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/biz/ - Business & Finance

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17471638 No.17471638 [Reply] [Original]

HMRC says crypto-crypto trades are taxable. I wanted to just pay a bulk 20% on the total fiat profit I make when I eventually pull out, but gubmint says otherwise.

There is no way I can calculate all my profits/losses for each trade, some on exchanges that don't exist anymore.

>> No.17471753

>>17471638
Im never cashing back out into fiat.

>> No.17471897

>>17471638
Are you sure it's even gonna effect you that much, you receive annual exemptions of £11,700 on your capital gains

>> No.17471940

>>17471897
ive already got more unrealised profit than that. 11k wtf?

>> No.17471982

>>17471638
I thought it was just a flat percentage when you cash out.
I’d rather pay a higher percentage than deal with the hassle of going through old transactions.

>> No.17472028

>>17471753
This. Taxing crypto is literally the most boomer retard thing anyone can do. What happens when you send your funds to another address in another wallet? How can they prove you own that address? They can’t. Fucking retards

>> No.17472072

How the fuck can HMRC take a slice out of crypto earnings?

>> No.17472122

Just looked on the HMRC site’s page on crypto. There’s nothing about crypto to crypto trades.
I’ll be paying capital gains.

>> No.17473412

>>17471638
just dont pay it. Im gonna cash out some point when im living abroad, in that currency. HMRC wont/cant prove shit.

>> No.17473449

>>17471638
You can always “get hacked” before you cashed out :^)

>> No.17473580

>>17471638
>some on exchanges that don't exist anymore
fuck all that then
if they dont exist then (((they))) cant prove you have it. just dont do anything retarded

>> No.17473605

>>17471897
>living in a shit hole that has capital gains tax

>> No.17473664

>>17471638
each trade taxation is retarded, just get "hacked" pretend to have nothing, cash out though private trades.

>> No.17473879

>>17472122
Post the link.

Last time I spoke to HMRC crypto was classed as gambling and not taxable

>> No.17473913

>>17472028

IRS will just say you owe some ridiculously high amount and it’s up to you to prove you don’t.

>> No.17474317

good luck taxing.

>> No.17474360

You only need to pay taxes if you take out more than £11,700+ profit into fiat per year

>> No.17474514

>>17474360
yes obviously this thread is assuming you make more than that

>> No.17474543

How exactly will the government know how much money you've made or if you received crypto in a taxable way or not?
It's simply not possible. It's also not realistically possible to tax every tiny conversion of a few pounds worth of coins from one cryptocurrency to another.
They clearly don't know what they're talking about and don't have their shit together.

>> No.17474581

I’m in the same situation with 270k link. Trades going back years impossible to gather it all. If I stay in the UK I will just pay the 20% CGT. If I have over 3mil I will probably move to a European tax haven, cash out there into euros, and move to another larger EU country. Live there for five years (return to UK any sooner than this and you will have to pay the 20%) and then go back to the UK if I want to.

Andorra is an option for the tax haven. As far as I understand, no capital gains tax and gain residency for the bank account by purchasing a property for 400k+.

Andorra is an option

>> No.17474612

>>17474543
im pretty sure most banks flag deposits above a certain amount. lets say there is another legit bull run and you make six/seven figure ££, theres no way to cash that out domestically without it being noticed

>> No.17474635

>>17473580
Do they have to prove you owe or do they just say we think you owe xx,xxx now pay or prove you don't?

>> No.17474636

Jesus Christ are there literally non-larp millionaires in this thread?
Literally trading 1/1000th the amount of you bros so I don't starve haha...

>> No.17474666

>>17474636
not yet, I have about £50k in crypto, this is just assuming there is another bull run

>> No.17474697

Move to sunny jersey like everyone else who’s too rich to pay tax

>> No.17474905

Yeah how about FUCK THEM

>> No.17474985

Stop paying taxes dumb niggers.