What country are you all from?

Serb here, if any of my friends knew what i was doing and what are my gains, i'd prolly get lynched straight away

Bong from between 1707 and 1805 then? That flag is wrong.

Mart sharter reporting in

Ok sounds like a plan. I'm guessing your thinking is due to it being a low monthly amount it will not raise suspicion at the banks.
surely though if you are paying no tax at all (implying you won't be working) they will eventually investigate how you got you money

Apparently Theresa May is going to ban crypto because its used on the black market, so RIP britbongs

Is crypto taxed here senpai?????

Bong here.

Hoping to get together enough money together so I can escape the citys once the race war kicks off.

Or if things go really well, fund my on militia.

Pretty sure you'll get done by your tax department for that, one way or another. I wouldn't risk it

It's treated as capital gains so anything over the free allowance of 11k? is taxed at 20%

Yeah I realised that after I posted, it was the first one on google images

I plan on starting a company dealing cars. I'll take a small income from that and pay some income tax

Russian here. Just made over $500 in shitcoins over past 24 hours, that's like an average monthly salary in my hometown. Feelsgood.

Yes, it follows capital gains tax laws

What is free allowance for? Like if you work and earn 20k do you still have another 11k before your taxed or what? What would happen if you put in 15 over the year with random amount and random dates in the most unsuspicious manner possible?

Britbongs get in here

britbong here also
Wondering about the legal stance of crypto currency
I know it's treated as a foreign currency, but little beyond that.

For real dawg?? Guess i'm never cashing out.
i thought crypto was being treated as gambling.

Wasn't there something about crypto being equivalent to gambling and gambling being tax free?

Yes, although there may be a case to call it speculative, I.e gambling.

This has not been tested in court as far as I'm aware

Finland/Estonia

If you can show that you had no real strategy and that you were just blindly hoping that the price went up then that is gambling.

I'm surprised by the lack or burgers ITT

also, I know making sub 11300 makes it tax free, but is that annually?

Nah, Jeremy Coryb will tax you to death.

May has said nothing about Crypto.

11300 is you annual income tax allowance from employment.

CGT is separate to that.

Amerifag here. Presently house hunting and looking to become a fucking Leaf, though.

Its a tax free allowance just for capital gains usable even if you earn 6 gorillian pounds, so if you put in 100k with 10% returns to 110k and sell its all tax free since you dont pay tax on initial capital, but if its 15% returns to 115k you pay 20% tax on the 4k over the limit.

For real, each trade is also taxed if you made a gain on initial amount, thats why I buy and hodl for eternity.

gov.uk/government/publications/revenue-and-customs-brief-9-2014-bitcoin-and-other-cryptocurrencies

What websites do you chaps use. Assuming localbitcoin is the best to buy bitcoin. Preferred trading site?

I have a friend who made it big (non crypto) and he became a non dom to save on tax. might be worth looking into if youre talking millions

>each trade being taxed
So can we all agree that either hodl for eternity or cashing out in different country are best options?

>CGT is separate to that.
gov.uk/capital-gains-tax
>gov.uk/capital-gains-tax

I use coinbase like a chump

Ive not cashed out yet. But I do have US citizenship as well but I've lived in U.K. my whole life, I was just born there.

You could just do what millionaires do and set up a company in panama

If your earning millions from crypto, what's a couple of thousand for proper financial advice.

Alternatively pic related

Or just pay the 20% tax so you can actually return to the UK when your crypto gains runs out

bulgaria, crypto is mostly unknown here, my normie friends dont even know what bitcoin is

auscunt here. dont exactly know how crypto tax works on cuckold: the continent but one things for sure, the will take a big piece and send it DIRECTLY to enemies of civilization.

literally where is the last uncucked place on earth? isle of man? where do i move to once i make it big?

Switzerland is somewhere I am looking at and has 0% capital gains tax but its fairly hard to get citizenship

Colombian here. We're all gonna make it bruhs!!

Did you have much hassle signing up? My name on my debit card is my inital instead of my first name so it said my name on my card was different from my ID and wouldnt let me sign up.

Monaco but you need to prove your worth a lot first and I think you need to deposit €500,000 as a bond with the govt

Nah, its taxed on total ammount, not each transaction.

Also its a grey area if it's speculative.

So if you pay the tax happily you are getting mugged off.

Brit here.

Sent BTC to Wirex, use virtual debit card on there to send coins to Monzo account, withdraw from Monzo account into cold hard sterling.

nigger land south africa.

Some bong user needs to try cashing out something and claim it was all gambling to see if it will work and report back. Only the ones rich enough to get lawyers of course.

I'm actually thinking about teaming up with a friend who is an IRL financial adviser to specialise in crypto tax avoidance.

polack originally, been living in the UK for good 6 years tho

POLAND STRONK

Every time you trade one coin for another its counted as realising a gain/loss for tax purpose.

How bad is it down there lad? From what I'm seeing on /pol/ it's gone full on race war ll

Recession and ridiculous inflation.
Corruption out of the ass. Violent niggers.

I won't be raising a family here. Will gtfo in 2 years.

80% of the people I know have already left.

Blacks ruin everything.

Nigerian prince here

serious question: do you have electricity 24/7 and a mobile network capable of 3G, 4G or public wifi?

would Venezuela benefit from its own cryptocurrency and not have to deal with the inflationary and crazy $$ ecomony?

i too am bong and plan on this, but i don't pay tax as i am an expat, but i haven't looked into tax for btc at all for UK residents. the money i used was all earned overseas while i was declared not residnet for tax, so i don't know what applies to me. i was planning the same as you, several grand a month. the bank asked me on the phone one day what the previous deposits were and i said i sold some bitcoins so they are transfers from companies but this was more a security check than an inquiistion into what i do (i think).

another one of these unenforcable bans, like banning face sitting porn and banning suitcase bombs at pop concerts.

Venezuelan

TEXAS YEEHAW

any other swiss bros here?

Same...Mornin' ya sonbitch.

The only way that would be true is if the government recognized crypto as actual currencies, which to my knowledge they don't. As far as the law is concerned, were trading one commodity for another. No gain or loss is realized until we cash out. Else you'd pay taxes on your house going up in value. It's a theoretical gain, not a realized gain.

hi fello based estonian

Pic related

>making a fresh college graduate's daily salary by holding $300 worth of cryptos

roach here, we dont have taxes for this kind of shit lel

Where?

turkey

I just assumed everyone on biz was a burger. Its going to feel even comfier knowing that im experiencing gains with people from all around the world

Finland. Haven't even checked our tax laws regarding crypto trading, hope for the best

Massachusettsfag checking in

this. proud to PnD with my bizbros thousands of miles away