UK cashing out

Capital gains

Use bitcoin.tax or cointracking.info

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

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

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.

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

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.

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

Hi user, 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.”

Check out the gov.uk page on capital gains tax.

people work for more than 1k a month kek

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

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.

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

Are there any Bitcoin ATMs worth checking out in London?

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.

>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

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!

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

What about buying stuff with spendabit?

>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

reeeee get out we're full

taking out slowly to evade tax.

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

bump

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.

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?

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

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.

Bumping this.

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.

>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?

>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

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

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

>>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.

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?

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

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

>Any goods in mind
Think Apple products

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?

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

why the fuck does OP need 100k lol

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

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.

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.

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

see

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

>May as well pay the tax
Refer to: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?

>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.

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

Just go to a financial adviser and get their advise.

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

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)

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?

:(

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

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.

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

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

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

There's no VAT on precious metals.

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

You are a RETARD

...

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

Yes, there is for silver.

Your idea is dumb regardless.

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

this. why even bother trying with that much money?

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

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.

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.

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

>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.

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?

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

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

So you set the company up in the Cayman Islands

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

youtube.com/watch?v=uGkLjfPWqeI

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?

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.

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.

use saltlending u idiot

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

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

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

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

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

There has to be a hassle free way to cash out

How the fuck do Forex traders do it?

Um, they already trade in fiat

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

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

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

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