I'm out, time to KMS

m8, wallet to bittrex to yobit to wallet to cryptopia to novaexchange to bittrex to wallet to changelly to etherdelta all in various shitcoins + airdrops and other shit

not a chancee

This. -tx fees +hardforks and all this shit.
If I start again in the new tax year then I only make like long-term trades of significant sums and not a million small FOMO buys and sells

Fucking buy gold from the internet and ship it to your home or idk. You cant let the taxman rob you like that.

I really hope you'll re-enter the crypto game dude, you didn't lose everything and you can still make money.

I do my tax spreadsheets every week and put aside the money for the fag tax man

too scared for that. I did a lot of KYCs for ICOs and exchanges. At the moment probably no one would care about a few 10 grand but maybe in a few years the jews have the technology where it is only a mouse-click away for them to see your whole blockchain history and shit

cheers man. yeah I think I'll have to. Being a no-coiner is the shittiest feeling I had in a long time

Won't they at least give you the chance to gather the data?
I mean you have order histories and such things.

Yeah that's what I will do if I re-enter in April. I just hope I don't miss the big bucks until then. Got a feeling we will see an altcoin boom again soon

It is your duty to report all your capital gains you made before the end of each tax year. Failing in doing so is an offense.

>paying tax on every trade

Nice meme

Day trading would be 100% impossible if that were the case, similar to how poker would be impossible if you were taxed on every individual hand won

Dude just manually work your way back, it sucks but that's better than throwing away 10k

Fuck it man, you're already technically fucked for doing ICOs but honestly you're a small fish and the IRS has absolutely no idea on how to handle crypto.

Just hide the fact you did the ICOs, say you went all in on bitcoin and made a killing before cashing out. As long as they get some shekels they probably won't give a shit.

I didnt keep any records either, and I dont give a single fuck.

What do you mean

I'm a britfag so ICOs are cool (not sure about the confido one though).
I know what you're saying and went through a lot of possibilities many times like saying I gifted shit away in the beginning and someone else did the trades and what not.
But I'm too much of a pussy for that. It kinda took the fun out of crypto for me for the last few weeks and would probably only get worse

The uk taxman only cares when you cash out from crypto to fiat.Tracking individual trades is what americans have to deal with.

You are wrong. Every trade counts as disposal, I contacted an accountant for advice

Which altcoin do u think is gunna boom user?

And does iota really go to sjwfags promoting white genocide?

Why cash out? Salt loans will be an option soon.
If you need money, do that provided you're not a total NEET and can't make payments from your regular income.
Also if you absolutely must cash out just lie about your cost basis. Report that you bought 1 btc when it was a dollar or something like that.

Rare occasion where you ask a no-coiner who has no gain or loss from shilling / fudding.
The projects I held are all worth a look. Dragonchain will explode one day, not anytime soon but it will.
IOTA is more than solid, don't believe the /pol/tards. Although I agree that they should keep politics out of the tech.
Careful with REQ, it usually pulls back around the time of the bi-weekly news on Friday.
LINK might moon or not, depends if the developers deliver

Why not just cash out on localbitcoins? No Id, no verification

As in try to to figure out every trade you made, you still have a large part of your internet history, transactions on the blockchain and some exchange history.

Nearly quints there user!
Those things wouldn't make a difference for tax reporting. My endgame was a house. You don't buy that with money you found on the street

Your accountant is wrong. Read the HMRC guidance yourself

Thanks

That works with small-ish sums but the banks highlight you for an audit at various secret trigger points

I honestly tried and sat down for 2 days. There is just too much trading on different pairs / exchanes in parallel to do it without accountant

Takes in the uk? What are you on about man?

You actually can. I'll tell you how in exchange for 0.0001 BTC.

WHY TF CANT I WITHDRAW IOTA???

Wtf binance

not cashing isn't a meme?

What percentage does the tax man want?

That's interesting didn't know that, what are the trigger points? What's "smallish"? If the deposits are less than 10k?

Is this right? Do we need to pay taxes on trades or just when cashing out in the UK?

I read it. Please point me to the bit where it says disposal of BTC for another crypto does not count as a trade event. All it says in the beginning is that it guides itself on old rules of normal assets.
If you swap your car for a motorbike - that counts as selling your car at marketprice and buying a bike

Kek I'm a nocoiner user.

10% or 20% depending on your income. Really not a problem... if you keep book.

They are (obviously) a secret. I guess it is more likely an algorithm to monitor suspicious behaviour. Maybe even a manual review when your moneyflow changes from your usual one

and if you don't keep records. 50%?

FFS, how many times must it be said - Only Americans need to keep track of individual trades for tax purposes not anyone cashing out in the UK.

Depends. You need to explain yourself and it can end somewhere between “yeah, we understand, no problem. At least you got a few records and estimations“ to “you can't prove it's origin because you got it illegaly. It us hereby confiscated and you pay a fine / go to prison for not fulfilling your tax reporting duties“.

Read the thread, you are wrong. I believed so too for a long time but it is a myth. Show me one proof other than an user saying you don't have to report it.
Every trade consists of disposal & acquiring. Both items are valued at current GBP rate.

so if i live in italy (or in europe in general)do i cash out and pay my 20% tax and everything cool?

I have cashed out before.Go and talk to an accountant that actually knows what they taking about to get the correct info.

No, every country has different rates. The UK is surprisingly cheap this year (it changes every few years).
Also you need to file and pay your taxes every year even if you don't cash out if you traded during the year

Show me one piece of info or proof that suggests that a crypto trade does not trigger a disposal / taxable event

Where are you getting this information man?
When does the fiscal year start for 2018?

There are no specific rules that apply to trading crypto

>Whether any profit or gain is chargeable or any loss is allowable will be looked at on a case-by-case basis taking into account the specific facts. Each case will be considered on the basis of its own
individual facts and circumstances. The relevant legislation and case law will be applied to determine the correct tax treatment. Therefore, depending on the facts, a transaction may be so highly speculative that it is not taxable or any losses relievable. For example gambling or betting wins are not taxable and gambling losses cannot be offset against other taxable profits.

OP mentioned he was doing this for fun. That sounds like highly speculative gambling to me

Don't listen to this pajeet.

Gov.uk is a good resource or just google the rates. Hmrc have detailed guides online. 06/04/2018

weak fud. Just buy Monero and noone can trace it.

>I can't cashout my trades and think crypto will continue to go up so I sold everything
Why? Just move if you make it, particularly if you're not American to start with, they have more difficulty getting rid of their citizenship than citizens of most countries..

I don't understand how some people are saying one thing and other people another.
I would like to hear what this user has to say.

Right, that sounds like it applies for gambling and not investments?

I live in the UK but could easily cash out back in Italy as I go there several times a year.

If you try to claim back losses they would probably agree. But no, seriously:
My problem is not the evaluation or the tax itself but rather the fact that I have nothing to prove where the money comes from

if the trading between currencies is being done as an investment (i.e. if you're trading with the intent to make a net profit in GBP, which seems to be the case here), then the net profit in GBP is taxable as Capital Gains Tax.

Until a foreign currency / cryptocurrency is traded back for GBP, there is no way to discern how much profit you have made (and thus how much is taxable), since you can hold the currency and not trade it for GBP until it would result in a different profit or loss than at the time of the cross-pair trade, and so trading for example ETH for BTC or vice-versa cannot be taxed.

In other words, your profit is not certain until you have the Sterling, so ETH/BTC trades are non-taxable.

You pay your CGT in your country of residence / income tax. If you move away and dispose an asset you will be taxed for the local rules. However, if you move back to the UK within 5 years they can claim those CGT. Although you might get deductions if the UK have a double tax agreement with the country you paid originally

Yes there is a way, and it is done lile that with all physical trades. You determine an exchange, e.g. Bittrex and keep that consistent.
Then every trade is considered for selling at market price and buying the other currency at market price

Thanks man, seems like you have done your research. Do you think I need to pay taxes on the trades if I cash out with less than 11k before the new fiscal year?

But it's literally impossible to cash it all out at that price, if you put a market sell it's going to cascade down through a variety of values. That's assuming it doesn't crash entirely before that. How is it a gain if the value is never realized? Why am I not taxed on the appreciating value of beanie babies when I purchase those?

they're memeing you. the idea of it being like-like is up for debate, to play it safe, WHEN you cash out you should count all of your tx's as taxable events, but the concept of you taxing every exchange on fucking ethdelta is absurd. just wait til you cash out unless you are gaining in the hundreds of thousands. real talk.

just buy a cointracking subscription, it hooks into most exchange APIs meaning it will automatically add them all.

that site will even calculate your taxes

i'll ask one more time

i have let's say 10k

i cash out 1500

i pay 20% whatever,i'll have 1200ish

and i'm good?

Just heard on the radio today cashing out bitcoin in my country as a private person is completely tax free. Feels good.

Country?

Belgium.

Whats to stop a Brit from going there and cashing out in Euros from a Belgians bank account?

Don't think you can simply get a bank account here, you may need a Belgian place of residence and/or other data for that.

What is this meme? If you had to track each trade daytraders would be fucked.

No you don't need to declare anything below 11.3k

It is stupid but that's how it is done. Your beanie baby gets valued at disposal. Disposal can be selling, gifting, trading...

Thanks I will look into it for the new tax year.

You would need to move there and then not come back to the UK for 5 more years after cashing out

It is a different scenario when you do it for a living and pay income tax instead of capital gains.