charges.

>>57231664
I'd pay 40% on my stack since a lot of it came from staking. So not only do i need to pay 20% capital gains but i'd need to pay an additional 40% on income tax? I think i'm gonna move to Dubai in the next 5 years desu - anyone got any advice for me on that front?

>>57231658
>the bank did not ask at all.
Anything above 10k will probably involve an automatic Suspicious Activity Report being filed to Gov - and they won't tell you they've done this, as it's illegal to tip off.

>>57230283
>$44k tax free allowance

Our CGT allowance went from £12.5k to £6k and will be £3k in May for the new tax year. Thank you tories!

>>57231407
>Admitting to tax evasion on a public forum
Seriously, money can't buy peace of mind. I have worked in crypto for years, and I also hold. With the new Travel Rules (look it up) all crypto exchange entities are required under international law to pass account holder details to a central authority for transactions over $2,000 (called de minimis amount). In the UK there is no de minimis amount, so you have to assume that even if you cashed out 100 a time, it would be reported. Even before this, you really shouldn't assume you could just cash out anonymously. HMRC investigations can go back many years. Take it from someone who actually works in the industry, Anon. Just pay the tax and forget about it. You're up 100's of thousands either way.

CAPTCHA: A SKRAT

>>57231683
See >>57231706

>>57231701
Mate it's the biggest joke. & you have idiots here berating me for wanting to avoid pay tax.

>>57231706
Genuine question & don't just try & fearmonger. How common are these 'investigations' & could I not just feign ignorance?

The more i'm reading, the more moving to Dubai for 6 months/permanently appeals to me.

>>57228268
>Convert your Shitcoins into Tether
>Open a Wise or Revolut account
>When you need money, convert the tether to Pounds and send to your Wise account

As long as you’re not sending enormous sums of money no one is going to notice or care. If you do want to send a huge amount to buy a house or something, I got no idea.

>>57231651
>surely that can't be legal?
lol wut
https://www.youtube.com/watch?v=jIfBYTcoWok

>spend years making it impossible to onramp
>fuck with exchanges repeatedly
>constantly go on about how crypto is unregulated in the UK
>still want their cut when you win
Reminder your taxes are going to fund immigrants and single mothers and not a penny will be spent on things you actually want from your country.

>>57231720
the point isnt to evade, which is illegal and deeply morally wrong, but to legally reduce tax.
https://www.youtube.com/watch?v=gv9i_Bt3UaU

>>57231651
look at what happened to nigel farage recently. they have the power to freeze/close your account at their discretion, without any forewarning, and they use a bunch of legal loopholes to do it. when they do close your account they'll give you a vague reason why, if any (nowadays banks are obsessed with looking for any possible connections to money laundering activities), and then you'll have to submit evidence and then call on the financial ombudsman to help you. its a stressful and time consuming process that can take several weeks or months to resolve. the banks and government in the uk just fucking hate seeing people make money and are immediately suspicious, also in fairness probably to do with the fact that the UK is the financial fraud capital of Europe.

>>57231720
No, feigning ignorance is not a legal defence. These investigations are increasingly common, especially in the amounts you're suggesting, and HMRC have recently introduced new powers to investigate. This includes the new FCA Travel Rules I mentioned before. Usually in these situations HMRC will make you pay back the tax owed plus a (substantial) penalty. If you won't / can't do this they will seize your shit and possibly face criminal charges if it's proven you willfully evaded tax, rather than simply didn't realise you had to pay. If you move to Dubai for 6 months, it's irrelevant, because you still made the profit in the UK, you just didn't realise it there, and that IS tax evasion and you will face criminal charges if (when) you're caught. I'm not fear mongering anon, I work in the crypto industry in the UK and I wish I was wrong, but all of the people saying "Hey bro just move" are idiots, the world doesn't work like that. Get a very good accountant / tax planner who can open your books and save you the most money and join the real world with your profits and peace of mind intact. Seriously.

>move to dubai and set up a bank account
>cash out after six months or whenever BTC is at its peak
>use it to buy a property
>wait a few more months
>set up a British bank account
>sell property and cash out to British bank
why wouldn't this work?
>>57231730
>>57231761
well shit
>>57231734
afaik everyone with children gets child tax credits

>>57231706
>>57231767
>Seriously just pay the tax
>I work in the crypto industry in the UK
>Seriously
kek get a load of this hmrc goon

>>57231744
The Spider's Web: Britain's Second Empire | Finance Documentary | History
https://www.youtube.com/watch?v=OYfnkLurLA8

>>57231720
Also for what it's worth I agree with you the UK tax environment is becoming increasingly restrictive and difficult for successful people, but that doesn't preclude you from complying with your legal requirements while you're here.

>>57231782
This is what I will do most likely desu - or maybe even just move to dubai permanently if i can get a transfer to my company. We have an office in Dubai but it's likely i'd need to wait 3-4 years before transferring there

>>57231783
I don't give a shit if OP pays his tax or not, but as someone who has jumped through all the mental hoops he has, and actually got professional opinions from tax professionals, and come to the conclusion you can't buy peace of mind, I'm giving him my impartial advice.

>>57231761
>they have the power to freeze/close your account at their discretion
and it doesnt end there. you can left out in the cold by not just your bank but ALL banks.

>>57228268
use crypto to buy groceries/food

>>57231720
HMRC are investigating people selling garbage for a few hundred quid on Etsy / Ebay, and you think they won't come after you?

Top lol.

>Sorry guv I didn't know I had to pay taxes!
Yeah, no - that won't cut it.

>>57231782
You guys are retards. You can't buy a property without KYC/AML checks carried out by a chartered solicitor. Are you 12?

>>57231722
>Having a Wise account means they won't monitor for suspicious activity / money laundering / tax evasion.

You do know they are regulated in the UK by the FCA and have to follow the exact same rules as banks on this stuff right?

Some shit advice.

>>57231810
This anon understands

>>57231796
i actually agree desu, if he's going to cash out then just pay the tax on what he cashes out.
the line i take is im not letting them know how much i actually have in crypto because i will not pay tax on crypto-to-crypto transactions, it's a piss take. and that's the risk i'm willing to take, i'll just pay tax on what i cash out. fuck this government taxing every penny from the natives so they can house and feed thousands of african illegals. good luck to the taxman trying to go through all my DEX tx's over the years to try and tax rape me on every transaction.

>>57231811
>central services innit?
https://youtu.be/VRfoIyx8KfU?t=311

>>57231840
It doesn't really work exactly like this with the UK tax system though, and it works both ways. There's been years when I've been able to claim an allowable loss, and using some tax tracking software for crypto makes this easy to track. You could also do capital gains on a zero cost basis.

>>57228268
Your post irritates me to no end because you sound like a dumbfuck retard who stumbled into an extremely high entry level salary and very impressive returns with crypto so I'm giving you advice begrudgingly.
1) HMRC works with CEXs. They will know your crypto holdings and transactions.
2) Your banks will know that you didn't receive the money as a gift and that it came straight from a CEX.
3) You need to pay taxes on crypto to crypto transactions. So there's no keeping it in a stable coin.

>>57228597
>if I ever get caught by HMRC I can say I had depression & my mum is disabled (she is) & i was not in a right state of mind. Could also mention how I had COVID & my family who live in Ukraine died + I’m having trouble coming out as gay etc.
Please tell me this is a bait post. None of this comes close to being an excuse for tax evasion.

>>57228837
Going to Dubai for an extended period of time just to avoid £50k in taxes is dumb.

>>57231825
They use an automated system to check for suspicious financial transactions.

If you’re sending less than £1k at a time, it won’t get flagged and you’ll never be investigated. That’s why you have to keep the money in stables on an exchange and/or hardware wallet.

>>57231895
>If you’re sending less than £1k at a time, it won’t get flagged and you’ll never be investigated.

Lol - no. They will still look at cumulative value of transactions.

>>57231884
>Please tell me this is a bait post. None of this comes close to being an excuse for tax evasion.
just claim white oppression (you've claimed .01% bantu heritage havent you anon?) and demand to pay tax only to a representative who is an otherkin, trans-astronaut, furry, dwarf. ought to keep 'em busy for at least 90 days.

>>57228268
Ask a financial adviser and see if they have a way of moving money from crypto to s&p or something without it going to your account.

Hire an local accountant for advise for your country anon.

>>57231950
Still counts as a disposal and they'll still rob you for it.

My problem is i've not logged half of the trades I've made and it's impossible to get that info now.
So it's not possible to work out the profit to be taxed on.
Do I really now have to take the hit and pay 20% on it all rather than 20% on the profits??

Anyone recommend a CEX to use to pull cash out of crypto into a UK bank. I’ve always used Binance but I’m not trusting it for withdrawals and deposits anymore.

>>57231959
>Hire an local accountant
yeah...butt first!

>>57231884
I do apologise if my post irritates you - I am genuinely not here to annoy anyone or brag/boast.

I think I will definitely not cash out the 'legal' way because if I have to pay income tax on staking, & also tax on crypto to crypto transactions - I will get raped.

I was genuinely considering just paying 20% tax but upon hearing that i'd even have to pay income tax & tax on crypto to crypto transactions, i'll genuinely lose around 40%.

I think the option that makes the most sense to me is to try & get a job in Dubai within the next 3-4 years.

In the meantime I'll attempt to grow my portfolio larger.

>>57231968
>YES.
OR
>YOU COULD...
https://www.youtube.com/watch?v=Wpc-zAbL2Uw

>>57231976
>I am genuinely not here to annoy anyone
I AM

>>57231976
That means leaving your investments as they are, no swapping for any other coin or it’s tax time.

>>57231976
>pay income tax & tax on crypto to crypto transactions, i'll genuinely lose around 40%
no you wont because the cost basis doesnt fluctuate much, if at all, during the trade. i understand you've got trade history issues but those arent at all difficult to resolve.

>>57231976
>I think I will definitely not cash out the 'legal' way because if I have to pay income tax on staking
You have to pay income tax on staking whether or not you cash out.
>but upon hearing that i'd even have to pay income tax & tax on crypto to crypto transactions, i'll genuinely lose around 40%
That's not how it works.

>>57229028
>lots of people have cash they got that they cant deposit into a bank and would prefer crypto,
no thanks, I like both of my kidneys

>>57231968
Everything but that initial £15k is profit. Paying taxes on the full amount only loses you £3k compared to fully accounting everything. I'd say fuck it and take the hit rather than waste time accounting and then arguing with your tax department on the phone/through mail

localmonero is all the youneed to hear

>>57232211
I'm not OP, I've been DCA into BTC for years, the exchange info doesn't seem to go back far enough and I've also bought alts that have gone through bridges, dexs, etc.
I think I'm just going to see what Koinly reckons I owe and go with that even though it won't be 100% truth.

>>57228268
Do you see your family more than 180days in the year? If not, fuck off to the Isle of Man. Zero CGT, no bar to enter the UK at anytime

>>57232259
He made his money in the UK so I don't see how that works

>>57232244
yeah, I'm retarded. Make a good faith effort to pay what you owe and only what you owe and it shouldn't look like fraud to anybody. Your biggest issue is most tax office workers do not understand how to apply these rules to crypto so you might have long phone calls talking to an idiot.

With an EU passport I'm guessing the best option is to move somewhere like Belgium/Malta/Luxembourg?

>>57231976
get an accountant you fucking brainlet. you deserve to lose it all.

>>57229141
isle of man is boring as fuck tho
maybe a decent option if you already have a family and are settled, but for a single young guy it will just be dull. unless you're a complete shut in regardless.

But heres the thing:
You buy crypto at different times and prices, and then move it off the exchange onto your wallet.
A year later you want to send some to an exchange and cash out.
How does anyone know when and what price the crypto you send to the exchange? So when it comes to paying tax, there is no way to give accurate information.

>>57231976
Work out how much you actually owe first. Remember your CGT allowances and income tax allowances (if you were a student) from the past years where you made transactions and received staking awards. It's probably much less than you think when you total it all.

Then work out if it's actually worth making a country move you weren't planning on away from family and friends for at least 5 years, for what will be considerably less than £8k per year. Remember to think about the cost of flights for the visits you make to the UK from the UAE.

>>57233019
FIFO

>>57233163
you're right, I guess it will have to be. HMRC probably don't even have any position on this issue.

Whatever you do, take some money out. I had over 100k a couple of years ago and I had literally 0 idea of what I had. Dropped to 30k now, have barely done anything crypto wise in the past 2 years because I was so down about it.

>>57233302
HMRC have a cryptoasset manual.

>>57233396
From there:

Cryptoasset exchanges may only keep records of transactions for a short period, or the exchange may no longer be in existence when an individual completes a tax return.

The onus is therefore on the individual to keep their own records for each cryptoasset transaction, and these must include:

the type of cryptoasset
date of the transaction
if they were bought or sold
number of units involved
value of the transaction in pound sterling (as at the date of the transaction)
cumulative total of the investment units held
bank statements and wallet addresses, in case these are needed for an enquiry or review.

Except thats not possible once you've pooled everything into a hardware wallet. you can't dictate which tokens you send to an exchange to cash out. There will be tokens on there bought at different prices, with differing tax liabilities, that have now all been merged together.

>>57233037
How would I even start to do this lol? Considering my portfolio has 100xed within the last year - it hasn’t been a steady increase. I’ve held the same coins/been providing liquidity for around 3 years though. I’m thinking of just cashing out to USDC & then figuring out what I want to do later

>>57233610
Also, how are you guys ensuring you’re keeping your crypto safe? I have my wallet on my phone (uniswap app etc) & my laptop. I’m kinda scared shitless of my phone getting robbed (I live in London unfortunately) or my house getting broken into & my laptop getting stolen. I have no idea how to mitigate these risks if I’m perfectly honest

>>57233628
the crypto isnt stored on your phone retard
keep a backup of the seed for the wallet

>>57233641
I know it isn’t stored in my phone - but someone can unlock my phone & process transactions from the uniswap app without needing my seed phrase. I’m considering deleting the uniswap app but I track some insider wallets & sometimes I ape in when I see some interesting trades

>>57233658
put a password on your phone you twat and fingerprint or face unlock

>>57228268
i'm curious, OP. how did you make your gains? 100x is EXTREMELY impressive (if true.)

>>57228268
Come to my country (EU) and I can swap for cash for 5% commission.

>>57233697
I have that already - but is Apple’s security with that stuff really that strong?

>>57233732
I invested in DEXTF before it crashed - then doubled down on my bags after it crashed - you can check the graph or whatever

>>57233658
>I track some insider wallets & sometimes I ape in when I see some interesting trades
do share anon
or if not then explain how to find these at least

>>57231623
someone mentioned cake pay cards, anyone have experience with them?

>>57233761
Cba to type out everything as there’s a lot of things that you just learn to spot.

Here’s a decent thread that pretty much describes what to do:

https://twitter.com/definedfi/status/1742440836821053672

>>57233785
How do you know which are the right wallets to track though? Whales make bad trades just as much as any other retard.

>>57228268
Its probably already been said but you dont pay taxes on loans and you dont pay taxes on losses, which means if one put their crypto up as collateral then cashed out the loan, then wrote the collateral off as losses they would pay no taxes.

>>57233966
I had a bunch of jeets watching my trades because I was far too heavily invested in a non-bluechip that was performing badly. I was holding a long time and then eventually cashed out, switched into Litecoin. It made such a fuss in their discord the platform added Litecoin after, but with a no-remove lock period where you just cant pull your shit out. TLDR they wanted you to loan it to people and make safe profit but you cant pull it out unless the pool has spare to loan and thats not a guaranteed.

>>57233966
The skill comes in analysing them - most of the time I look for a coin that’s up 100x & I look at people who have held from early. Don’t track wallets that are really active - you want inactive ones that only do a couple of trades here & there.

Most of the whales I track are definitely insiders of some sort - their track record is way too clean to not have some sort of insider edge on the market

>>57234001
Yea thatd make sense, I was one of the earliest into Monsta and actually made up losses from other shit by doing well on that.

>>57234001
Hmm, alright I think I get it. Do you have any examples of wallets you think are insiders? Would be welcome

>>57228268
OP you seem to be replying still so I'll give you my two cents here too.

I've asked this before, never got an answer because I'm pretty sure this method will work. I want to hear your take on this too.


Consider the following:

Lets say person A wants to send person B £220k in crypto, BUT, they are yet to pay tax in the profit they've earned getting to the £220k mark. Could person A convert all £220k into Monero, mix it via lots of Monero wallets, then send all £220k to person B in the form of Monero.

Person B then converts the crypto they received into FIAT. When asked how they came into such money, person B can simply say, they don't know who sent them the money and it must have been an accident, but they are keeping the money as it is impossible to know who sent them the money because Monero was used.

In this situation person A has transferred all of their initial investment + profits without having to pay tax to person B. Person A remains anonymous, so no Government agency would be able to hold this person accountable. Person B has plausible deniability.

Would this hypothetical scenario allow person A to send person B currency without paying tax?

Also person B can obviously be you or a friend/family member...

>>57234273
I have an excel file where I keep track of hundreds of wallets I believe are insiders or amazing traders. Why would I share that with some randomer on a Mongolian basket weaving forum? You asked me what my methodology was & I gave it to you, now you’re trying to test how far my Aryan gratitude stretches - chill out.

>>57234298
I actually thought of something similar to this. Or if you say an online friend gifted it to you when they died etc. I actually have no idea if that would work or not - desu they aren’t that strict with crypto at this current moment but the fear is after 5-10 years if they come & demand what you owe them + 50%. Also I’m pretty sure you’d still need to pay some sort of tax even if you randomly got donated it

>>57234377
>Also I’m pretty sure you’d still need to pay some sort of tax even if you randomly got donated it
What tax would that be? How would that be calculated? There is no gift tax in the UK. There is no cost basis from the receivers POV (except for the moment they got gifted the money which should be the same as when they cash the money out as they are in theory cashing out immediately after receiving the gift)

>Or if you say an online friend gifted it to you when they died etc
Wouldn't work, you'd have to prove this.

> but the fear is after 5-10 years if they come & demand what you owe them + 50%
Again, the only person owing the government money would be the gifter on their capital gains tax. The receiver has received a random gift, tax free, from an anonymous person. This can all be proven via blockchain transactions.

If you see a problem let me know.

>>57234377
I'm not a randomer anon I'm your friend. Now spill it.

>>57234486
Also to add to this. I don't know how far the government would go to get their ~50k in tax from you, but even though this is an 'anonomous' board, you have given quite a specific run down of your character, with specific sums of money. So when/if you cash out, this post might be your downfall. That is IF the government has some huge bigdata AI shit scanning the internet (especially 4chan) and somehow links that with banking stuffs. But hey, im probably talking shizo talk (this is the only reason im scared of doing the same thing as you)

>>57234486
You’re right - there’d be no way for them to prove it HOWEVER - why is person B needed? Why couldn’t you just make a new wallet & send the monero to the new wallet - claim you don’t know how you got it & just cash out? Why is person B needed?

Also, are you sure Monero is untraceable? I haven’t done too much research but how complicated would it be to just ‘wash’ the money & eliminate/make it almost impossible for HMRC to figure out it’s your address? It does sound very promising though.

>>57234528
Ah thanks for this, I’ve obviously used EXACT numbers & definitely not under/overexaggerated any aspects of my posts - how could I be so dumb ugh!

if you have the money just get an accountant to launder the money through a llc based in a tax haven

This thread makes me seethe. I'm old enough to have gotten maintenance grants instead of loans but where did the money go? Family took a few k, rest squandered here and there. I wanted to put in about 3k when btc was 15k and before that too. Now I'm broke. Fuck this gay earth, i could have bought btc in 2014 but i was too busy browsing /tv/ instead of biz. Wanna an hero

>>57234298
>person B can simply say, they don't know who sent them the money and it must have been an accident, but they are keeping the money as it is impossible to know who sent them the money because Monero was used.
Lol - good luck with that. They'll just assume its illegal activity / money laundering and take your money. You'll have to prove the source of funds to get it back.

>>57234530
Retard read my post
>Also person B can obviously be you or a friend/family member...
>can obviously be you

I just abstracted the characters for smoothbrains.

>Also, are you sure Monero is untraceable?
If it is, they won't break that secret for some measly 50k cash grab from you. They'll wait for something WAY more significant to break that secret to the world.

> I haven’t done too much research but how complicated would it be to just ‘wash’ the money & eliminate/make it almost impossible for HMRC to figure out it’s your address?
You don't have to wash it with Monero. Literally just google it for 5 mins and u'll figure it out.

>>57234545
don't backtrack retard, i know you fucked up

again, any issues?

>>57234588
Interesting law, ah yes the ol', assuming guilty until proven innocent! That sure will hold up in court!!

>>57234488
kekked and checked

>>57234596


See >>57234588

I genuinely think the only 2 options are:

Move to Dubai & cash out there (maybe buy a property using a bank account & dont notify any UK institution)

OR

Just pay the 20% tax (is it possible to pay more than this? I genuinely have no idea about staking being income tax or whatever - I think I’d just be not bothered & pay the full 20%)

>>57234596
if it isn't*

>>57234629
see >>57234613

That's not the precedent of law in the UK

>>57234582
That's most of us though, chill anon
Theres still a 10x left in BTC imo, not saying now is the right time to buy, or it might be, but long term who knows what opportunities are coming

>>57234643
Why isn’t everybody doing this if it actually works? Surely people would be scrambling to do it if it was this easy?

>>57234645
Nah it's over. Once in a lifetime opportunity and i fucked it up. Right now you need 6 figs to make it this upcoming bull. Fuck I was so close to making it, given money in 2014, 2015, 2016 and 2017. If onl my focus was on money and not video games. I'm low IQ and so are my parents, someone buy me a rope

>>57234713
How much money did they give you in maintenance grants? You can still 10x your money desu - could flip 20k to 200k

>>57228268
Withdraw £50k every tax year, take the 10% tax on the nose (minus the 6k allowance this year, 3k next). At the amount you have it’s not really worth looking into avoiding tax by uprooting to somewhere else (like Singapore) or via a shell company, if it were to be in the mils, sure. Do you really need all the money at once? Just tether up if you’re worried about the dip.

>>57228394
Kek

>>57234734
I earn more than £50k a year though - am I not subject to 20% capital gains tax as soon as I pass that £6k threshold?

I don’t even need the money now - I still live at home. Might just tether up since I think a drop is coming

Lurking Americans, what are you using to keep track for taxes? Uncle Sam scares me desu

>>57234676
People probably are? If it actually does work?

Again my question was, do YOU see any issues?

>>57228589
>buying crypto
>deposits

have you ever even tried cashing out? i've never had issues, multiple uk banks + paypal

>>57234734
To add, withdraw 50k now before the 5th of April (end of tax year) then another 50k after April 6th (end of tax year), for a clean £90900 after 10% taxes (incl CGT allowance) from now until April 2025. Make sure 100% that your bank of choice is absolutely fine with crypto, call the bank before you withdraw. Just don’t cash out any more before the tax year or you’ll be paying 20%.

>>57234892
I’m pretty sure this would only apply if I was a NEET & had no income tax unless I’m mistaken

>>57234876
I don’t see any issues with it apart from Coinbase asking you where you got the money from if you just randomly deposited £200k+. I think they’d ask for receipts etc & I doubt the story you propose to give passes - though legally I’m not sure if they’d even have a basis for that

>>57234298
>, person B can simply say, they don't know who sent them the money and it must have been an accident,
Lololololololololo

>>57234926
>coinbase
what are DEXs?

>provide receipts?
yeah the blockchain transactions?

what don't you get

>>57235031
>what are DEXs?'
How do you plan on cashing out without using a CEX

>>57228268
CAN YOU DIG IT?

>>57235049
Exactly lol. It’s in Coinbase’s discretion whether they want to cash you out or not I’d imagine. I’ve heard plenty of stories where accounts have been locked etc

>>57235064
That being said, I will admit I am ignorant. I have no idea what would happen if I just randomly deposited £200k worth of crypto into my coinbase & tried to cash it out.

>all these fucking low IQ subhumans

OP listen. This is your only option.
>open an account on a no-kyc exchange like MEXC
>send 10k from binance to mexc to remove footprints
>send 10k to a family member whose income hasnt reached the tax limit
>ask them to withdraw and give you the cash
>rinse and repeat until you cashed out all of it

This is the only way.

>>57235080
I fogrgot to say that in most countries receving a transatction from a close family member like father/mother/sister/brother is not taxable.

>>57228268
>my family are all here & i would like to stay here preferably.

It isn't worth moving to a tax haven to save like 40 grand in tax then. Just pay your taxes, you can compound what's left to more than £225k again within five years.

>>57234733
It was 8-10 years ago. I don't have that money, haven't in many years. I didn't even buy anything for myself, my family fucked me over the years because poor. I have 100 dollars to my name hence me wanting to rope. This game is rigged, if you're born low IQ you'll never make it. Even after this fiasco, i had chances last bull, saw first d0 b0 thread with no replies, many times i got opportunities like that but i fucked up. I am a lifelong fuckup. It's brutally over. I'll never live it down.

>>57235162
Imagine thinking IQ means anything lol. It measures your ability to fill out captcha puzzles to renew your vaccine passport LOL. I’ve never done an IQ test & I never will - there’s 0 utility from doing one

>>57228268
dude you can turn the 225k into a milly easily in the next 12 months, if you really want to cash out at least just cash out like 100k max and use the other 100k to do another 10x, you will regret it for the rest of your life if you sell everything now

>>57235080
Yeah this is gonna be the most likely scenario - thing is I’d probably have to pay them a decent amount from the 50k - need to figure out what a good amount is

>>57228268
Go on a local bitcoins site and swap it for cash in person

>>57235365
You're right, which means he's talking about a lot more than the figure he's given

>>57228310
Fuck this retard op just cash out now JFC don't get deluded and lose it all, I've been there, that is a lot of fucking money don't let this place warp your mind give yourself security

>>57235389
lol

>>57235455
It is a lot of money - I kinda want this saga over & done with - my daily fluctuations in portfolio are equivalent to my yearly salary at my job.

At the end of the day it’s a decision I’m going to have to make by myself

>>57228268
>swap to USDC on Solana and use a secure wallet as your savings account, then use the Sling Money app to withdraw as GBP whenever you want to top up your UK bank account

>>57233610
>How would I even start to do this lol?
Can't you get a list of the transactions you've made and the staking awards and when you got them? If you can get that list but don't know what to do with it you'd better go to an accountant.
If it's not possible for you to get that information then most likely you'd be able to get away with paying a flat 20% CGT from the money you cashed out vs initially put in.

>>57235503
>my daily fluctuations in portfolio are equivalent to my yearly salary at my job.
lmao what shitcoins are you in that are that volatile?

>>57235049
i used localcryptos to cash out to my bank for years. it closed last year tho. ive heard Bisq is good.

>>57236054
Did you ever get chased up for taxes using localcrypto?