UK TAXES

Hello fellow brits- so I am aware when you cash out you have to pay capital gains tax if the amount you cash out is above £11.1k

My question is about crypto-crypto trades. The amount I plan to cash out this tax year is far below £11.1k, but I have increased it via trading, do I have to pay any taxes?

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bettingbitcoin.io/cryptocurrency-uk-tax-treatments/
cryptotax.uk/guide/
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Should only ever matter when you cash it out into £.

Nigga I'm on the dole and have 1mm+ in crypto. I've withdrawn about 20k total but only 4k this year (they'll stop my bennies if I withdraw more)

You'll be fine mate, just use localbitcoin or something

can u spare 50 quid lad?

here you go bruv

bettingbitcoin.io/cryptocurrency-uk-tax-treatments/

I literally went to see my accountant yesterday to talk about this. What she said was pretty much this, crypto to crypto trades arent taxable but when you cash the crypto back into fiat you pay CGT on what you have converted.

Proof then pls I don't believe you

No, fuck off.
I was fucking in debt before I got into crypto, and I still am (on paper).
Started with nothing (and I mean nothing at all) and now I'm here. If I can do it, you can too.
I would have honestly sent you 50 quid t b h but my shit is tied up and I can't be arsed reshuffling my portfolio tracker, lol

I don't give a fuck

this thread is a good read

alright lad no problem just wanted to fill the car up haha

legend

Any fellow bribong please read this.

cryptotax.uk/guide/

And yes you do need an accountant to make things right and not get in trouble.

lol fucking wanker

Any advice on how to make it? Im starting out with a very small amount but am dreaming big

Hmrc havent specifically ruled one way or another. I've put 3rd of cash out in an index fund and if they argue the toss they can get it from there. Always leave a buffer

I started with nothing. Only way to make it now realistically is to look at low market cap coins and research. Sometimes it's just a matter of being lucky so I mean, who knows, but research and just hold. Forget that you bought the coin, go about your life. Check back after a month and see how its going. Don't check your shit every day. Don't log in to your exchange everyday. Just hold, it's not a meme.

Look at XRB for example. If you put 200 USD in right at the beginning of November, and then sold Dec 18 or w.e., you'd be sitting on like 60k+ ... and then look at the length of time before that where it was flat. This is why you just hold.

There is no guaranteed method but low cap coins is where you want to be. As that cunt Mccafee said, "It's easier for a coin to go from 30 cents to dollars, than it is to go from 300 dollars to 3000"... or something along those lines

Funny, mine told me that it'd be taxed as income - i.e. the govt takes fucking HALF of my crypto gains.

Saved this thread a few days back, you can apparently offshore to Jersey if your crypto captial is over 200k, avoiding taxes

Buy linda-- low market cap, huge release

Look at absolute shitcoins with tiny MC but consistently decent volume. Any sort of community, active devs, social media etc is a big plus.

That's how you make big dolla. I've recently got 13k from $200 I spent on colx a few months ago. If I held the 16k stellar I bought for $200 I'd be laughing too.

Look at the projects below 20m MC. This is the year of the shitcoin, and if you have a small investment don't waste your time with the top 100 coins.
If you have fuck a

thoughts on AIX? 60 mil market cap atm

I have £400 in it at the moment but retardedly copied my friends who have a lot more money to invest and now its spread unbelievably thin, should i sell it all into bitcoin and start again?

So do you think I should invest then just keep adding more money in as I make it instead of transferring around a lot between them?
Thanks mate

Hey OP.

Crypto to crypto trades fall under “barter transactions” so at the time of the sale (shitcoin to bitcoin) you owe tax on the £ value of the bitcoin you received at that time.

Whatever your capital gains are for the tax year April 6th 2017 to April 5th 2018 you would minus £11300 (your allowance) and then if you are employed, you add your income for the year and pay 10% on the capital up to £45k taxbracket.

Anything over that you pay 20%.

If you have a small portfolio then buy 2-3 low market cap coins max and just leave them

Don't buy anything with a market cap over 40-50 million. Look for new coins that have just finished ICO or ones that are under the radar (not shilled on here, although maybe once or twice)

It's bigger risk but realistically your life isn't over if you lose 400 quid. However if you do get in a coin and it moons 100x, that's a lot of money. The odds are against you but it's happened numerous times now. All we can do is pray for continued growth of crypto