I have £150k in crypto
How the fuck do i pay my taxes so hmrc doesn't fuck me in the ass
If you didn't cash out yet, you shouldn't need to.
Its not condiered a 'capital gain' until you cash out. I think.
Kinda a poorfag though. So I dont even mess with those amounts. Lol
You're gonna get 30% for capital gains tax. If you end up putting that all in your bank you would have to declare it.
Or Just use local bitcoins over time to sell your BTC off for cash and avoid tax altogether?
I'm planning to cash out at some point when there's another bullrun, just trying to come up with a plan on how I'm gonna do it
that's called tax evasion and i'm not looking to go to prison lol
>hurr britfag here
This thread AGAIN
kinda makes me think
You have to pay for Aishe and Mehmed, stop trying to avoid paying your taxes. Us germanfags need to do the same. Just get over it.
every time you pay taxes you are funding the zionist jewish illuminatis systematic takeover of the world
do what this user said for cash
for online purchases buy hoards of amazon gift cards off the dark web for btc then buy everything you need off there
Maybe you can incorporate some kind of trading/crypto-consulting LLC in Switzerland or Delaware, cash out but keep the cash in the company, pay yourself minimal dividends. That's actually not tax evasion if you leave all the cash in the firm. I think.
Pretty sure the majority of tax money goes towards roads and hospitals but whatever you say buddy...
I'm just looking to have a peaceful life and not go to prison.
dude become non dom
open a off shore account
never cash out.. ride that britbongcoaster into the pit of used tea bags user!!
also someone mentioned about going to jersey and opening a bank account as they have very low or non-existent taxes for this.. research dat shit G
go see an accountant that has experience with tax from trading. it will save you in the long run.
you're taxed on capital gains based on your income tax band. i think it's between 10-30%
then why are you on Veeky Forums?
just go on the fuckng website, inbred
You taxed on every trade between crypto, so technically you already owe the tax man for this tax year.
>roads are shit everywhere you go
>NHS is severely under funded
come on user, next you'll be telling me we've been to the moon
Take out 11.5k a year and use the silkroad to buy other stuff.
Why don't you look up 'grace commission' . All the texts collected goes to paying the INTEREST only. When they build road a loan is taken out, we only pay the interest on that loan. That is why it keeps rising. And yes we have the same system here in the UK
Ever wondered why tradesmen prefer cash? They never go to prison for it.
They won’t buy crypto. I tried.
Texts = taxes
I love in London mate, go read up on HMRC tax regulations it’s the changing of every asset that is taxed not just to fiat. Reddit bictoinUk actually has a good tax guide.
Unless you cash out you owe nothing.
If you want to be a tax evading scum like these neets who controbuted nothing to society but take everything like the pajeets they hate you will struggle to get away with it if you have no residency outside the uk.
The only real way is to become a no. Tax resident which takes around 200 days and remain that way for at least 5 or 6 years.
The. Consider where you are now tax liable. A few countries as of now have low or no tax on crypto but who knows if it will stay or if you want to be a resident there.
If you are in a position to cash out millions the above advice applies and there are some other options too. If you are a poorfag cashing out a few hundred thousands just use your tax free allowence along with your friends and families each year and do it slowly. Unless you are cashing out millions you really dont need to consider big upheavels.
I have and I've already paid more than my fair share of capital gains in the past 3 years with no problems. Cryptocurrencies are still yet to be classed as a business asset.
Also Gibraltar is British and it's a tax haven and it's hot and they have monkeys there. There's something really weird about it though
Look up what I said here
Im from Jersey and yeah there is no capital gains tax (and theres only a flat income tax of 20%) but i think theres more to opening an account off-shores with out being done for tax evasion. Maybe you could put your money in a fund that's ran off-shores but I'd speak to an accountant for tax avoidance advise.
I think to become a resident over night you need to show you are an economic benefit to the island by being super rich and must buy a mansion and to have donated a ton to charities.
It's populated almost entirely by British people over the age of 60.
I don't think HMRC considers it taxable income yet. However, once you trade out for fiat it will be taxed in some form. If you really, really want to know, take a small percentage of that and cash it out. Hire a tax lawyer. Seriously, just hire someone. You can afford it.
Just use the right bank. Santander doesn't care, but HSBC and NatWest do, I think.
account here: there is no hard and fast rule for crypto gains as of yet. I've cashed out just under 400k and claimed it as gambling, not a 2nd income, and hmrc were fine with that.
Everything I've read up on from the .gov sites so far suggests it's taxable when you cash out under capital gains, so 10-20% as mentioned earlier in the thread.
The other suggestion of using an accountant is a good idea once you start dealing with significant numbers though.
just pay your taxes then, what's the point of risking everything if it's that low
isn't it full of niggers or is that something else?
This. We in the UK have puny capital gains by comparison to some. Get a tax solicitor and accountant to minimise your tax burden, and you can probably get it to 5-10.
Agreed, it's worth accounting for when thinking about cashing out but no where near to be significant enough to think about trying dodgy tax evasion methods or trying to move large amounts through localbitcoin.
This. I'm so sick of the generic automated replies to tax questions telling us we're obliged to pay CGT. There is nothing concrete on that, HMRC are WAY behind the curve, and all the real world evidence suggests the government generally still treat crypto as gambling. If you wanna be safe then pay for an accountant's advice and he'll tell you the same thing. There are also certain loopholes in British law which mean it isn't taxable.
Nothing automated about it, I happen to agree that they're still behind the curve. Not surprised that you could pass it off as gambling but I would expect that option to be closed off in the near future, and the other documentation that is out there (again, not comprehensive) does imply CGT.
If you're lucky enough to have already made significant profits, it's maybe worth trying the gambling method while you can!
If HMRC does treat is as gambling then you can get it as non-taxable income.
I saw that article when it was released. It's why I, and others, suggested getting professional help. Since, you know, they ARE, thankfully, behind the curve.
You could risk it & not declare it. O read an article that HMRC are so over stretched, that it's unlikely they are going to have the man power to deal with your gains. If it's less than 200k, I probably would just cash out & wait. Keep 30% saved in case, but wait to see if they contact you. If they do you can always just play dumb
I can't understand why people would actively shill for tax evasion when our capital gains are so low, and the fact that he could probably get the gains written off as gambling if he hires a solicitor for a thousand or two.
It’s not tax evasion, it’s tax avoidance, goody two shoes. Crypto gains can be treated as highly speculative gambling.
Avoiding tax is evasion. Minimising your tax burden, by say, having it written off as gambling, is avoidance. There is a difference. Learn it. Either way he should hire a professional, not listen to you are I.
>avoiding is evasion
>avoidance is not evasion
Fucking retard you have to go back
Don't listen to these larpers user, just report your capital gains tax and pay it. If you need to, get professional advice, trust me you don't want any headaches in the future. Here you go: gov.uk