UK cashing out.

[Anonymous No.6032429]

Britfag here, gonna cash out around 110k USD and I guess I'll pay taxes on it. I don't see a way around it. I'm a complete tax noob though - never done a self return before. Would crypto gains go under income or capital gains taxes. How hard am I'm gonna get done by the taxman? Absolutely dreading this.

[Anonymous No.6032456]

>>6032429
For that amount of money, hire an accountant

[Anonymous No.6032509]

>>6032429
capital gains, the tax man will rape you

[Anonymous No.6032532]

>>6032429
get a loan from SALT

[Anonymous No.6032537]

Get a lawyer / accountant to help you file it as crypto gains or the taxman will rape you

[Anonymous No.6032557]

>>6032429
Capital gains.

If you’re in the basic income tax band, 10% tax, otherwise, 20%.

[Anonymous No.6032563]

>>6032429
its capital gains, i'd go into your bank and ask them about depositing amounts that large. HMRC will almost certainly investigate you

rip

[Anonymous No.6032566]

>>6032456
This. It‘s money well spent to avoid all the hassle.

[Anonymous No.6032574]

>>6032429
Withdraw 20k now, 20k more after April 6. 0% taxes bc two tax allowances. Use 40k in part to hire an accountant that’s either Jewish or Irish

[Anonymous No.6032584]

>>6032429
lad you're probably going to get fucked by taxes they'll be under capital gains, just take it out slowly over a long period of time

[Anonymous No.6032601]

Capital gains

Use bitcoin.tax or cointracking.info

[Anonymous No.6032654]

>>6032584
That is tax evasion and you will go to fucking prison for doing it.

[Anonymous No.6032684]

>>6032654
for doing what? they can't tax what you don't have?

[Anonymous No.6032693]

Can some kind Britanon tell me if I can freely cashout from Coinbase straight into my Barclays account without having to bother with taxes? Do I really need to report every single penny (let's say that I will cashout around 1k pounds in 5 tranches)? Pic related is for you guys.

[Anonymous No.6032733]

>>6032693
i cashed out a couple of grand off local bitcoins but i don't know if i need to report it or not lad, depends how much you want to cash out

[Anonymous No.6032740]

>>6032429
Cash out 11.3k(?) tax free now and the rest in the new tax year, there's a risk crypto may be lower in April of course. CGT is 20% of your profit over ~11.3k so you'd be paying tax on ~90k (minus initial investment cost) rather than ~100k by doing it this way.

[Anonymous No.6032758]

>>6032654
you clearly have no idea what you are talking about. perfectly legal

[Anonymous No.6032782]

>>6032684

Hi anon, we noticed you received 50k over the past 4 years by getting a 1k deposit each month? Do you care to be plain where it’s from? Surely you didn’t think we wouldn’t notice unclaimed 1k fist deposits into your current account with bank XX? Yes they report any suspicious activity to us.”

[Anonymous No.6032803]

>>6032733
>>6032693
Check out the gov.uk page on capital gains tax.

[Anonymous No.6032850]

>>6032782
people work for more than 1k a month kek

[Anonymous No.6032876]

>>6032654
How is that tax evasion? If you withdraw within the personal allowance limit every tax year you are fine.

[Anonymous No.6032919]

>>6032850
You pay income tax on that, that's the difference. You can set up offshore comanies to 'loan' you your own money tax free over time but not worth the set up cost for 110k.

[Anonymous No.6032998]

>>6032693
Don't bother reporting that amount. Its when you withdraw 10/20k plus questions will be asked.

[Anonymous No.6033069]

Are there any Bitcoin ATMs worth checking out in London?

[Anonymous No.6033082]

Everyone has £11.3k per year of captial allowance. If your married you can use your spouses allowance too.
We still have a couple of months until April when the new tax year starts. You will get a new CGT allowance then.
Transferring in regular large amounts will raise suspicions of your bank as thus the HMRC. Lots of people on here have no idea that they can't get away with it, HMRC will catch up with you.
If you want the whole lot in one go fill in a tax return and you'll have to provide crypto invoices.

[Anonymous No.6033125]

>>6033082
>Transferring in regular large amounts will raise suspicions of your bank as thus the HMRC. Lots of people on here have no idea that they can't get away with it, HMRC will catch up with you.
Give it a few months and anons will start complaining about the taxman fucking them over

[Anonymous No.6033217]

>>6033082
BTW I'm neither UK citizen nor working here formally (I'm getting a PhD scholarship and stuff). Does all of that apply for me as well or do I need to report taxes in my country even if I bought/would sell coins using my UK accounts registered on UK residence? Does UK gov can really communicate with other countries to possibly report someone? Sorry for all this naive questions but that's like the first bigger money I made in my life. Thanks guys!

[Anonymous No.6033234]

>>6033082
>crypto invoices.
Any idea how this works if you mined it or were gifted it by a random stranger?

[Anonymous No.6033287]

What about buying stuff with spendabit?

[Anonymous No.6033306]

>>6033217
>do I need to report taxes in my country even if I bought/would sell coins using my UK accounts registered on UK residence
only the us is retarded enough to tax its citizens when they move abroad to work

[Anonymous No.6033326]

>>6033217
reeeee get out we're full

[Anonymous No.6033345]

>>6032684
taking out slowly to evade tax.

the government arent retards when it comes to getting their hands on your money.

[Anonymous No.6033700]

bump

[Anonymous No.6034217]

OP here, got to file before the end of the month. I'm aboard for work this month and the next so I'm gonna have to file remotely - online so I won't be able to go in and see an accountant. Just had a look at their website it wants a Unique Taxpayer Reference from my registration letter, fug I don't have that. I've already cashed out about half to my accounts so no turning back now.

[Anonymous No.6034330]

>>6033069
I've been checking online, there are quite a few. I don't know what's the process of withdrawing though. Do you need a burner phone? What are the fees? Or limits?
Can any Britbong enlighten us?

[Anonymous No.6034349]

Open an offshore account with (((Schiff))) at euro Pacific capital.

[Chad No.6034487]

>>6032693
All current accounts in UK, and savings as well I believe are logged on HMRC database. You might get away with small deposits here and there, but any major discrepancies and you will be royally buttfucked.

[Anonymous No.6034636]

>>6034330
Bumping this.

>>6034487
I'm talking here about a few thousands, not any major amount. Also can I play stupid and in the case of them finding out just pay the tax?

Also can one buy silver using BTC in UK without registering anything? It is a great investment right now and I'm considering diversifying some percent of portfolio into it.

[Anonymous No.6034676]

>>6034636
>Also can one buy silver using BTC in UK without registering anything? It is a great investment right now and I'm considering diversifying some percent of portfolio into it.
But what about VAT on the silver?

[Anonymous No.6034689]

>Being a pleb

Heres what you do:

>Buy electronic goods using BTC from various sites
>They arrive
>Sell them on eBay and/or Gumtree for cash/transfer to prepaid visa/swap for whatever you need

SIMPLE

[Anonymous No.6034727]

>>6034689
Also
>Paying tax
>Paying for LITERAL niggers and terrorists to move to your country and be paid BY YOUR TAXES for actively damaging the country beyond repair

Lol you faggots are hilarious
I'd rather go to prison than pay tax

[Anonymous No.6034745]

Do I still need to report capital gains if I harvest the maximum capital gains allowance each year?

[Anonymous No.6034746]

>>6034689
>>Sell them on eBay and/or Gumtree for cash/transfer to prepaid visa/swap for whatever you need
Not necessary actually. If you return the goods you'll get refunded with fiat.

[Anonymous No.6034768]

>>6034689
How is this anyhow better than cashing out directly? They can't ask question about how you made all that money and a following up question how did you buy the electronic goods or what? Also it seems really troublesome for bigger amounts of money. Or do you have any particular electronic goods in mind that make process easy?

[Anonymous No.6034789]

>>6032429
>paying taxes
lmao just go to Luxembourg or Switzerland you stupid fuck.

[Anonymous No.6034827]

>>6034768
Who the fuck is gonna ask? They won't know anything, that's the point you thick fuck

You think they're gonna knock on your door and do a electronic goods inspection randomly? How would they ever find out? C'mon

As long as you're not trying to buy a house or do anything like that, then just pay for all your expenses in cash that you got from "cashing out", and anything else from your bank account connected to you

[Anonymous No.6034857]

>>6034768
>Any goods in mind
Think Apple products

[Anonymous No.6034858]

>>6034789
Ok, and let's assume that I will cashout there. How will I move the money back into the country without raising any red flags? Someone recommended me on the other day to cash out up to 10k EUR in one of Zurich's ATMs and fly with that money back. Ok, but what I will do with it, keep in sock or give it to some gang to make it legal through some business?

[Anonymous No.6034877]

>>6034858
You don't. There is SEPA now. You can just trickle over money for shit you wanna buy slowly over time.

[Anonymous No.6034881]

why the fuck does OP need 100k lol

[Anonymous No.6034911]

>>6032429
Government website says capital gains
You are allowed £11,000 capital gains without tax

[Anonymous No.6034918]

>>6034689
You'd have to undercut the place you bought it from since people would usually prefer buying from a retailer for consumer protection and so they know it isn't some dodgy cash onlly stolen goods from gumtree. May as well pay the tax at that point.

[Anonymous No.6034930]

>>6032740
Also on top of this if you're married and you're partner isn't using it you can opt to use their allowance of 11300 too.

[Anonymous No.6034953]

>>6034827
This sounds like a lot of work.
Kind of defeats the purpose of the whole get rich quick scheme

[Anonymous No.6034958]

>>6034918
see >>6034746

[Anonymous No.6034984]

>>6034487
My dad transferred me about £50k last year in one go (not crypto related). HMRC didn't ask anything

[Anonymous No.6035006]

>>6034918
>May as well pay the tax
Refer to:>>6034727
Also, yeah, you undercut enough so its less than what you would pay in tax.

How much you think you pay in tax for 100k crypto gains?
How much do you think you'd need to undercut the price of an iPhone to some fucking soy spending his mums money?

>>6034953
>Everything should be easy
Then fuck yourself and pay your tax. Don't wonder when you seem to notice more niggers and Arabs everywhere you look. You paid for them. In many cases, even paid for their flights, hotels, and even condoms.

[Anonymous No.6035023]

>>6032429
Capital gains on any profit.
So 20% of (81000 GBP - Investment amount)

Just go to a financial adviser and get their advise.

[Anonymous No.6035059]

>>6034745
you still have to report it yeah, otherwise if you get investigated later you’re fucked

Anyway i plan on cashing ot £600,000 soon, I’m just going to pay capital gains, pretty sure HMRC don’t so long as you declare it and pay your tax

[Anonymous No.6035066]

>>6032693
anything over ~10k (some say 11, some say 8) is flagged for money laundering. Your bank will phone you and ask why you have that kind of money. *(They even do this is you sell your house and have a large sum in your account)

[Anonymous No.6035088]

>>6035059

So I still need to report capital gains even if it's less than the allowance and I don't have to pay tax on it?

:(

[Anonymous No.6035090]

>>6035059
Hire a good accountant and you'll likely pay alot less.

[Anonymous No.6035107]

Are you fucking dumb? Its classed as gambling in the UK which means you only pay tax if its your only source of income. So if you don't have a job go work at maccy D's while you're cashing out.

[Anonymous No.6035125]

>>6035088
You have to declare everything on your tax return, obviously. That’s literally the whole point.

Why do you care? if its under the threshold you don’t have to pay anything, but you should still declare it

[Anonymous No.6035133]

>>6035006
Take it easy nigger, refunding 1000 iPhones is a dumb idea and you should unironically gas yourself.

[Anonymous No.6035153]

>>6035107
government webste LITERALLY says its capital gains you fucking moron, do a simple google search

[Anonymous No.6035160]

>>6034676

There's no VAT on precious metals.

[Anonymous No.6035162]

>>6035088
I spoke to a friend's brother who works for HMRC, he said basically it's up to you to report anything below the threshold. They won't care because they get no tax from you, but you can offset any losses in the future if you log gains and losses

[Anonymous No.6035176]

>>6035107
You are a RETARD

[Anonymous No.6035180]

>>6032532

[Anonymous No.6035195]

>>6035133
>refunding
who said anything about refunding?
nice reading comprehension, anyone would think you're a nigger

[Anonymous No.6035219]

>>6035160
Yes, there is for silver.

[Anonymous No.6035255]

>>6035195
Your idea is dumb regardless.

OP, just book a holiday in a tax haven or to Switzerland.

[Anonymous No.6035268]

>>6032456
this. why even bother trying with that much money?

[Anonymous No.6035275]

>>6035107
No, the .gov.uk website states it's classed the same as stocks, so falls under capital gains

[Anonymous No.6035311]

>>6034858
Why would you want to "make it legal"? It is legal. Just keep it in cash. Or buy gold. Of course, if you buy a lambo, your jealous neighbor might report you, so maybe you want to move as well. Or tell them you won the lottery, though that's risky, everybody would want a piece of the pie and ask questions.
I'd move, maybe even to some other country, at least temporarily. Your new neighbors don't know you and won't be suspecting you, just thinking you're the new guy with some high-paying freelance work or whatever.

[Anonymous No.6035320]

>>6032429
Set up a company, transfer your assets to said compan for a nominal amount. Then withdraw the money each year. This way you can withdraw as needed through salary or capital gains (share dividends) depending on which is more tax efficient at the time.

[Anonymous No.6035396]

>>6035311
Dude, I'm talking here about fucking 10 thousands of GBP, not hundreds but thank you anyway.

[Anonymous No.6035405]

>>6034689
>wasting time doing all that nonsense
>wasting extra %s on fees
>giving ebay (if you chose that method) 10% on every sale
Just cash out in small amounts or pay the fat ugly cabal jew.

[Anonymous No.6035467]

>>6035320
How the hell is that plan supposed to succeed.

>oh hey there, while I've been working on a minimal wage job for 10 years here's 600k to open up a company lol

There are no one inspecting flows of such amounts of money?

[Anonymous No.6035545]

>>6035153
Either way just say its from gambling. You really think hmrc is good enough to catch you? I'm not paying shit to them.

[Anonymous No.6035589]

>>6035545
Is a sentence a nice bag to hold for years in prison? What do you think anons?

[Anonymous No.6035596]

>>6035467
So you set the company up in the Cayman Islands

[Anonymous No.6035638]

If you hire a really jewish lawyer you can probably declare them as gambling winnings. He needs to be really jewish though

[Anonymous No.6035684]

>>6032574
https://www.youtube.com/watch?v=uGkLjfPWqeI

[Anonymous No.6035702]

IF hypothetically I made around £100million in crypto in a few months and converted it all to ETH, then bought a £30million mansion directly with the ETH, would that count as realising my gains and would I be taxed CGT?

[Anonymous No.6035719]

>>6035596
Idk man. It seems like such a thing makes sense for $1M+ amounts of money not less. Probably you'd need lawyers, some ppl in the Cayman Islands to help you run the company and stuff. Idk if you'd undercut (with less than $1M) that way paying taxes straight to the government. Also I believe the point of the question is to have the money in less than a year not receiving tranches over decades.

[Anonymous No.6035838]

>>6035719
Yeah you wouldn't do it for 6 figs, but if you're sitting on a few mil then it would be worth looking into. My portfolio is worth 400k right now so in 6 months I may be considering this potential option.

[Anonymous No.6035857]

use saltlending u idiot

[Anonymous No.6035953]

>>6035838
Huh, I'm a lil bit jelly but congratulations!

[Anonymous No.6036009]

>>6034689
might work if you're dealing with poverty tier gains
cashing out 6 figures this way would be so time-consuming you could put less effort into doubling your money, then pay 50% taxes

[Anonymous No.6036075]

>>6035405
Is it necessary to have all the trade records for everything? What about mining etc?

[Anonymous No.6036119]

>>6036075
Yes, because your losses can be used to offset your gains

[Anonymous No.6036161]

>>6036075
Also where is best to cash out in UK? Indo not want to use local bitcoin.

[Anonymous No.6036175]

There has to be a hassle free way to cash out

How the fuck do Forex traders do it?

[Anonymous No.6036217]

>>6036175
Um, they already trade in fiat

[Anonymous No.6036350]

>>6036119
Am i fucked if i don't have records? A lot of my original 'investments' were coins that i mined years ago and i've traded so many shitcoins across so many exchanges that i cant possibly get trading records. I'm sitting on a £200k portfolio and i've been feeling depressed lately after finding out that I may not even be able to cash out legally without having trading records

[Anonymous No.6036373]

>>6036217
They make capital gains and get taxed though it's the same as a cryptocurrency when they hold a foreign currency

[Anonymous No.6036379]

>>6036350

you can just import the files directly from the exchanges and load them onto bitcoin.tax

it even tells you how to download them if you can't find them cos you're a spastic

[Anonymous No.6036394]

>>6036009
Try reading the thread cuckold
>Paying taxes for nigs and muslims
>Literally paying for their flights and hotels
Lol
I'll never pay taxes until death

[Anonymous No.6036417]

>>6036350
you don't need trading records, that's just an american thing, you just pay capital gains on realised gains i.e. at the point of selling

[Anonymous No.6036424]

>>6036373
I was joking

[Anonymous No.6036428]

>>6032429
Do they have crypto debit cards or something in britian? I would never want to pay that much taxes.

[Anonymous No.6036444]

>>6032429

Remember if you're going the capital gains route, you'll likely have a shitload of expenses and deductibles that a good accountant would be able to highlight.

An accountant would probably pay for itself.

[Anonymous No.6036447]

Has anyone on this board actually been through the process of cashing out a sum of at least 5 figures in the UK?

[Anonymous No.6036469]

>>6036350
The exchanges you traded on will likely have a history. Besides, even if you aren't able to find all your trading history you can still cash out, you'll just have to pay the max amount of tax according to your tax band and CGT allowance.

[Anonymous No.6036495]

>>6036447

I've cashed out £11,300 from coinfloor

Didn't have any issues. I sold in two batches

[Anonymous No.6036629]

>>6032429
Why are you cashing put all at once? At least leave some until after March so you can take advantage of capital gains tax allowance over 2 financial years instead of 1

[Anonymous No.6036676]

>>6036629
>thinks Crypto will last for another 2 months

[Anonymous No.6036713]

>>6036428

Crypto debit cards would also be subject to capital gains, it would just be harder for HMRC to spot it; the goods you buy with the card would be subject to gains tax.

Also, things like this have people incredibly paranoid. No one wants to be seen as enabling money laundering so you could get ratted out and audited.

[Anonymous No.6036805]

>>6034636
>Also can I play stupid and in the case of them finding out just pay the tax?
Ignorance of the law is not a defence anon
Also, they'll fine you extra for not paying from the get go

[Anonymous No.6036810]

>>6035589
My shit coins would have mooned after a year of lifting and eating good in prison.

Walk out a better, stronger, richer man

[Anonymous No.6036844]

>>6036379
yobit was where i did the bulk of my trades, they don't have an export feature unfortunately

>>6036417
That's reassuring. I don't really get why it would be capital gains though since i bought less than 1 bitcoin and now i'm cashing out 17. I would understand it being capital gains if bought 1 bitcoin for £1k and i'm cashing out the same bitcoin for £14k. Anyway, i hope you're right.

>>6036469
Taxes over £150k are 45%. fml

[Anonymous No.6036856]

>>6036350

>"I paid xyz for my PC, I paid abc for the electricity"
>"my taxable profit is selling amount minus these costs, minus anything I paid"

HMRC will have absolutely no problem if you register your costs as being 0 because you don't have any records. It'll just mean you're paying more tax than you need.

Be aware, the more you take the piss in terms of deducables, the more likely an audit is.

[Anonymous No.6036891]

>>6036713
Fuck dude, I know a good bit about taxes but why has this never accrued to me.

[Anonymous No.6036912]

>>6036856
Yeah HMRC are pretty chill conpared to the autistic IRS in the US.

[Anonymous No.6036932]

Also does selling coins into FIAT on Coinbase or GDAX count as cashing out? Or it rather means getting money back in a bank account?

[Anonymous No.6036963]

>>6036932
the fiat account on the brokerage likely isnt held in your name so no, it only counts as capital gains when it enters your accounts

[Anonymous No.6037009]

>>6036932
Yeah...

it turns your asset from an unrealized gain in to a realized one.

Any time you turn an asset into a government backed currency you have to pay tax.

[Anonymous No.6037017]

>>6034689
you're a retard
>localbitcoins.com
>meet a real person and have a 10 minute conversation and transaction
>cash out

[Anonymous No.6037031]

>>6036891

Golden rule for money is "could this method be used by criminals to hide where their money came from"

If the answer is 'yes' then you will be subjected to tax or need to declare it in some way.

[Anonymous No.6037046]

>>6035467
It is all legit its non-taxable. You cashed out your assets at a nominal value. £1. You then take it from company over time and take advantage of the tax bounds (free allowance up to 10k etc).

Derp

[Anonymous No.6037048]

>>6034911
>You are allowed £11,000 capital gains without tax
I'm pretty sure that's including your regular income from work, so if you earn more than £11500, you would've surpassed the tax free amount and will have to pay CGT on all of your crypto earnings.

[Anonymous No.6037069]

>>6034858
Do this if you want to get all your cash confiscated and miss your flight. I know someone who tried to do this with 40K and got caught.

[Anonymous No.6037086]

>>6035596
No you set up one in the UK, or buy an off the shelf one if you need one asap.

[Anonymous No.6037088]

How fucked am I

I really dont want to hand over gibs money to pakis and africans

[Anonymous No.6037108]

>>6037017
>Not knowing many request ID
>Not knowing its unreliable as shit
>Not knowing many get robbed
Retard

[Anonymous No.6037110]

>>6037017
apparently it's a fed honeypot in the US, no idea about UK

[Anonymous No.6037129]

>>6037031
Yeah that's why gift cards are a pain in the ass to do anything with except buy shit I don't need.

[Anonymous No.6037146]

>>6035638
kek

[Anonymous No.6037207]

>>6037088
Tbh hold these ETH and run a masternode once PoS will be implemented.

[Anonymous No.6037228]

>>6037108
cashed out 40k without a problem it's not hard to find a good trader and meet in a public location not an alley faggot

[Anonymous No.6037229]

>>6034689

Just pay the tax, it'll be cheaper than that method and there's no risk of jail time.

>>6037017

For all you know that person will declare that as an expense on their own tax form. There is now a paper trail to you, I'm willing to bet localbitcoins will hand over IP info if requested.

Plenty of 'cash in hand' traders get fucked when they do work for someone who has well organised accounts and HMRCs do a bit of cross checking.

[Anonymous No.6037244]

>>6032563
what is he supposed to ask the bank?

[Anonymous No.6037321]

>>6037228
There are actual traders willing to give you hard cash?

[Anonymous No.6037328]

Just pay your 33% to the gubba'ment

[Anonymous No.6037335]

>>6037229
>Just pay the tax
Read the thread you fucking mong
There are other reasons as to why people don't want to pay tax

>>6037228
>Anecdotal evidence
Nigger, are you sub 80 IQ?

[Anonymous No.6037348]

so I just need to pay cgt on the whole amount above my allowance and I'll be left alone?

[Anonymous No.6037365]

>>6037348
Yes, but you can filter it through a company to reduce the CGT that needs to be paid.

[Anonymous No.6037375]

>>6032740
Is it a separate personal allowance for capital gains to your income then? Or if I am already receiving income in the higher rate tax bracket will I get royally buttfucked for 40% on all my sweet sweet crypto gains?

[Anonymous No.6037402]

>>6037365
thanks

[Anonymous No.6037422]

>>6037335
>suggesting op spends days setting up ebay, separate prepaid visas and buying hundreds of units of electronics

[Anonymous No.6037451]

>>6037088
not enough for them to give a shit
get your funds up b4 you humble brag

[Anonymous No.6037469]

>>6037375
yes

[Anonymous No.6037483]

>>6037328
>Paying to import foreigners
>Foreigners who actively hate you and your country
>Paying for their flights, hotels, even condoms that they get provided with
>Paying for their expensive sandwiches that they scoff at if the packaging is a little crumpled
>They get here because you paid for them
It doesn't end there though, does it?
>Pay for their housing
>Pay for their wives housing
>Pay for their medical costs
>Pay for her 6 jug eared, buck-toothed inbred filthy muslim cunt kids to grow up to be homegrown terrorists
>Pay for their schooling
>Pay for crackheads
>Pay for scum
>Pay for inadequacy of this government

I would rather die in jail than pay tax

>>6037422
If you don't want to support the above, then its a small price to pay.

[Anonymous No.6037504]

Say you cash out in actual cash, that is sending BTC to some other person and that person paying you in cash, do you need to pay tax for that?

HMRC couldn't possibly know about this could they?

[Anonymous No.6037564]

>>6037365
Consider setting up a corporation domiciled in the channel islands. Directors can pay themselves dividends at a low rate of tax. May take some leg work to setup and good advice - but if you've made it anon there's no sense in a weak outing in the last over

[Anonymous No.6037581]

>>6037504
Well you can trace BTC. If you sent through Monero then probably not, no.

You can't even see someones wallet balance with Monero.

[Anonymous No.6037690]

>>6037483
That stuff is terrible and all but getting the money into my account the easiest and least red flagging way to help me and my family is more important. This country is fucked whether you pay crypto tax or not.

[Anonymous No.6037702]

>>6037048
Income for a job isn't capital gains, it's income subject to income tax.

[Anonymous No.6037747]

>>6037690
No single raindrop believes it is to blame for the flood

[Anonymous No.6037775]

>>6036856
Would i need to give them every trade ive made on every exchange?

Or can i say that i put in 2k on coinbase for say 10LTC but then withdrew 12LTC for 12k from coinbase. And then just calculate a simple capital gains tax, will they ask any questions about what happened in between my accumulation of the coin and trades in between

[Anonymous No.6037793]

>>6037581
Wrong. You can detect transactions no matter what a privacy coin your using if you're not using a TOR/VPN properly. Keep this in mind guys.

[Anonymous No.6037797]

>>6032429
>I don't see a way around it.
don't cashout, wait until crypto becomes the norm and wa la!

[Anonymous No.6037853]

>>6037797
>keeping a whole portfolio in one extremely correlated asset class

[Anonymous No.6037865]

>>6037797
>wa la
Voila.

[Anonymous No.6037970]

>>6032693
Never actually sold before but I think you will get a fee from your bank account because Coinbase will pay you in euros not gbp

[Anonymous No.6038038]

>>6037793
Wrong. 80% are untraceable
You're a faggot

[Anonymous No.6038084]

>>6037970
REEEEEEE

>>6038038
Too lazy to link you the article but like whatever mate.

[Anonymous No.6038110]

>>6037747
Don't give a fuck

[Anonymous No.6038137]

If I trade on binance do I have to pay tax for every single fucking trade I make?

[Anonymous No.6038169]

>>6038084
There is no article that says what you're claiming, and if there is, its bullshit

>>6038110
Faggot

[Anonymous No.6038351]

>>6037865
Sorry don’t like classical music

[Anonymous No.6038586]

As someone who’s never invested, what is a good exchange that allows me to buy some of the base stuff like bit and ripple? And allows me to withdraw cash every month for bills.

[Anonymous No.6038631]

>>6038137

No

[Anonymous No.6038637]

>>6037775

As I said, they probably won't care if you say 'profit from nothing' as that hurts you more than them. If you declare more than you're likely to own, they may request more detail to check for laundering but they'd be extremely unlikely to get angry at you.

I'd say the minimum records for peace of mind is to declare any real financial transactions.

Crypto's are perhaps one of the few genuine cases of money from nothing so there's a bunch of uncharted territory and the taxman is always likely to be more forgiving if returns are filed in good faith.

If you're really unsure, an accountant is the one to ask and if your tax bill is looking high enough, it won't cost you a penny (they'll save you more than their wages). They'll also be invaluable if you just want to move the money to a a safer investment.

[Anonymous No.6038703]

>>6038586
Kucoin. It also has a bunch of rare tokens. They're really quick about adding stuff, so if you follow along on biz, you could make a lot of money buying the small tokens.

Consider using my referral 7Jw2My

[Anonymous No.6038749]

>>6038586

If you need the money for bills, you shouldn't invest in crypto-currencies, no one knows when the bubble will pop and what the 'real' value is.

[Anonymous No.6038814]

If im not planning to cash out but actively trading do I need to claim taxes this year or trade by trade at the end of say 2019?

[Anonymous No.6038815]

>>6038749
I have a job and plenty money for bills, it’s just that with crypto being so volatile, paying my bills monthly would be like me cashing in on the profits

[Anonymous No.6038856]

>>6038703
Also from lurking for the past day, I’m pretty sure kucoin is the one exchange I certainly don’t want in on. But gl with the referral shit, I know how it is.

[Anonymous No.6039291]

>>6037321
Not the same anon, but quite a few
I met a guy from there who rents a waehouse unit out and daytrades with his staff as a full Mon-Fri job

[Anonymous No.6039502]

- Buy gold have it delivered/pick it up ( works for EU)
- open ATM cards cash out and buy stuff, (if they still work and when they do again)
- Use local bitcoins, dont report the cash
- If you have a salary cash out 20-30% on your accounts, not to raise any flags.
- If you have a trusted person with a salary do the same with them
-open a small business and cashout as business income, charge expenses to that company.
-pay a pajeet 10% and cash out through him on his bank acount

Hire an accountant and get help.

You shouldn't pay more than 10% on cashout sum if you combine several or all of the above methods.

[Anonymous No.6039562]

>>6032758
it's called structuring and it's illegal.

[Anonymous No.6040095]

>>6035107
>THIS

Last time I checked gov.uk the crypto tax situation was unclear at best and seemed to suggest that if you claim profits as "gambling wins" instead of "investments" then they are not taxable

[Anonymous No.6040143]

>>6040095
probably best to see a tax advisor or get a lawyer before trying this though

[Anonymous No.6040311]

>>6037970
Coinbase do gbp

[Anonymous No.6040336]

>>6040311
Fuck coinbase, bunch of cunts