How much can I cash out in the UK without paying tax?

How much can I cash out in the UK without paying tax?

Other urls found in this thread:

discord
gov.uk/government/publications/revenue-and-customs-brief-9-2014-bitcoin-and-other-cryptocurrencies
gov.uk/capital-gains-tax/work-out-need-to-pay
bitcoinist.com/tax-loophole-found-uk-crypto-profits/
twitter.com/NSFWRedditGif

None unless you paid your cash out loicense and your TV loicense guvna

Capital gains tax allowance this tax year is £11300

>he thinks you can cash out

£11,300 tax free before you pay capital gains tax I believe. That means £11,300 per person, which means you can 'gift' someone an additional £11,300 providing you trust them.

Do I still not need to let them know I'm cashing out?

as others + additional 11.3k if you are married.

Thanks. Would I need to let my bank know first or call someone?

Please pay your tax OP

How will they even know where it's come from etc? Do you need to pay tax?

if it's some poor fag money I dont think they bother, but if some large sum comes to your account, expect to be audited. And unless you use local bitcoin or something it's easy to track where your money came from

No you don’t have to tell (((them)))

Could I get away with paying tax as a UK citizen if I open a bank account in a foreign country and cash out my money there?

I'm no accountant but I do have one and will be cashing out a decent chunk this year, I will be taking my maximum tax free capital gains as well as gifting my fiance the same amount. Anything left over I will be paying 20% tax on, better safe than sorry. As I'm self employed I have to declare this sort of thing anyway.
As far as the bank goes I do not believe £11,300 would be flagged or witheld as its not a huge amount. I think if you were cashing out £100,000 + you may be contacted by your bank for an explanation. However, providing you pay your tax and do it all by the book there is no reason for the bank to hold your gains.

You have to report all crypto to crypto trades though

Make money even in this bear market.....

discord dot gg/6ddqFHd

I've heard both sides of this, I'm not saying its incorrect but could you provide a source through gov.uk?

I have been advised that you only pay tax (over £11,300) on your final transfer from crypto to fiat.

Yh HMRC have not been clear at all that trade to trade tax is a thing, and until they do everyone has and will be paying tax on based on final fiat value

sell on localbitcoins.com - it'll look like a regular transfer. Cash out small bits at a time (no more than 2-3k)

11.3k
I did 50k on coinfloor last week
Tried 100k this on the weekend and my coinfloor account is stuck now for anti money laundering shit

Trade to trade tax is a thing.
You pay tax on any realised gains

It doesn't really matter tho. Just annoying when you have to sell some in April to cover tax return

Use cointracking.info, seriously

Also don't avoid tax. HMRC always find out and honestly they're not worth fucking with

It's classed as gambling and you don't have to pay anything

good thing despite all my trades I am down on my initial investment, so no tax on trades for me

>£0
open a account with mobile banks, fire, revolut, monese etc,withdraw at atm's, might take abit of time though
>cash>banks

Bait right? You're still gonna be taxed kek

why? I didnt make any gains from trades

Ok mum

Even though I wish this was true, unfortunately it isn't. Crypto in the UK falls into a similar category as buying an antique painting. If you sell it for more than you bought it for (disregarding your £11,300 tax free allowance) you have to pay capital gains tax on the remaining amount and declare it.

Do not fuck with the tax man, they can make your life a living hell.

VEN rises like the phoenix, fuck your FUD, we gonna really moon tomorrow when the announcement happens

open trust in ilse of man
open bank account in isle of man
operate trading through trust
cash out via trust

Has anyone actually got there bank account verified by Coinbase for withdrawals?

Wrong thread?

VEN is fucking great though.

Use Coinfloor if you're in the UK.

So I've heard that if you don't have a job and trading/investing is your main source of income then you must pay income tax. Do you know if there's any truth to this?

everyone has a £11k income tax free allowance annually

Fuck off pajeet all the way back to your designated shitting street

not cosidering moving abroad to avoid cgt?

As the guy said above, everyone has a tax free allowance of £11,300 and this can be gifted to friends and family as well so providing you trust the people you are gifting it to, you could take £11,300 as many times as possible.

If you want to get into the details there's a few factors to consider. Are you claiming any benefits etc? how much do you make trading a year? it its roughly minimum wage then I would just declare your capital gains/gifting it and leave it at that.

However,the reason I ask is because if you are successfully trading full time and are making a decent bit of money then you may want to set yourself up as being self employed (if you're not claiming benefits) That way you can file your SA302 yearly, pay your taxes and keep it all above board and legal.

As I've said before, I am no accountant but I do have some experience with tax.

so if I have done several trades but lost money on all of them, I owe no tax?

I eventually want to get out of this ruined country and start a family elsewhere but I set a business up 3 years ago and need to see it through. I also have some other businesses that I will be starting this year as well so I'm a bit tied down unfortunately.

I have enough friends and family to withdraw about £40-50k tax free this year and that will go into a deposit for my first buy to let mortgage to start earning some passive income (outside of crypto)

I invest what I can into crypto but realistically I would not be able to move until I hit at least £3-5 million. Theres no point in just 'getting by' in life, I see it time and time again here that people hit 100k and think they've made it, its deluded.

Lets say for example you put in £50k, market dropped and you shit yourself and withdrew £30k. You would still have to pay CGT.

Now lets say you invested £50k and lost it all except for £5k, you would not have to pay CGT because you're under the threshold.

At the moment I think I am right in saying that you are taxed on what you withdraw (in fiat) I might be missing the point of the question but I hope this helps.

alright well I am playing with numbers on a far smaller scale- less than £2000, thanks for your help mate

So as long as you only withdraw under 11k they can't tax you?

I did desu it took about a week after I sent them £1

Use ethroll in small increments, 99% chance of winning, it's technically gambling which is tax free in the UK

it depends if you tell them you bought some coin once and it exploded then its not income tax you need to pay its capital gains. If you tell them you are day trading then it will count as your job and you'll need to pay income tax

Taken from Govt website:

'You only have to pay Capital Gains Tax on your overall gains above your tax-free allowance (called the Annual Exempt Amount).

The tax-free allowance is:

£11,300'

I have not filed this tax years returns yet but I'm fairly certain you still have to declare your CG even if its below the threshold.

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

20% CGT above £11,300
Not taxed on crypto to crypto trades.

Only thing I'm unsure of is if you have to declare anyway if you're under £11,300.

If I ever make it, I'm opening an account in Netherlands or Germany and pay my capital gains there. I read in Netherlands you pay like 2% whereas in this shithole island it would be like 40%? Yeah, no. They don't deserve my money.

Ops, forgot it is actually 20% but still too much

Answered me own question:
If your total gains are less than the tax-free allowance
You don’t have to pay tax if your total taxable gains are under your Capital Gains Tax allowance.

There are different rules for reporting a loss.

Even if your gains are below the tax-free allowance, tell HM Revenue and Customs (HMRC) if:

you disposed of chargeable assets with an overall worth of more than 4 times the Capital Gains Tax allowance - this works out as £45,200 for the 2017 to 2018 tax year but was less for previous years
you have losses that you want to claim
Report this in your tax return. If you’re not registered for Self Assessment, you can write to HMRC instead.

If your gains do not exceed £11,300 and you don't withdraw more than £45,200, as long as you don't already file self assessments, it doesn't have to be declared.

gov.uk/capital-gains-tax/work-out-need-to-pay

So unless I make more than 11k I'm too small time to bother reporting my gains?

From what I interpret, and I'm 99% certain it's right. If you don't take out over £11,300 between the 5th of April one year and 5th April the next (£11.3k between 05/04/17 - 05/04/18) you will be fine.

Even if later down the line you were audited (which won't happen, you're small fry for HMRC and they're undermanned - no LARP), you have broken no UK tax laws and will be fine.

Also be aware that it only applies to profit.

If you bought BTC for £2000 and sold for £13,000, you would still be fine as you haven't cashed out more than £11,300 profit.

Anything above 10k can be flagged user.

this country is such a cuckold for guys who are trying to make it.

low asf social mobility, brb paying tax whilst tyrone and muhammed are living on benefits and using that money to fund isis.

move to portugal/netherlands for 6months and cash out there.

you guys have access to some of the worlds best tax loopholes.i am a non dom resident(despite barely being in the UK) and its financial heaven. channel islands, isle of man and the caribbean all to your disposal and as a non dom you pay no tax on foreign income.

You will be flagged above 10K for money laundering checks and asked where it come from. It's da law.

FALSE.. haha moron

spot the pajeet

I didn't realise it was so low. I don't mean to come across as arrogant about money or anything like that but I've sold cars for more than £10k in the past (which have gone through my accounts) and have not had any problems or red flags. I will be more careful in future though, thanks for the advice.

No pajeet here, VEN only makes up a small part (8%) of my portfolio so its just my opinion.

So why does gov.uk say it doesn't have to be declared?

Link in my other post.

This nog gets it

>move to other eu country with no taxes
>cash out
oh wait, you are no longer in the eu, sucks m8!

I think its because the banks have to comply with money laundering rules and checks regardless of whether you told the government about your gains or not.

You're a fucking retard, it's capital GAINS tax. You are taxed on the gains.

e.g. Buy 1 BTC at $10,000, it rises to $20,000 after some months, you could withdraw it and not pay tax as the GAINS aren't over the taxable threshold.

I see, makes sense.

Which is a joke bearing in mind how corrupt the banking system is.

11500

Use revolut method, it is much easier since SEPA deposits are free to Coinbase and SEPA withdrawals from Coinbase cost 0.15 EUR.

£10,999 per tax year.

It’s classed as currency trading so individual trades are not taxable in case anybody in this thread us saying that.

Use revolut method, it is much easier since SEPA deposits are free to Coinbase and SEPA withdrawals from Coinbase cost 0.15 EUR.
To verify my card I sent 1 EUR to Coinbase so I have a valid payment option

lol nope

bitcoinist.com/tax-loophole-found-uk-crypto-profits/

Dont give our cancerous government a single penny

if you cash out now, you dont file that this year do you, you file it next tax year. is that right?

So guys, if I have a job which pays me around £30k and I cash out £11k of crypto within this year, I dont need to declare anything or to pay tax from crypto right?

How do you withdraw money to revolut?
As far as I know they dont have a SWIFT/IBAN
Also they've blocked depositing to coinbase since launching their own crypto exchange

No it’s only if it’s over the 11.3k limit that it’s taxed.

thanks, there will not be a tax man knocking on my door this year

Dont fuck with the revenue boys they can be proper cunts