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20981681 No.20981681 [Reply] [Original]

Has anyone in the UK ever cashed out? Any stories?

>> No.20981736

>>20981681
Interested, I too may be(pls) doing this soon. Just wondering should I move the funds to a single account, only cash out a certain amount or just move them to a different country

>> No.20981766

>>20981736
>just move them to a different country
I can tell you're dumb, look up CRS (Common Reporting Standards)

>> No.20981904

>>20981766
You only pay tax to a single country, some of them much more lenient on taxes

>> No.20981973

>>20981681
>just move them to a different country
What do you even mean by this? Cash out through a foreign bank account?

>> No.20981981

>>20981904
kek, you have to live there for a year first. you haven't even spent any time looking into this. keep your opinions to yourself

>> No.20981988

>>20981681
There was a lad a while ago who transferred £200k to his current account. The bank froze it and the police searched his house. So don't do that.

>> No.20981994

>>20981681
Yes, from Coinbase into high street bank personal account. Give your local branch a heads up that large amounts of cash will be deposited so they don’t freeze the account. No probs so far.

>> No.20982086

>>20981973
I have accounts in three countries at the moment. Setting up a bank account in Estonia for example is trivial, I don’t see why I’d have to pay tax to anyone else if I moved my funds there

>> No.20982113

>>20981994
How did you go about paying tax?

>> No.20982132

>>20982086
FUCK....estonia they are a CRS country dumbass.

wow you have no idea what your doing. Hope you're reporting those accounts, you'd be an arrogant cunt to think they wouldn't find out.

>> No.20982270

You boys seriously need to start learning about Tax Law and flag theory.

Why do you think every single country has tax loopholes built into them? Rich and intelligent people are not meant to pay taxes. These loopholes exist for them.

Did you ever hear of the Panama papers that revealed thousands of rich and influential people were avoiding billions in tax with simple trusts and loopholes?

The process can be very complicated(particularly if you had the misfortune to be born American), but learning the law is the difference between being a new world order slave and a free man.

https://nomadcapitalist.com/
https://flagtheory.com/
https://en.wikipedia.org/wiki/Offshore_magic_circle

FUCK KIKES

>> No.20982323

I am Dutch and scared to cash out. When LINK was $4 I hit a million... Too scared to cash out. And now we are here. Although tax is not even that bad I think... A few percent. Still. Dont feel like paying

>> No.20982421

bump

>> No.20982526

>>20981904
You pay taxes to the country where you live and where you are a citizen. And if you try to avoid paying taxes and get caught, you will be in for a major shitstorm.

>> No.20982556

>>20982323
You should also report your fortune. It's highly criminal to have a hidden foreign fortune.

>> No.20982600

I have transferred a few thousand in profit from coinbase wallet to high street current account and nothing happend.

>> No.20982614

>>20982270
Thanks anon

>> No.20982768

Any other ukfags concerned about forex risk? If gbp does well post brexit a big chunk of my link value will be whiped out

>> No.20982777

>>20981904
Huge if true

>> No.20982797

>>20981681

>>/biz/thread/S10732635

>> No.20982824

>>20981681

This guy had his house raided because he cashed out 500k in UK:

>>/biz/thread/S10639029

>> No.20982831

>>20982086
Yeah you have no clue what you are talking about. You might have bank accounts in multiple countries but you have tax residency in one. Do some research before taking any action otherwise you are going to fuck yourself.

>> No.20982852

>>20708672

There was a good discussion on the topic a few days ago

>> No.20982924

>>20982270
This. I don't know how to stop my growing hatred for these kike demons.

>> No.20982990

>>20981681
You don’t pay tax.
You establish relationships and trade goods with other crypto people.
This is how the rich do all their business and avoid taxes.

>> No.20983028

>>20982768
How do you mean?

>> No.20983058

>>20981681
Cashed out £230k total to a single current account with no issues from Coinbase. Cashing out is easy its getting the money back onto exchanges which is the hard part.

>> No.20983179
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20983179

>>20982768

>> No.20983343

>>20983028
Let's say I have 10k link. In gbp at the moment that's worth roughly (9.6/1.3)*10000=£73k. If next week link price stays the same but gbp strengthens against the dollar to say 1.35 I'll only have (9.6/1.35)*10000=£71k. Longer term if gbp sees 20%+ gain against the dollar post brexit I'd be fucked

>> No.20983438

>>20982270
yeah but you gotta set all that up BEFORE you make the gains not after lol

>> No.20983453

>>20983343
Use fx for the same reasons as companies, hedge out your fx exposure.

Link is a scam btw newfag

>> No.20983485

>>20983058
How did you pay tax?

>> No.20983528

>>20983453
Fuck hedging £70k worth of gbp though

Bought Nov '17 so fuck off

>> No.20983625

>>20983528
£70k...WOW, also you appear to know fuck all about hedging with fx. stay dumb

>> No.20983679

>>20983485
Use Cointracking.info to log your trades as accurately as possible. Yes you have to pay for it yes it takes ages but it is worth it to know the HMRC are not going to come after me for this shit in the future if I do actually make it one day. I've got 2400 trades logged on it, the earlier you start using it the better.

Then just export tax, send that to the HMRC in your self assessment and fill out costs and proceeds and pay 20% on the net gain.

At the end of the day I know I may not have done my taxes 100% correctly but I have given them 5 figs up until now so I don't see them being too shitty with me.

>> No.20983772

>>20982323
Your laws are so lenient and tax is low. I hate paying taxes but with your citizenship I'd pay the share and not have to worry for the next ten years that your chosen loophole wasn't as tight as you thought.

>> No.20983827

>>20981681
Bitcoin ATM is the only solution, you have to cash out like a nigger criminal.

>> No.20983889

>>20983679
I've used an accountant for the past 3 years as well as purchasing HMRC investigation insurance (£110). Peace of mind is nice.

>> No.20983991

>>20981681
I really don't understand, the point is NEVER TO CASH OUT.

If you're all in on LINK you should know what you're holding and wait for staking for passive income, to compound your LINK, or safely store wealth in BTC.

Anyone cashing out into the fiat monetary system is just as bad as the retards staying in it.

>> No.20984151

Anyone in Belgium know what the tax situation is like there? I'm a UK citizen but tax resident in Belgium just now. Not sure if I should go back home or if it would be better to stay here. Income taxes are through the roof here but I've had contradictory information about crypto and capital gains.

>> No.20984341

>>20983889
Nice, any recommendations on finding an accountant? How much time do they need and what do they charge?

What's the investigation insurance?

>> No.20984432

>>20983679
How the fuck do I deal with trades from exchanges that no longer exist?

>> No.20984437

https://international-adviser.com/hmrc-given-powerful-new-weapon-to-access-taxpayer-information/

HMRC is cracking down on foreign accounts.
>>20982086 won't even get get a letter potentially. They can go behind his back.

Don't do retarded shit

>> No.20984486

>>20984432
Guess. Its a shit situation i know. Do you have any record of rough transaction price? From Delta for example? Best guesses are better than nothing. Or just lie and say you got some coins from an airdrop or something and sold it on a dead exchange. Depends how much youre talking

>> No.20984499

Yep I cashed out like £160k in 2018 then £30k in 2019.
I just sent it to coinfloor. sold it on the exchange then did a £ withdrawal.
They wanted an exessive amount of KYC and decided to only ask for it when they had like 30k of my money held hostage.
Though after providing bank statments, payslips, passport, trading history, etc. I had the money in like 3 days,

>> No.20984569

>>20982086
Friend this is not how it works

Even if you have an Estonian bank account your tax residence will still be in the uk

>> No.20984666

>>20983343
Honestly until you sell the link and into whatever currency it doesn't matter.

>> No.20984721

>>20984499
Can you explain how you paid tax on this? Assuming you did

>> No.20984892

>>20983991
I'm only planning on cashing out a few x my initial investment to completely de-risk myself from crypto and also to "dab" on nocoiners. But the majority will just be left in BTC and XMR. Cashing out everything is actually more risky to me as I would feel like roping if there's another even moderate bull run; also my cash would be inflated to shit and probably bailed in for nigger gibs or frozen for being moderately right wing.

>> No.20985061

>>20982270
thx bro, looking into this before i cash out my crypto gains.. have been looking into this for a while..
aplied for nomad capital now.. excited for what they would bring

>> No.20985262

>>20984151
same situation here, pls respond.
Also considering moving to Spain

>> No.20985365

>>20983991
Bitcoin moves in cycles whether fiat is dying out or not. The peak is where you cash out where BTC is at a local Maxima relative to fiat. Then buy back in with the same fiat at the inevitable 85%+ crash

>> No.20985405

>>20984151
heard from friends that it's about waiting2 year to cash out and that you don't have to pay taxes then...

>> No.20985415
File: 42 KB, 646x595, 1596532674838.jpg [View same] [iqdb] [saucenao] [google]
20985415

Does anyone have experience cashing out in Italy

>> No.20985423

>>20984151
How long have you lived there, to be tax residents, HMRC can be scummy about residency elsewhere. I'm wondering if I can be non-tax resident in the UK if I am gone for an entire tax year April to April.

>> No.20985424

>>20984486
What about using revolut? Do they work with HMRC?

>> No.20985458

>>20981681
Bong anon here seriously considering moving to Portugal and cashing out there. I really do not want to pay 20%+ taxes to this gov.

>> No.20985478

>>20985061
I'm going to the nomad capitalist live event, its been postponed till May.

>>20985424
You can't transfer crypto in or out with revolute & yes it the answer to your question

>> No.20985506

I've read that crypto-to-crypto exchanges are also taxed. Since I bought all my altcoins with ETH or USDT as the basis , this looks like a major headache. Do I need to look up exact fiat values at the time of exchange?

>> No.20985518

>>20982323
Belastingdienst treats it like a bankaccount right? Just tell em the amounts on 31 of December and pay like 4%?

Dat zijn beste gains maat.

>> No.20985532

Why cash out though? Why risk your assets getting frozen?

Just buy a crypto credit card, convert to stablecoin if you're worried price will dump and spend from there? No one can confiscate your shit.

>> No.20985551

>>20985458
How does this actually work?

>> No.20985606

>>20985551
you have to have EU citizenship or £250k to buy a golden visa. then live there for a year ( do mean actually live). No clue how Brexit will affect the bongs.

>> No.20985633

>>20985606
you dont need a golden visa. and you only need to live there 6 months to gain residency.

>> No.20985651

>>20985606
>>20985633
I'm Italian living in the UK, so I have an Italian passport. So all I'll need to do is move to Portugal, live there six months, cash out and then move wherever I want?

>> No.20985666

>>20985551
basically go there and buy a property and live there.
i personally will try to rent a place for 6 months first, gain my residency, then cash out/buy a property and live there.

>> No.20985686

>>20985666
And what if your portfolio crashes in those extra 6 months you are waiting to cash out?

>> No.20985690

>>20985651
well you have to actually be living in portugal fo at leastr 6 months of the year each year.

>> No.20985727

>>20985686
then that's a senario you'd have to weigh up before making that decision. totally depends on how much you have and what % of losses you could afford.

>> No.20985818

>>20985365
then you get the privilege of paying hmrc twice for the same crypto like a fucking moron, plus the risk of your amazing market timing strategy not being correct and you're forever priced out of crypto and stuck in faggy fiat getting inflated away. Trade to a stablecoin if you're that convinced that the market is going to tank. Thats a taxable event too though, better just buy and hold

>> No.20985830

>>20985633
>you dont need a golden visa
You very well could, depending on brexit. Either that or you'll need a job/become a student. I'm assuming the bongs are not EU citizens as of next year.
>6 months to gain residency.
the UK will not let you out of being a tax resident if you only live there for 6 months. you need 1 year


>>20985651
>live there six months
I know this is all that's technically needed, you need to actually live there for a year. The UK won't let you become a tax non resident easily. you will still have to pay taxes in the UK till you are no longer a resident.

>> No.20985860

Damn, this board is full of subhumans.

>> No.20985955

>>20985830
well as of right now and until the terms change (if they do) you don't. fair and interesting point you made about the UK requiring 1 year though. with the £11k cgt-free threshold applied you could still cash out and rent out a place for a year in portugal though.

>> No.20986005

Yes you can cash out using Wirex app. It gives you UK bank account etc..

Then also can transfer to Revolut (gives you EUR, GB USD account)

You can do smaller amounts without any issues like 1-5k GBP, bigger amounts can get locked for more KYC and stuff of course..

In terms of taxes you need to pay Capital Gains Tax but you have capital gain tax allowance of around 12k so if you cash out more than that you might need to declare etc..

Not difficult..

>> No.20986066

>>20981681
How do taxes work? If I cash out and put it straight into my personal account, do I need to pay both capital gains tax and income tax?

>> No.20986084

>>20985955
>well as of right now
Do this ASAP when you go
https://europa.eu/youreurope/citizens/residence/documents-formalities/registering-residence/portugal/index_en.htm

I'm just sayin I don't know what happens to the bongs that live in the EU (not sure anyone does)

>with the £11k cgt-free threshold applied you could still cash out and rent out a place for a year in portugal though.
on the money

Portugal is not the end all be all, you can get permanent residence in central/south america. these are non CFC countries & don't tax foreign income. can be done for as low as 5k USD

>> No.20986090

>>20986005
>Yes you can cash out using Wirex app. It gives you UK bank account etc..
>Then also can transfer to Revolut (gives you EUR, GB USD account)
Why would this be preferable to just cashing out to your bank using something like localcryptos?

>> No.20986108

I hope the UK's HMRC continues to consider crypto "Not Money" and only has interest in disposal gains.

>> No.20986111

LISTEN UP CUNTS.

As a you UK resident you MUST pay tax on income earned abroad. UNLESS you are a non domiciled resident - this is a fancy term for a dual citizen who can claim they are not legally domiciled in the UK, and they dont have to pay tax on income they earn abroad and bring into the UK, IF they pay a hefty annual charge of over 30k+ every 5+ years or so, depending on how many years they have been in the UK) This is a loophole many wealthy foreign people in the UK use.

Most UK residents dont have this option though.

Here is the loophole - corporations/trusts/holdings that you own abroad or have part ownership of DONT have to pay tax on the money that these institutions earn outside of the UK(But you CANT bring this money back into the UK without being taxed, as that would be considered personal income)

For example - You own a Corporation registered in the Cayman Islands that specialises in 'Cryptocurrency and Blockchain Investment', called AnonCorp. AnonCorp has been founded and funded entirely by Anon, and holds all of Anon's Speculative crypto currency assets. This is entirely legal even though Anon is a UK resident. AnonCorp's speculative investments increase substantially in price, and Anon sells these shitcoins for $1,000,000 worth of BTC, which he then sells directly for Cash. AnonCorp now has $1,000,000 in cash. This transaction is NOT taxed in the Cayman Islands.

So far this entire process has been legal and Anon, the UK resident, is in the clear.

How then does Anon get the money from AnonCorp back into the UK without paying taxes? There are a variety of ways, but none of them will be as simple as doing what i did. Leave that shithole, move to portugal, and never look back.

>> No.20986112

I am a Brit, cashed out 146k in 2018 after making a ton off Stratis and Raiblocks. I was a student in third year of uni with 3k ish in my bank account. There was no Binance Jersey then (the current best option) so I just transferred all my Bitcoin to Coinbase and sent it from there to my Barclays student account. I called Barclays before and told someone to expect a large deposit but they sounded like a bored customer service drone so idk if that even made a difference. Account didn't get frozen, never got quizzed by police or anything. In terms of tax nothing happened immediately but when it got to end of tax year (April 2018 ) I got my friend's gf (who is an accountant) to help me self-report my taxes to HMRC. I got charged 20% on everything over 12k or so which was my personal tax allowance for capital gains. I had to give them printouts of every single trade I made (just screenprinted all my Bittrex order history pages) which was pretty weird and anxiety-inducing at the time but everything was fine. It's just so they know you didn't get it from selling weed or whatever. Otherwise any criminal could just say 'Hey I want to deposit £100,000,000 please don't freeze my account'. You're insane if you don't expect to be at least vetted for money laundering, this is standard across all financial services companies.

>> No.20986125 [DELETED] 

>>20986066
>I need to pay both capital gains tax and income tax?
Yes but don't forget but the Tithe to the Queen.

>> No.20986145

>>20986066
It depends on what the HMRC thinks you've done
If they decide you are trading it'll be income tax

>> No.20986161

>>20986066
>I need to pay both capital gains tax and income tax?
Yes but don't forget about the Tithe to the Queen.

>> No.20986197

>>20985415
Go to CAAF and ask

>> No.20986417

>>20985686
Can't you sell, live the money on the exchange, move to Portugal, wait, then cash out?

>> No.20986421

>>20986145
So 20% or 45% and it's randomly up to the taxman? No wonder people are trying to cheat the system.

>> No.20986536

I sold 20BTC on local bitcoins many years ago. I got something like £80.

The transaction will be immortalized in my wallet forever, always mocking me.

>> No.20986541

How do I find an accountant to talk to, and how much do they charge?

>> No.20986661

>>20982113
Thereby hangs a tale. Haven't yet.

>> No.20986685

>>20982600
Same here anon.

>> No.20986819

in the UK classic cars are exempt from Captial Gains Tax. Find a willing dealer, buy an old Ferrari or whatever in BTC, flip the car for cash, give the dealer a bit for his time and trouble and cash the gains.

>> No.20986850

>>20986819

This is how you go to jail rather than just getting a fine

>> No.20986861

>>20986819
What if the person reports you?

>> No.20986881

>>20986819
a prime example of a retard who thinks they are smart. They will catch you. That is literally autopilot tier easy for a fraud team to spot.

>> No.20986903

>>20986819
isn't gold sovereign tx free too?
where can i buy sovereign with crypto?

>> No.20986992

>>20986881

Hey now, you haven't even heard his amazing idea about buying a watercolour for £10, putting it on auction and bidding £100,000 for it!

>> No.20987083
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20987083

Recommend me software for calculating taxes for crypto.

>> No.20987165

>>20986861
he gets the money & the ferrari
>>20986992
only if its at sotheby's

>> No.20987219

>>20985458
Same here. Now up to 300k in link and this globohomo nigger loving govt is not getting a penny of my profits. I'd live in Antarctica for a year and cash out there if it meant not paying tax

>> No.20987225

>>20986992
You don't think you'll need to pay tax for that either?

>> No.20987245
File: 561 KB, 1199x974, 1595907756253.png [View same] [iqdb] [saucenao] [google]
20987245

>>20981681
> he doesn't know

>> No.20987291

>>20985532
If you ever get investigated or audited, I promise you they will absolutely destroy you in the UK for this sort of plan.

>> No.20987322

>buy 650 btc 9 years ago
>spend all on weed
>buy XMR, DRK and like 100 others
>spend all on weed
>forget about £4 worth of XDN
>sell for £7000
>spend on weed
my story so far. still poor. still high enough to not care.

>> No.20987380
File: 1.39 MB, 1080x768, boris_close.png [View same] [iqdb] [saucenao] [google]
20987380

>>20987291
Banks can use bailouts to pay for bonuses, and politicians can abuse tax funds like Panama Papers fraud, but fuck you for getting a small amount of fiat from cryptocurrency

>> No.20987432

>>20985262
>high street current account
I'd avoid cashing out in Spain and having to do anything with Spanish taxes. It may not be a direct comparison, but I'm a footy fan and Spain has notoriously fucked high profile, non-Spanish footballers, and managers in the past decade when it comes to taxes. Even when they've done everything by the book, the Spanish government has re-written their tax laws, implementing it retroactively and made them pay their (((back taxes))) plus interest. The Spanish government are corrupt, incompetent fucks that will do whatever they can to get more money out of ex-pats. Talk to a tax and immigration lawyer before you move. That way you things are already settled before moving and you can live in Cadiz, San Sebastian, Valencia, etc. enjoying a life of sun, tapas, and Spanish women without ever giving a cent to Spain.

>> No.20987481

>>20986417
Anyone?

>> No.20987482

what if I just get a crypto-backed loan and pay it off immediately with my crypto?

>> No.20987628
File: 74 KB, 1024x576, SLE-87.jpg [View same] [iqdb] [saucenao] [google]
20987628

Fellow Bongs,

Spoke to a junior accountant in a pub before lockdown.
To my understanding it's more or less this:
>Prudential investment CG Tax 20%
>Trading CG Tax 40-45%

If HMRC thinks you've held your bags for a long time, say a few years, then it will be a flat 20% Capital Gains Tax.

But if they think you're trading, and have been flip-flopping and swinging between assets then it's going to be 40-45% when you get audited. And you will get audited. They will sed someone crypto competent to see your transactions.

So the best strategy is accumulate. hold on to your shit for a few years, don't touch it or swing or anything. And you can walk away with the most profit and the least headache.
If you cash out and flip between assets, chasing pumps, then cashing out is going to be a ballache and you'll have to give up HALF your shit so that a Somalian family can get a free house in Tottenham.

HODL is not a meme.
The choice is yours.

>> No.20987657

>>20981681
Any burgers done or looked into the cashing out in Puerto Rico?

They changed the laws a few years back so residents don't have to pay any taxes on capital gains. Once I reach my goal of 7.5M, I want to cash out, but don't want to pay roughly 30% in fed and state tax. I looked into rentals and you can get housing for dirt cheap in PR. My thought was to scrounge up enough cash so I can continue making my mortgage payments in the US and 7 months' worth of living expenses in Puerto Rico, that way I could qualify as a resident there.

>> No.20987680

>>20987628
Could you tell me what you think about my situation >>20969929 ?

>> No.20987697

>>20987628
what a massive headache

>> No.20987725

>>20987680
why did you change gbp-eur?

>> No.20987740

>>20981681
anybody who "cashes out" must be retarded or from the UK

>> No.20987772

>>20987725
Because there was no gbp pairing for LINK at the time

>> No.20987792

>>20987628
OK fuck this, I was willing to pay 20% but 45%? Get fucked. I'd rather leave.

>> No.20987829

>>20982990
No tax filed ever
>registered a Tesla model s in his name
>bought an condo in Brooklyn

Are you sure that’s what rich do anon?

>> No.20987860

>>20983827
Lol you can’t cash out 70k at a bitcoin atm imagine being this naive

>> No.20987912

>>20982526
Not true, you pay taxes where you live.

That's why wealthy people have shall companies in a tax haven.

The company pays small tax and you pay small tax on your minimal salary where you live too. tho if you own the company then you must disclose it to tax authorities in the country where you live.

>> No.20987968

>>20987628
hmm any insight on if you've mainly invested but have done a couple short term options & short trades?

would the trades be taxed higher and the investments lower?

>> No.20987998

>>20986112
this is useful info thanks anon. what about if i'm making bank off uniswap? would i just point them to my ether wallet on etherscan or what?

>> No.20988041

I'm just worried because I have had small to medium gains since like 2018 and haven't reported anything. So if I start reporting will they look into me and see I didn't pay other shit? Or will they see my shit and be happy I paid anything? I'm in the US and pretty clueless on how this shit be

>> No.20988116

>>20987998
well apparently shit has changed and
>>20987628
has left me completely aghast.

>> No.20988144

>>20987628
what if i'm classed as a trader yet only cash out 10K per year?

>> No.20988186

>>20988144
yeah that's called 'structuring' and it's illegal. also very easy to spot. Don't bother

>> No.20988206

>>20988144
oh sorry misread that - 10k per year is fine. It's if you try to hide large amounts by doing them in segments in one tax year. What you said is legal - but let's be honest that would kind of suck. If I made 500k this bull run I don't want to be cashing out 10k a year like some pensioner with a gimped annuity

>> No.20988208

>>20985606
Yes but you will own the taxes for the UK sonce its where did you live when you make them

>> No.20988214

>>20988186
so at what point do i become classed as a trader? I invest, have held some projects for years, but also take profits into ETH when things pump. occasional Uniswap swing....

>> No.20988225

UK here. I have 50k in crypto, and eventually wanna buy a nice house, and maybe a few other things.
I'd be looking to do that at around 500k, which is definitely possible over the next 12/18 months.

The NEVER CASH OUT meme doesn't help me at all. I can't buy a house with cryptocurrency. I can't buy a nice car and go on a month-long break to the Caribbean with crypto.

So, I need to cash out back to fiat, if I wanna do what I want to do, no?

>> No.20988239

>>20988214
'also take profits into ETH when things pump. occasional Uniswap swing....'
HMRC will gladly label you a trader for that - boom another 20-25% gone

>> No.20988258

also do cash cards like Revolut or Monzo get audited by HMRC? could you just keep money on there?

>> No.20988320

>>20988239
ughhh well it's too late now. will just have to make 30% more trading than i ever would holding, which is seeming likely atm. worth it in the long run no?
i duplicated my portfolio tracker 3 months ago and left one just to see how hodling would have done for me, my up-to-date folio is 2x so i'd say it's worth it atm...

>> No.20988328

>>20988225
refer to >>20986111

and

http://www.saplaw.co.uk/uk-legal-services/commercial-lawyers-london/commercial-lawyers-articles/using-an-offshore-company-to-buy-and-sell-uk-residential-property

>> No.20988362

>>20988208
yes for that year you live outside the country you still do owe

>> No.20988477

Only in exceptional circumstances would HMRC expect individuals to buy and sell cryptoassets with such frequency, level of organisation and sophistication that the activity amounts to a financial trade in itself. If it is considered to be trading then Income Tax will take priority over Capital Gains Tax and will apply to profits (or losses) as it would be considered as a business.

>> No.20988533

>>20988258
This . Anyone have experiences with this?

>> No.20988553

>>20985690
But then I could just move back to Italy once I'm cashed out right?

>> No.20988557

isn't "crypto to crypto" a taxable event? if i make a significant amount of money ill move to Portugal or just cash out the free 12k and go for a year out holiday in some cheap country then make a plan, fuck this cucked country

>> No.20988574

>>20981681
just put it onto a swipe card and leave it there you won't get taxed, they can't monitor is as they don't ask for a NI number

>> No.20988587

>>20988574
is that the same with revolut or monzo?

>> No.20988670

>>20988587
i don't know, i have monzo but signed up ages ago, just personal thought process but if they don't have you NI they aren't actively tracking your transactions plus, i believe with swipe, you need to transfer your crypto into their coin to use the money so technically you aren't holding any fiat

>> No.20988828

>>20986819
jesus man good luck in jail this is 100 IQ tier

>> No.20988867

>>20988574
By swipe you mean SXP?

>> No.20988884

>>20988225
get swipe

>> No.20988925

>>20988867
yes

>> No.20988979

>>20988670
not the same anon, but I already have a swipe card which I muse for smaller purchases.
But I want to buy a property at some point and you can't do that with Swipe

>> No.20988990

What about binance Uk when it gets released do you think it would be a good option.

>> No.20988992

>>20988884
qrd on swipe?

>> No.20989114

>>20988979
my thought process is that you could just slowly withdraw the cash from atm, if you have the black card it is 300$ a day or you can just xfer to someone from that account

>> No.20989196

Bong here
Isn't there a tax haven system exclusive to 'the city of london' inner area?
Could it be possible to register a hotdog cart there that's also counted as a dual crypto trading cart?

>> No.20989228

>>20989196
lol city of london is completely owned you ain't getting in there lad

>> No.20989319

>>20989196
masons would literally take a piss on your hotdog cart

>> No.20989465

>>20981681
Do we know how many shorter term trades makes you a trader?

because if the bull run hits and you're considered a trader with more than £50,000 that's 40% tax -

but would longer term holds still count as capital gains instead of counting towards income, if you're considered a trader?

>> No.20989650

>>20988239
>>20988320
>>20989465


>>20988477

Thanks, so from this it actually sounds like you have to be trading daily to be considered a trader. good to know>>20989465

>> No.20989676

>>20988477
>>20987628

Can anyone with experience clarify what HMRC would think constitutes trading cg tax? If I sell the top of the bullrun and buy back in at the bottom of the crash am I going to be penalised for this? I'm cool with paying 20% capital gains but I don't think I should be treated like a day trader and smacked with 45%.

>> No.20989796

>>20989650
what? no, not at all.
>>20989676
yes, you are trading.
PRUDENTIAL CG TAX IS FOR BOOMERS HOLDING THEIR VANGUARD PORTFOLIO FOR 10 YEARS+. IF YOU ARE SWAPPING ETH AND BUYING ALT DIPS WITH BTC YOU ARE A TRADER. EVEN ONCE EVERY FEW MONTHS.

>> No.20989806
File: 120 KB, 911x777, tax trade.png [View same] [iqdb] [saucenao] [google]
20989806

>>20987628
Sounds like you're fine if you just do some trades here and there (pic related)

>> No.20989867

>>20987680
>>20987697
>>20987792
>>20988116
>>20988144
>>20989676

To clarify, i'm talking out of my arse because I'm not in-the-know and this pub conversation happened half-pissed. So DYOR lads. Don't be too disheartened.

I was basically told to HODL and leave alone for a few* years to maximize profit, otherwise they come for you on your swing trades.

*vague as fuck. More than 1 year though obv.

>> No.20989901

>>20989796
see
>>20989806

It says only in exceptional circumstances. Basically the level of trading you do would have to be "considered as a business". if you're not trading daily or weekly it's not a trading business.

>> No.20990021

>>20989806
>>20989901
Thanks anon

>>20989796
FUD

>> No.20990067

https://www.daytrading.com/taxes/uk

this is really useful.

basically keep a record of everything and then it's up to HMRC to decide. you can fall into multiple categories based on your activity

>> No.20990213

>>20990021
I guess it's still somewhat up to interpretation by the looks of it so I don't know for sure

and it says "income tax will be applied to their *trading* profits" which implies that only your trading activity would fall under income tax anyway, with the longer term investment as capital gains

>> No.20991110

bump

>> No.20991249
File: 43 KB, 736x634, 1595753380127415538.jpg [View same] [iqdb] [saucenao] [google]
20991249

btw anyone know how I can move money from germany to UK and pay taxes to queen instead of Merkel?

>> No.20991842

bump

>> No.20991869

i cashed out 100k.
the end.

>> No.20991883

>>20982526
there is no legal obligation for you to sell any of your crypto into fiat to pay taxes on them.
the meta is paying $120k to get citizenship in Saint Lucia (or a similar country) and then denouncing your US citizenship.
once you do this, you can legally cash out your crypto and not pay extortion rate US taxes since u are no longer a citizen of the US but rather St. Lucia.
you will save yourself about 32% of your money doing this method.
and its entirely legal. anyone in the thread saying it isnt is a glow in the dark double IRS nigger faggot.

>> No.20991928

>>20991883
important to point out, if you cash out crypto as a US citizen you have to pay US taxes on it.
just wait to cash out once you have a citizenship in a tax haven country.

>> No.20992305

>>20981681
Hey mate. I've been looking at this for a while and I think the best bet is to 'move' to Gibraltar. There's zero CG on crypto and as a UK citizen you can just walk right in, rent a shithole and declare your residency. It's a British Overseas Territory so no issues there. As far as I can make out (and I'm looking into it more every day) you can just open a bank account there (they use sterling) and you can cash out into your Gibraltar account, and do whatever the fuck you want after that -send it to your other UK bank account if you want. Point is, you pay ZERO tax on the cashout.
You will still be liable for taxes incurred while you were resident in UK, so any crypto-to-crypto you did here you'll be liable for.
Gibraltar is a tax haven and there'll be loads of crypto-savvy accountants you can just chuck a grand at and they'll sort it all out.
Flights are £47 one way Gatwick to Gibraltar. It's a fucking no brainer, and it's what I'm gonna do.
Not only that, but it has a vibrant culture, good beaches etc and I bet is a damn sight better in Winter than fucking London, or wherever.
Peace

>> No.20992479

>>20992305
awesome; anyone got more info on this

>> No.20992923

>>20992305
bump, interested to know the discussion following this

>> No.20992999

>>20992479
Only downside is you don't get to vote in our UK puppetshow general elections. Boo hoo :)

>> No.20993034

>>20982831
Cheers I’ll simply move to Estonia for a year if I make it. I’m not paying 45%(or whatever it is in the uk) tax on my coins. Not at the point where I’ve had to do serious thinking on this

>> No.20993125

>>20984437
Thanks for telling me, I never considered avoiding tax but rather paying them where it is cheapest from my perspective

>> No.20993232

>>20992305
>Gibraltar
rent a shit hole, have you ever looked into this?

>> No.20993273

>>20993125
It's perfectly legal. If you cashout £1M in UK you're liable for 20% ie £200k. You can BUY a studio flat in Gibraltar for about £160k
I'd rent for a while, suss the place out, then get a decent place. It's a tiny place (35k residents) and most people live in apartments. For a bit more you can get a lovely one with shared pool/gym etc
It probably has some downside, but I'm yet to find what it is. I'd appreciate more input from anons on this, too

>> No.20993307

>>20983991
this

>> No.20993312

>>20993232
yeh mate. type 'gibraltar property' in google and follow the links. It's not exactly rocket science

>> No.20993670
File: 173 KB, 496x486, 1588353199556.jpg [View same] [iqdb] [saucenao] [google]
20993670

>>20991883
>>20991928
You aren't taking into account the exit tax for renouncing citizens. You still have to pay cap gains on all assets above a certain threshold (I think it's $2MM) in order to have the renunciation paperwork accepted.
If you are a richfag, there is no escape.

>> No.20993991

>>20993670
>If you are a richfag, there is no escape.
It's only richfags that get away with this kind of thing.

>> No.20994658

When did you have to start declaring crypto to crypto transactions? I cashed out in 2017 but only filed taxes based on my BTC cashouts not on crypto to crypto gains

>> No.20994801

>>20994658
only if the profits between the transactions amounts to like £40k+. was announced on the hmrc document idk when maybe 2018

>> No.20994842

>>20994801
Is that per trade or total trades?

>> No.20994906

>>20981681
they take everything
they say you were laundering money
freeze your accounts
make you go to court
endlessly postpone every summons
and wait until you give up and just let them take it all along with paying a 200% fine on the total sum

>> No.20995185

Lets just setup a crypto community in Gib lol, start a syndicate and become the new whales

>> No.20995352

>>20984721
i paid 20% tax on the profit I had made in that year. I emailed around and found an accountant who'd take a look. If your trading history isn't a mess like mine was, it should be relatively easy for you.

>> No.20995397

>>20982600
If it's under 10k youre good

>> No.20995581

This thread is for UKfags.
Please begin another thread if you wish to discuss American or other country tax issues.

>> No.20995588

>>20992305
Thanks for this, very helpful. So just to be clear, crypto to crypto is taxed but crypto to fiat isn't?

>> No.20995646

All anons calling it retarded to cash out, try and buy a house or car with crypto dumbass

>> No.20995677

>>20995588
crypto to crypto is capital gains taxed in the UK and in gibraltar. The difference is that in the UK it's 20% (at the time of the tax event in that country) and zero % in gibraltar (so long as you were resident there at the time of the tax event)

>> No.20995786

>>20995677
Right thanks. Think I get it. So let's say now I have £10k in eth. The bullrun starts and now I have £100k. Can I sell the crypto for fiat and then move to gibraltar? Or do I have to move to gibraltar first and then sell?
Also what constitutes "moving"? Do I just have to change my residential address to somewhere there?

>> No.20995908

>>20995786
As far as I can make out, if you were registered to vote in Gibraltar, had a place of residence etc. and denounced your UK residency for that of Gibraltar (not difficult as it's a British overseas territory), you're good to cash out there and pay no CG.
If you did it here before changing you'd be liable here.
Are you taking the piss? This is fairly clear, man

>> No.20995980

>>20995908
I'm not taking the piss. I just want to be clear on what you mean by "cashing out". Is it selling crypto for fiat or is it sending the fiat to the bank?

>> No.20996348

>>20982323
No worries. You only have to pay capital taxes. They assume you have a 4% interest on average. You have to pay around 30% of that 4% in taxes. Holland is quite a good place for you guys to og and live if you're trading large

>> No.20996565

>>20985727
So what's the deal with portugal not charging on crypto profits? I know that a few countries in eu charge no capital gains tax but I don't remember portugal being one of them. Do you have to renounce your residency in your home country in order to not get taxed by them? Also how will you afford to buy a home before cashing out?

>> No.20996603

>>20987322
I'm so sorry...

>> No.20996735

>>20993273
>yet to find what this is
Monkeys.

>> No.20996830

Another question. What happens if you made a loss for a year. How do you report that and does it get you money off your tax bill the following year if you've made gains? I've just been playing around with cointracker and it shows a big loss for 2018 and 2019.