How are you fellow Brits buying BTC? Used Coinbase once, never again...

Yes, haven't had any problems but the trading interface is pretty shit and they only really trade bcash and btc. For their GBP market it generally follows USD price. Things can move pretty fast during drops though, i'm sure half the traders there must be bots.

Coinmama

Because in 3 months I'm only 5 quid up

Also, is anyone else just watching the Bitcoin price falling on Coinbase waiting to breach your spending limit? I'm gonna fucking cum buckets looking at this juicy sale.

Natwest is a tenner :( might have a looksie at swapping banks.

bittylicious.com is an alright site, kinda pricey but pretty quick and easy

I was raped for 3% when withdrawing to Barclays

Bitstamp or use the bitbay Wallet to buy from a seller

I'm doing that right now. I'm also watching twilight with the wife. So watching it flip between 3200 and 3150 is mildly more entertaining.

coinfloor is fine

The volume is low but price isn't much different from whatever it is on Coinbase.

There are no trading fees but are withdraw/desposit transaction fees.

Fellow UK lads, how does it work for cashing out as far as taxes go?

Theresa May comes to your house and steals your copper piping

USE KRAKEN FOR EUR/BTC

Kek, have a rare pepe. It was a serious question though. How does it work?

jokes on her no one can afford to buy a house

you can pretend to get excited when it drops below £3k, chink exchanges are fucking megalow compared to western ones. Waiting for the ripples.

I refuse to use european currency it is full of migrants.

I believe its currently capital gains tax on fiat gains only. IIRC capital gains is 10% over £10k yearly but I'd have to look again

It's treated as foreign currency. Apparently up to £11k is tax free then anything above that has capital gains tax. Not 100% sure though.

I think it falls under capital gains tax so you can withdraw 11k a year tax free

Some werewolves just turned up or something, now a bloke is shirtless. Earlier he had long hair. Also bitcoin is now 30 quid more than it was when I posted last.

Right thanks lads, so if you are cashing out less than 11k a year then there is no tax. That's pretty decent.

10% for more than 11k is actually not too bad.

I used to use Coinbase with my debit card but then they doubled the fees so I haven't bought any for a long time ,it was the only site I could find that let me buy with a debit card instead of bank transfer

You spent Ireland wrong

I've never cashed out and don't plan on ever cashing out but yeah you bought something and it appreciated in value so it should fall under CGT,the 11k allowance is reasonable

If your activity is considered a trade, income tax applies. Otherwise capital gains tax will apply and you'll get that nice extra 11k allowance. It's one of those grey areas so if you made a shit ton of money and you have no clue, get an accountant.

Generally if your just buying it as an investment it should fall under CGT. If your buying and selling every 5 seconds like the wolf of wallstreet it's more likely to be a trade and fall under income tax. After all, you could conceivably consider buying and selling bitcoin to be like buying and selling... rather... trading goods.

Just make sure to record your gains and any relevant exchange rates so you can convert it all to GBP so you can apply IT or CGT to it easily when your doing your taxes.

>the fees for which are £10 per transaction.

change bank as my bank does it for free...

Sorry, by "a trade" I mean "trading". It's getting late.

Blockchain.info have a wallet where you can buy btc with debit card + no id verification, think the fee is 2% but may be off.

Right cheers, appreciate it.
For the second lad, how do they know whether you are day trading or not?

Anything good on TV lads? Or is it another night of netflix? Fucking international break

This is wrong. It is purely capital gains tax it will never be income tax.

which bank?

accaglobal.com/uk/en/technical-activities/technical-resources-search/2011/august/badges-of-trade.html

I've been told many things, but I haven't found any official piece of information from HMRC which *conclusively* states only CGT applies. The wording is such that you'd think only CGT applies but they worm themselves out of it by mentioning "trading profits" too.

I myself would rather be cautious at this point especially if lots of money is involved. Thats if the chinese don't tank bitcoin completely.

Localbitcoins user

gov.uk/capital-gains-tax/what-you-pay-it-on

It's pretty cut and dry. BTC is acknowledged in the UK as an asset the same as shares and falls under the same rules.

Thanks for the link. I skimmed through it quickly but will read it properly tomorrow but doesn't seem to relevant here.

My question is though, for online trading such as this, how can they ever know if you are trading every day or putting down an investment once a week?

It's treated as an asset in the US but as foreign currency in the U.K.

Where are you getting your information about it being an "asset"? I was under the impression it's treated as a foreign currency thus more similar to forex trading.

Bittylicious is good as well

Download bisq.io and do it peer to peer - the sellers can set whatever % premium they want. Not much of a uk market yet, but once people start using it it'll be ok.

>Credit Card
When I tried to sign up with my AMEX they wouldn't even let me do it, are you sure you don't mean Debit?

Straight from the horse's mouth. Go to the CT, IT and CGT section. CT and IT are only applicable to businesses. CGT therefore takes over.

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

"Chargeable gains: CT and CGT - if a profit or loss on a currency contract is not within trading profits or otherwise within the loan relationship rules, it would normally be taxable as a chargeable gain or allowable as a loss for CT or CGT purposes. Gains and losses incurred on Bitcoin or other cryptocurrencies are chargeable or allowable for CGT if they accrue to an individual or, for CT on chargeable gains if they accrue to a company."

>not within trading profits
>trading profits
>trading

They don't take amex so I'm using my visa credit card. Shame as I'd get cashback on crypto purchases lol

>Gains and losses incurred on Bitcoin or other cryptocurrencies are chargeable or allowable for CGT if they accrue to an individual

>What is reading

pasta from an old thread i saved:

>Main bank to Fidor UK bank (pounds)
>Fidor UK to Kraken (sepa transfer in euros)

and when withdrawing
>Kraken to Fire Bank (sepa in euros)
>Fire Bank EU wallet to UK wallet
> transfer to Main bank (pounds)

This is pretty much the cheapest setup for UK coinfags, though the euro is pretty strong atm but theres not much you can really do about that.

fire bank told me to fuck off though.

Thats just distinguishing between CT and CGT, it doesn't specifically negate the potentially overriding clause earlier in the paragraph with regard to "trading profits".

How do you actually declare it for CGT?
Surely it only counts when you send it back to your bank account?

Lykke Wallet. No fees as far as i can tell. Takes around 24 hours to be approved.

you can buy bitcoin with Paypal without any id
virwox.com