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30045881 No.30045881 [Reply] [Original]

Taxation of Utility Tokens as corporation or sole trader-

Utility tokens received as (income) reward for participation in a network, some tokens are sold/traded away as business expenses, some are kept as business assets.

HMRC guidance docs are vague.

Advice?

>> No.30046454

>>30045881
Its all very confusing and there are so many loopholes and sepcial clauses that I would just recommend getting a tax accountant to help you out if you're getting over £30,000 in profit per year.

>> No.30046515

how do i not pay crypto tax fellow bongs

>> No.30046961

>>30046515
Don't declare and don't cash out at kyc exchanges

>> No.30047107
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30047107

>>30046454
99% tax accountants have no idea what any of this is. The wrong one will probably result in a shit deal going forward?

Miscellaneous income seems to best describe the situation.

I feel being an LLC adds an extra layer of complexity to operating such a business. Yes Corp tax is lower on profits compared to sole trader, but messing around with dividends and payroll for yourself as CEO still has tax implications and poses more time restrictions when trying to use your earnings.

>> No.30047120

>>30046961
>get an AML report filed by your bank when you deposit 50 grand out of nowhere

>> No.30047302

>>30046961
Not an option. We are talking MM's. I got stuff to do. Imagine giving yourself a defi loan for 500k stables, converting those stables to fiat and dropping in your business account. If your self assessment or Corp assessment doesn't tally you'll be caged.

>> No.30047374

>>30047120
>not paying for things with crypto directly or converting from crypto to gift cards

>> No.30049027
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30049027

I am unironically terrified of cashing out, what the fuck do I do lads

>> No.30049258

>>30049027
Stage an unfortunate boating accident

>> No.30049430

You better pay your taxes bros, record borrowing needs repaid somehow, we all need to chip in

>> No.30049962

>>30045881
The hard-working Pakistani doesn't ask how to invade tax on a bloody anime board. He runs his shop with integrity and pays his full share.

>> No.30050080

>>30049962
>invade
Evade. Bloody typos.