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notabikeranym... |
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notabikeranym... Formerly known as meef
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Keithy |
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Keithy Spanner Monkey
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Posted: 11:21 - 07 Dec 2020 Post subject: |
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Not read much but one basic bit of advice would be to utilise your annual CGT allowance, I think it’s around £12k atm so if you are up on some deals then you can cash out and buy back in again as you cross the end of a tax year. Bed & breakfasting, it’s called. Keep track of your transactions across the tax year and at least you can point to something to support a zero tax liability.
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Easy-X |
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Easy-X Super Spammer
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wr6133 |
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wr6133 World Chat Champion
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notabikeranym... |
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notabikeranym... Formerly known as meef
Joined: 02 Apr 2014 Karma :
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Posted: 15:30 - 07 Dec 2020 Post subject: |
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Cheers for the reply guys. Haha pretty sure Silk Road was taken down a long time ago but I do have a friend who once bought weed with BTC back when BTC was dirt cheap- regrets it now but that's another story.
Wouldn't the bank still find it shady that I've withdrawn £12,300 at a time each tax year? Wouldn't I have to account for that or where it came from or anything without them freezing the balance until I can prove I own it?
Also what if £12,300 worth of crypto assets were cashed out by a relative or other relatives to their own bank accounts? (The original crypto would be completely untraceable to the origin wallet.)
Hmm. |
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Keithy |
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Keithy Spanner Monkey
Joined: 22 Sep 2020 Karma :
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Posted: 16:36 - 07 Dec 2020 Post subject: |
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HMRC do treat gains under CGT
https://www.gov.uk/government/publications/tax-on-cryptoassets/cryptoassets-for-individuals
Unless you are trading so frequently they view it as your trade or profession. They go to great pains to tell you that you need to declare it and pay the tax on it, but not how they intend to find out how you earned it or where you moved it from and to.
HMRC have a tendency with this stuff to massively over-estimate your liability and stick you with a big bill to put the frighteners on you. Banks are likely to be less concerned about cash coming into your account if it’s linked to something you have already paid out, so cash going out to a brokerage account then coming back is ok, although I don’t claim to know what they are twitchy about in money laundering terms.
With regard to selling and rebuying to use your CGT allowance you would usually leave your cash in your brokerage account, rather than transferring to and from a bank account. |
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The Artist |
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The Artist Super Spammer
Joined: 06 Jan 2008 Karma :
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Posted: 17:48 - 07 Dec 2020 Post subject: |
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Use this to calculate taxes
https://bitcoin.tax/
Then go to https://taxscouts.com/ to find an accountant who can check everything over for you and answer any questions.
Your bank won't care but they will have systems in place that may trigger warnings if you do not usually have large amounts of cash going in and out. Remember in the grand scheme of things, a £12k transfer won't even raise the slightest eyebrow at a bank.
Cashing out via a family member is tax evasion.
When you say untraceable, do you mean Monero or you mean you bought BTC or some other transparent coin with cash in person?
How did you get hold of crypto legally but without any record? If you can't answer, fair enough but almost all legal ways have records and ways of calculating the values on given days. |
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Ste |
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Ste Not Work Safe
Joined: 01 Sep 2002 Karma :
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Posted: 21:07 - 07 Dec 2020 Post subject: |
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Cashing out at the rate of £12,300 worth of crypto assets each year sounds like it would take forever! |
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notabikeranym... |
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notabikeranym... Formerly known as meef
Joined: 02 Apr 2014 Karma :
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Posted: 10:44 - 12 Dec 2020 Post subject: |
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Thanks for the replies lads it's much appreciated.
The Artist wrote: | When you say untraceable, do you mean Monero or you mean you bought BTC or some other transparent coin with cash in person?
How did you get hold of crypto legally but without any record? If you can't answer, fair enough but almost all legal ways have records and ways of calculating the values on given days. |
First bought $ETH on coinbase and then transferred it into Metamask, then been flipping ERC20 shitcoins ever since and made bank on a few projects (Got into KP3R at $39, $SMARTRCREDIT at $0.54, $EPAN at $0.16 and $RFI at $0.40) but I kept changing my ERC20 wallets frequently and losing track of my old wallets because I didn't ever once think about tax.
Then I slapped everything into Monero, let that pump a bit, traded it in and out of other coins and back into Monero.
Recently, happy with profits, slapped all my Monero into ETH, traded it into USDT (stablecoin), and that's sitting on a Ledger now.
Now I'm thinking well fuck, what about tax? |
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The Artist |
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The Artist Super Spammer
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MCN |
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MCN Super Spammer
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Keithy |
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Keithy Spanner Monkey
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notabikeranym... |
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notabikeranym... Formerly known as meef
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Riejufixing |
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Riejufixing World Chat Champion
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Keithy |
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Keithy Spanner Monkey
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Posted: 12:48 - 11 Jan 2021 Post subject: |
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Article is in the Times. I have just spent 40 mins loading Firefox and attempting to get Unpaywall addon to work on a frikkin’ iPad. I hate Apple |
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notabikeranym... |
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notabikeranym... Formerly known as meef
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The Artist |
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The Artist Super Spammer
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Riejufixing World Chat Champion
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notabikeranym... |
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notabikeranym... Formerly known as meef
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The Artist |
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The Artist Super Spammer
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JackButler |
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JackButler Traffic Copper
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Easy-X |
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Jmoan |
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Jmoan Brolly Dolly
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Old Thread Alert!
The last post was made 3 years, 72 days ago. Instead of replying here, would creating a new thread be more useful? |
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