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Discussion of all things business and finance related for Britcucks. How do you plan on avoiding CGT this year?
bump
>>26100333checked. Buy freedom reserve
>>26100333Never selling, there done. Genius.
not looking forward to CGT when I cash out it has to be said fellas
>>26100333I'm going to sit on my stack and not touch it. I don't even try and swing anymore because of CGT. Their greed kills innovation.
>>26100333in UK was it maximum 5k allowance on CGT before you get taxed right?
i dont want to pay VAT on platinum, is it okay to buy with storage in Zurich?
>>26100333gonna hire some jewish accountant to figure out how to dodge it. there must be a way, maybe moving to jersey and opening a ltd company there or something idkworst case scenario, im gonna fuck off to the middle east for a bit and cash out over there tax free. but under no circumstances am i paying 20% of my gains to this fucking government
doing a poo
Just signed up for a monolith card, anyone else used them? Or any other crypto debit card? Surely the point cgt/aml gets you is when you try to put it in the bank - but this would allow you to bypass the bank stage entirely.
>>26101411First 12,300 gain is exempt
sucking a golf ball
>>26101440Lmao im moving to the uk and im happy to pay just 20%I live in Ontario and they ask for 50% of any cg.
Best crypto friendly UK banks to use when cashing out?
>>26100333bruh... go to jersey, open a bank acc, put your gainz in there. done newfag
>>26100333I've got 4BTC I mined while living in another country, I assume if I sold while living here it's taxable here right
>>26100333By not selling>>26101664Monzo
>>26101675Could you please point us to something more detailed?
>>26100333Morning my fellow Brits, may prosperity rain upon you.
>>26100333Checked. Nice try HMRC.
>>26102325>prosperityNot on this shithole island. See when Americans or Aussies "make it" they can afford a mansion and 5 acres of land with $250k. Meanwhile here in outer London you need £1.2 million for a 3 bedroom terraced house
>>26101664>>26102055>Monzoknown to be hostile to crypto
if i make a million or more from crypto, i'm fucking off somewhere else. this place is pure fucking shite.
>>26102161that's literally it anon. you just need an offshore bank acc. and transfer straight there into a savings acc. good ole BoJo and the rest of the mp heard has been doing this for ages. and also, get an accountant (preferably a good one) they'll sort you out
>>26102410You're here forever. After living in Britain you'll never be quite comfortable anywhere else other than countries with similar culture like Aus/NZ
>>26102161also in the world of capital gainz it's pretty much a free for all. if you're not intellectually resourceful in any way, you'll get eaten.
>>26102410Agreed.
>>26102419Thanks, man
Morning lads. Starting the day off with a shit and a bath. Also fuck HMRC
>>26102410This. I hate this country so much, no idea where I'd live though
>>26102473I kill in the markets, but many of my gains are untaxed because offshore
>>26102441my fucking arse. i'll go buy an island in the philipines or something. nothing can be worse than this place.
>>26102558>>26102410If I make it, I'll go the gibraltar. still uk, but nice weather, blue sea, not that grey shit. basically same culture, but with a nice weather.
>>26102441Philippines is based, have a half pinoy gf and she is extremely well mannered and modest, beautiful, and most importantly is an excellent cook
>>26102820>t. Mr Dudley
>>26102731good luck with that, I'd prefer to live somewhere cheap. Eastern Europe would be good but the language(s) are hard to learn
PAKIS OUT
Self sufficiency tax residency in Gibraltar.
>>26103790NIGERIANS IN
>>26101664There isn't one, they all follow the same FCA guidelines.You should just communicate with your bank before releasing large amounts of capital. Why do people ask this?
>>26100333Any of you using Gemini? Do you receive any postal mail at one point from them?
Ah a Paki thread. How are my fellow Pakis?
What's this bullshit i'm hearing about CGT being raised to 40% this year?
Everyone worrying about CGT is in crypto right? I don't envy that aspect of it, I was too brainlet to ever get in anyway, I stick to normal stocks.Also it's not that bad here, sun is shining and I've got all my limbs you miserable bastards.
>>26104527which stocks are you in?
>>26100333I like where this is going. Put a space between /brit/ and biz next time and make it an edition. Also buy monero
>>26104860fucking Brits segregating themselves wherever they go, fuck off
1. Claim your investment in Crapto was a gamble2. Gambling is 0% for CGT3. By the time HMRC pulls you up gainz have tripled your money yet your CGT has gone up by only £100 fine for misreporting
>>26102523>>26102410>>26102558tastelet plebshave been 30 odd countries and nowhere compares to this green and pleasant land
i need a really big poo lads
>>26102731have you been? it's a shithole lmfao
>>26101153Hahahahaha.Same, Never selling any of my shit. Plus they banned bank deposits anyway.Plan is to get rich in crypto and leave this fucking brexit place and go somewhere that has 0% tax on crypto (ideally somewhere rum cost 1p a litre).
>>26104879t. seething london paki
>>26102342IQ>120Nice try HMRC. I now VPN when browsing 4chan for this reason.
Can anyone recommend a good stocks and shares ISA?
if i ever /made it/ >£1m, i'd use my Irish passport to move to Portugal for a few months until I was considered tax resident there then cash out with 0% tax
>>26105209Vanguard, done.
>>26105244Probably gonna move my retirement fund there.
>>26101302They're looking at increasing CGT to be in line with income tax. So the top rate of CGT would be 45%. I'd rather cut my cock off than pay that. Will move country or something.
>>26100333What happens if I somehow cash out my gains in, say, Thailand? Would (((they))) come after me after I become a full expat?
>>26100333Move to Isle of Man
>>26101664I have Co-Op and Monzo.Never had any issues with Co-Op, I think they are just happy for the business.Monzo, have gay daily limits in place, and aren't accepted by some exchanges.
>>26105343I would cash out just below the minimum each year out of spite in that case
>>26105399>£12k/yr pocket money
>>26104957Yeah, that's not gonna wash. They aren't mugs - and they have specific advice for crypto now.https://www.gov.uk/government/publications/tax-on-cryptoassets/cryptoassets-for-individuals
>>26105244>>26105308do they pick the stocks/bonds for you? if i ever had a small fortune i'd like something like that, crypto makes my head spin
what's the next 100x bros? will throw £5k at it
>>26105399>I would cash out just below the minimum each year out of spite in that casethat's not how it works. Presumably you would have already converted to stablecoins. That conversion requires you to pay tax.>just hold it in bitcoin broI'm not sitting through another 3 years of bear market before it's eventually banned and goes to zero just so I can cash out below 12k a year
>>26102419>>26102573and you're still a resident/ tax resident in the UK? as far as i'm aware it doesn't matter where you cash out to, youre still liable?
>>26105451ROSE. it's already just started pumping, I just gained 50% from it but I think this will be over £1b market cap eventually
>>26105443Vanguard offer a variety of funds which are baskets of stocks and/or bonds that they pick for you, or that are designed to match an index such as the FTSE250... Global All-Cap index has 7k different stocks in it and is a popular one owing to it's diversityyou cannot pick individual stocks on their platform - maybe go for Hargeaves Lansdown or AJ Bell if you want that option.
>>26105467>that's not how it works. Presumably you would have already converted to stablecoins. That conversion requires you to pay tax.stablecoins?convert some LINK -> BTCBTC->£12K
>>26105451Avax - I've been shilling it since 5USD.https://www.avalabs.org/>>26105399Yeah, but like another annon said, you wouldn't be able to convert it into USDC or Tether, as that's a 'taxable' event. There's also talk of them lowering / removing the CGT free amount of 12k as well, so that would be fun. Someone's gotta pay for Abdullah and his ten kids, and Brenda to be on furlough for 12 months. Fully looking forward to income tax going up as well.
>>26105545Any time you sell / gift / swap, or otherwise dispose of your crypto that's a taxable event.You could do it if you only converted less than £12k of LINK (for example) into USDC per tax year.
>>26105552I have 550 AVAX already, avg. cost $5.8you still accumulating now at $13?
>>26105490I'm non-dom, but thinking of moving to a lower - tax jurisdiction. Have a comfy job in the UK though, so would need to commute in every few weeks to show my face.
>what constitues a 'disposal' [i.e. taxable event]>....>exchanging cryptoassets for a different type of cryptoassetuhhh what the fuck lads?
>>26105545>>26105467>I'm not sitting through another 3 years of bear market before it's eventually banned and goes to zero just so I can cash out below 12k a year
>>26105593>You could do it if you only converted less than £12k of LINKerrr that was my original point (i'd take 12k out a year)
>>26105545also swapping link for bitcoin is also a taxable event... how do people not know this yet
>>26105596I've got 4k at $5.5 buy-in.I want to get upto 5k, but probably won't be buying anymore now, unless it dips near / below my average by in. I doubt it will dip that much though. $100 this year easy.
>>26105669LESS THAN 12K!how fo people not read posts
>>26105658Yeah, but what I'm saying is if you had say 100k of link. You couldn't convert it all to USDC in one tax year, as you would be liable for tax on 100k minus the 12k allowance.
>>26105552it's a taxable event if there is any capital gain but converting £100k BTC to £100k Tether involves no profit/capital appreciation so there would be no tax. Right?I don't pay CGT if I buy a stock for £10 and later sell it for £10 [ignoring the allowance]
>>26105537nah I don't want that option lol, i don't like having to think about this shit desu
There's always somthing like: https://incognito.org/Convert everything to Monero.However you still have the same problem that if you cash out anything significant to fiat, your bank is gonna report it to HMRC. They can do "unexplained wealth orders" and literally take anything you have unless you can explain where every penny of the funds have come from.
there is no reason to buy fucking alts, you should sell everything to get some profit > go base and don’t take care about lossing, check this amazing PUMP on uniswap!
>>26105749erm what? we're not gonna see 20x on BTC/ETH anymore.... alts are where the opportunity is
>>26105716>but converting £100k BTC to £100k Tether involves no profit/capital appreciation so there would be no tax. Right?No that's not correct. It depends on your cost basis for the btc.If you bought 1BTC for £1k (for example) and it's now worth £100k. You convert the BTC to USDC, then you would have a capital gain at that point of £99k.
>>26105677what do you do when a crypto you have moons hard? do you try to swing?It's a weird anxious feeling, I'm happy I have something that mooned but at the same time I'm scared it will go all the way back down and waste all those gains
>>26100333They are delaying the tax risesIf you cash out before end of the year or even 2022 will keep the max rate at 20% by the looks of it.
>>26101440Taxes unfortunately don't work like that.It's based on long term residence which takes the piss as it's something like 5 years.You can evade it but to be able to legally not pay it you need to live somewhere else for a while.
>>26105848Yeah I know what you mean lol. I've only just got back into crypto. But Avax is my only holding at the moment, I'm bullish on BTC as well, but more room for growth with Avax.This is a long term hold for me, as I think it's a top 5 coin easy. Don't wanna be the guy like pic related.I know what you mean, but it's not really worth trying to swing - firstly you could sell hoping for a dip, then it zooms up, and also it has tax implications if you swing (each profitable trade you pay CGT on).
>>26100333OII YOU GOTA LOUISENSE FOR DIS 4CHON POST??
>>26105788good point yep - I guess my point was that there is no cost over going BTC->USDT->Cash out vs. BTC->Cash out, just means you pay tax on the USDT transaction rather than the cash out.Am I right in assuming that basically nobody in UK crypto is tax-compliant and will likely pay no tax until cash out?
>>26105552>There's also talk of them lowering / removing the CGT free amount of 12k as well, so that would be fun. Someone's gotta pay for Abdullah and his ten kids, and Brenda to be on furlough for 12 months. Fully looking forward to income tax going up as well.I think the current system is pretty reasonable. It still incentivises making investments. You don't really pay *that* much tax up to 50k, and then if you're making beyond that, yearly, purely through capital gains, you can probably afford to lose 20%.It's just a shame that that money doesn't seem to be going to any good use with the NHS gradually being gutted out etc...
>>26105957>Am I right in assuming that basically nobody in UK crypto is tax-compliant and will likely pay no tax until cash out?I think the main thing is: you can't cash out to a bank without HMRC being aware of it.They may accept your return, but if they decide to take a closer look, and you don't have the proper records of each trade, then you are fucked. The do actually have teams in HMRC that deal with this now, even going as far as asking for exchange records and wallet addresses so they can audit your return.
>>26105635this is the main issue
>>26105716Crypto to crypto is the same as "disposing of an asset" for "another asset". it is absolutely taxable. https://www.gov.uk/guidance/check-if-you-need-to-pay-tax-when-you-sell-cryptoassets>You might need to pay Capital Gains Tax when you:>...>exchange your tokens for a different type of cryptoassetas another anon said earlier, how do people not know this yet?
>>26105130They didn't ban bank deposits.
>>2610600920% is okay, but they are thinking about increasing it to 45%.I earn just under 50k, but I still think the tax is high on an all-in basis, then you have all the 'sin taxes', council tax, etc, etc.I dunno man, I'm of the millenial generation, and I just think we've been absolutely fucked by sucessive governments and essentially we're paying the bill for boomers without getting any of the benefits: no free uni, housing market fucked, job market fucked for many, no gold plated pensions anymore, etc, etc.
>>26106009fucking cuck
>>26105957>>26106037Btw - you can use a site like this to work out your taxes for you: https://app.koinly.io/
wouldn’t live anywhere else melove the people here too much
>>26105433It then goes to your regular income tax level. So it's like 10% 12500-50000. It's after 50k it goes to 20%.
>>26106098HSBC did: https://www.thetimes.co.uk/article/bitcoin-holders-barred-from-depositing-profits-in-uk-banks-pgswbfrdz
>>26100333>Help to buy ISA rate went from 2% to 0.95% to 0.05% since March 2020I'm moving my savings to S&S I just want a fuckin house
>>26105892any concrete info on this?
>>26106152No - no one knows until the chancellor does the budget. It's not gonna be this tax year if they do change it, so you have until April.
>>26106101>but they are thinking about increasing it to 45%.yeah that's crazy, CGT should probably always be lower than the equivalent income tax>essentially we're paying the bill for boomers without getting any of the benefits: no free uni, housing market fucked, job market fucked for many, no gold plated pensions anymore, etc, etc.I'd argue uni is still near enough free with the tiers of how it's paid back; it's effectively a small extra tax which you will only pay significant amounts of if you actually benefitted from uni (generally). Yeah though housing + jobs + pensions all completely fucked I agree.>>26106116bring back national rail
>>26106195so its a balance between the loss of paying extra tax vs any potential extra gains post april in a bull run
>>26106101>I dunno man, I'm of the millenial generation, and I just think we've been absolutely fucked by sucessive governments and essentially we're paying the bill for boomers without getting any of the benefits: no free uni, housing market fucked, job market fucked for many, no gold plated pensions anymore, etc, etc.We will have to kiss the state pension goodbye too. Debt, aging population, welfare costs going up and up and not enough being paid in by subsequent generations = rugpull at some point.
>>26105941savedthis guy probably really wants to kill himself nowwhat do you think of ROSE? I feel really good about it, I think it could be top 25 at least. I'm just gonna hodl and buy dips
>>26106143That isn't the same as a ban.
>>26106243Yes - if you have like six figure profits then I would be looking at cashing out before April. If not then just hold on, and worry about it later.
>>26106195Would be very unusual for a Tory chancellor to do that.
>>26106215why would you tax speculation at a lower rate that labour? lmao
>>26106335thats a risky play anonthat 6 figures could easily become 7 from april to november (ETH was $50 in apr-17)
>>26106329It's not illegal no - I don't think he was making that point. Just that it might be more difficult to deal with / find banks that are willing to deal with you. Especially if others follow suit.>>26106287>We will have to kiss the state pension goodbye too. Debt, aging population, welfare costs going up and up and not enough being paid in by subsequent generations = rugpull at some point.Yep, absolutely. This is what I'm so angry about with paying all these taxes, because I know we are not gonna get the same benefits previous generations did. Fully expect the state pension age to go to 75 by the time I retire lol.>>26106301>what do you think of ROSE?Haven't looked at it mate. I'm all-in AVAX right now, probably will be for some time.
Christ, i've done hundreds of trades since 2016, i'm going to get royally fucked by HMRC
>>26102035Yes
>>26100333Convert BTC gains to Monero, send to my brother. He cashes out under the CGT allowance and I pay the cash into my account. Simple.
so you could buy £2k BTC, take it to £120k on a bull run, trade into shitcoins and lose it all, but still owe £20k CGT? kek.
Thoughts?30 years old, renting, no debts. Hoping to buy in 5 years with gf. 40k~ before tax income.- £1900 in BTC/ETH/DOT- £450 in $CLF- £4000 in Vanguard LifeStrategy 40%- £5500 in Bank- £15k in a LISACurrently trying to build a credit score and save a few tens of pounds a year with an AMEX.
>>26104510They delaying it till after recovering if it ever actually even happens.
>>26106506might as well stick your current account cash (presumably your 'emergency fund') into premium bonds
>>26106500Losses detract from tax owed.
>>26106357Someone has to pay for all the gibs they have been handing out: https://www.bbc.com/news/business-54908037>>26106390It discourages investment and innovation? Capital will just go elsewhere, not the UK where they're taxed to fuck.
>>26106390to incentivise people moving money around and using it, isn't it meant to be better for an economy if money is invested in things rather than sitting in bank accounts? G R O W T H(I have no idea what I'm talking about and could be completely wrong, it just seems right intuitively. Unironically please explain why it should be the other way if you know why)
>>26105209Go with Vanguard. Great service and low fees.
>>26106553Was considering that as well, will look into it more
>>26106498You retards are gonna get fucked by HMRC lol.>convert BTC gains to MoneroYou pay tax on that.>send to my brotherYou pay tax on that.
uhhhh lads... did you see this?https://cointelegraph.com/news/british-financial-advisor-calls-on-the-gov-t-to-ban-crypto-transactionswe're actually finally fucked
>>26100333>How do you plan on avoiding CGT this year?I don't because I'm not a degeneratePay your taxes
>>26106404>AVAXHow did you find out about this? it's fairly recent and it pumped pretty hard
I plan on avoiding CGT by not selling anything.
>>26106500Yes - until the point you sold the shitcoins, thus crystalising the loss. Otherwise, yeah you would owe the tax.
>>26105745Unexplained wealth orders are usually limited to huge amounts of money. A few thousand every couple of months won't lead to one. I paid in £12,000 cash into my account a few months ago in one go and Halifax didn't say a word.
>>26105209Vanguard UK>>26106531>Premium bondsYes I was thinking of putting 1k in vanguard.And dollar cost average £100 of another 1k in crypto. I can only see BTC and ETH being higher in the long term.
>>26106596its just a shitty petition with 108 signaturesfuck em bro
>>26106596>some boomer britcuck financial advisor who doesnt want to learn crypto wants it bannedkek, fucking boomers. I wouldnt worry too much about this. This sounds like every old british person ever
>>26106419So have I, but unless you’ve made a shit ton of gains don’t worry. You only need to report over £12.3k total gains. There’s a “4x allowance reporting” clause but it only applies if you’re already registered for self assessment. If you have done all that, if you’ve got records of your trades (for example CSV exports from finances) I don’t think you would have much difficulty figuring out what you owe anyway.
>>26106596File it next to the "rejoin the EU immediately" petition.
>>26105209I use nutmeg , really easy and always positive.
>>26106596Oh no! 108 signatures! That is literally nothing. It won't be banned here before it is anywhere else.
>>26106572Already done it and nothing happened. HMRC workers have an average IQ of 80. You just have bamboozle them with technology they don't understand and you're all set.
>>26106608>Just pay for Jamal's ten kids!>>26106596>Liversidge, the owner of the independent financial advisory firm West Riding Personal Financial SolutionsIn other words "oh no millenials aren't using by boomer investment services anymore">Liversidge cited a common anti-crypto narrative, arguing that cryptos like Bitcoin have no intrinsic value Neither do Pokemon cards yet people exchange them for thousands. Shall we ban that too?>“can be a destabilising influence on society, and often used for criminal activity.” So can: Cash, London Property, Fine Art, Fine Wine, Diamonds. Let's ban those too.>The advisor also thinks that cryptocurrency mining is “harmful to the environment.”So? Also, there are cryptos that use less engergy.Absolute state of that guy.
What if I get an airdrop? does that still get taxed?I got UNI tokens for free, lets say that I sell them for a different crypto which does a 100x, do I have to pay tax if that sum is now worth six figures?
Retarded neet here, how do they even tax you for this kind of thing? Only time I paid tax it was emergency tax when working in Sainsbury’s and that came out of my payslip. Can you just avoid this altogether?
>>26106404Where do you buy AVAX from?
>>26106788yes, CGT applies to the airdrop an to the 100x
>>26106740Okay, well good luck. If it's low-ish figures I'm sure you will be fine.
>>26106792self-assessment if you cashed out over the allowance without reporting your bank would probably alert HMRC to the unexplained funds
>>26106792Read the thread.>>26106788Yes, it's taxable.>>26106803Binance
>>26106803binance
>>26106788If you sell them for another crypto it’s counted as selling them for GBP then immediately buying another crypto with said GBP. The gain would be the total amount of the initial crypto -> GBP transaction, and you would pay CGT on anything over 12.3k (alongside other assets)The thing that 100x is treated like anything else you would buy using GBP. So if you “swapped” your UNI for £1000 worth of another crypto, the gain for that second crypto would be the total amount you sold that crypto for subtract £1000
>>26106390CGT --> people stop selling --> asset bubbles (incl property)
>>26100333I intend to not pay this year, and if I make successive gains I'll make a tax friendly portfolio assuming they don't outright ban it and slowly launder little bits of my 'folio there for cashing out.
>>26106890>>26106851>>26106813eh, wasn't banking on it anyway. I just thought there might be an off-chance that there was a grey area that hadn't been covered yet or somethingwhat about putting your crypto up as collateral for a loan and using that to buy a house or something? good way to get around cgt? I get a feeling this is just a solution people say but never do themselves
>>26106954I'd be surprised if that was a loophole that exists.I think the only realistic one is to establish tax residency in other country. But that takes like 5 years or something stupid.
>>26106792>Only time I paid tax it was emergency tax when working in Sainsburywhat?
Where's a good or at least "okay" place to rent in London? I have to commute to Westminster for my graduate job.
>>26106009Thank fucking god the NHS is being gutted imo, what a burning heap of shite
>>26107138CLAP FOR R NHS>>26107123>LondonNowhere - fuck London.
>>26107123>I have to commute to Westminster for my graduate job.Can't you WFH?
Bros I have no money until I start my job in September will I have missed the crypto gains by then?
>>26106843Ok makes sense. So say I cashed out £20k this year, they’d tax me what? 200? 2k?>>26107105Literally was paying ‘emergency tax’ in my first job at 18, they pay it back to you eventually.
>>26107123Depends on how close you want to be. I’m going to work in IB at Canary Wharf and people say I should live as close as possible because the hours are so long
>>26107292How are you starting a job 8 months from now
>>26107331>So say I cashed out £20k this year, they’d tax me what? 200? 2k?Read the fucking thread - and the answer is "it depends". We're not accountants.
>>26107350In uni
>>26107405no saved up student loan?
>>26101440It is your patriotic DUTY to give niggers your money. HOW DARE YOU?
>>26107346yeah you're fucked live as close as possible you'll be sleeping at work most of the time anyway
>>26107453I have mine saved up, should I go for ETH or BTC?
>>26107405Oh gotcha. Yeah you'll miss some sure but haven't we all missed out at some point. There will still be gains to be made fren
>>26107503depends how much youre starting withif its a couple k then you may as well take punts on alts
>>26107528I have 3k saved up
>>26107556you can still make gains frenmy advice: >avoid btc (too late for big gains)>probably avoid eth, but i can see it hitting new ath soon>1k in link>1k in another solid alt >500 in two low caps with good potential
>>26107638Thanks fren, was considering chain too
Anyone got an suggesting for S&S isa funds to invest in?
>>26107638It feels too late for link :/
>>26107874GRT or PRQflip a coin
>>26107218I can WFH for the time being but in the future when offices open up, they expect me to move and commute.
>>26107874its too late for astonishing gains (>x10s)but its a solid hold which will outperform btcgambling shitcoins involve risk, especilly if you take biz's advice
>>26107405I'm in a similar situation. I'm siphoning off my loans and putting it all in to ROSE. It's too early for me to diversify so I'm going all in on a sound project with still a lot of upward potential. If I get to a point where I have £20k or something then I'll start buying different stuff
>>26108025>gambling shitcoins involve risk, especially if you take biz's advicethat's pretty ironic
>>26108143i didnt recommend any specifics for this reasondyor or die
>>26108193calm down newfag
>>26108135Why ROSE
>>26102410I make a lot of money on Crypto, but I am still working my full time job so that I can get a work visa in the US
>>26101302I'll unironically move to portugal for a year. So long as it even saves me just a year's living expenses then it's worth it.
>>26108287>I'll unironically move to portugal for a yearIf you come back to the UK within 5 years, then enjoy your tax bill.https://www.gov.uk/tax-uk-income-live-abroad/selling-or-inheriting-assets
>>26108025>its too late for astonishing gains (>x10s)Wish I knew crypto 5 years ago
>>26108255they have a lot of partnerships with companies like BMW, will probably be on Coinbase this year, still has less than 100m market cap. I know the Winklevoss twins have it in their portfolioit seems like a winner just based off of that. I don't really know what it does lol something about personalised consumer privacy
>>26107387relax, I’m just asking what the average is
Listen up cunts, the easiest way to pay 0 tax is to buy crypto related stocks using your S&S ISA. Unfortunately I didn't know these stocks existed until the current bullrun and I bought BTC and alts instead. When the crypto market crashes I will be going all in on ARB.
>>26108654>relax, I’m just asking what the average isThere is no 'average'.You didn't read the thread.You don't know how Google works.Not gonna make it.
>>261085575 years from now tons of other shitcoins will have gone up by 10x/50x/100x
>>26106357We are in very unusual times. We have spent absolutely fucking insane amounts of money for healthy people to stay at home and do nothing.
>>26100333It's only 20%, I'm going to pay it, I have to fill out an SATR anyway so it's not really a big deal.
Am I right in thinking I don't have to fill out a SATR If I withdraw (Binance Acc to monzo) less than 12k each tax year?
>>26108698I’m phoneposting while on a leisurely stroll u mong
>>26109143NOTGONNA MAKEIT
>>26105788Correct
Alright chaps, I'm a bong who turned $42k into $320k this year. That was from going all-in into 1 alt during the march dip and holding. I have £50k in previous years losses I can carry forward, which is lovely. But I'm not looking forward to paying CGT on the rest. Thinking 5 years in Portugal might be the call. But there also may be an option to gain self sufficiency residency in Gibraltar, but I haven't looked into the details of it all yet. Tallyho old boys, chin up. It'll all come right.
>>26109446Accountant here. Some of you are so dumb, by ill throw a bone and some basic mathIf you purchased £10k of BTC and sold at £40kYou have made a gain of £30k You do £30k gain LESS ALLOWANCE of 12.5k Which is 17.5k Depending on your INCOME We take that 17.5k and multiply by either 10% or 20% So if you are a high earner and at 20% of 17.5k is £3.5K TAX YOU OWE
>>26109786Sir this board is for degenerates only wat r u doin here
>>26108691The gains from such companies are not even directly tied to the value of their holdings. Look at grayscale ethereum trust over the past year for example.I'll take some out to use the allowance probably but not fully convinced at this point to go all in a crypto stock.
What if you exchange BTC directly for legal tender gold coins?
>>26109963disposal
>>26102557Based.
>>26109786can I list gas fees as losses?at least on actual trades
>>26105343If they do that I'll seriously just move country to cash out. I actually don't mind paying ~20% too much, but if that changes I'm gone.
>>26110226Yes, you deduct them from selling price
>>26106138That's actually less than I thought, I thought it was a flat 20% on anything over 12k.
Boys a quick question, I have money in a US broker (female), would I pay CGT when the realized profit on that exceeds £12,300 or only when I cash out?I plan on reinvesting any realized gains and only cashing out when I get to the amount I want, would I have to declare this to HMRC?
Do I have to do this taxes stuff right now or can I leave it for a few years until I decide to cash out. Assuming I've got all my trades listed down in an excel.Let's say I invested 10k in January 2021 and it steadily increases every month until I become a millionaire after 3 years.Do I have to do this tax business every year, or can I just do it all in one go at the end?
>>26109701>Alright chaps, I'm a bong who turned $42k into $320k this year.Nice work. You will hit 7 or 8 figs if you work it right.> That was from going all-in into 1 alt during the march dip and holding.Absolutely fucking based and the right approach. I have 2mil USD and am still 95% in one altcoin, kek. That is the way to riches.Keep playing the game. Pick VERY safe bets (better 99.9% sure to get a 5x than 90% sure to get a 10x, for example). Only coins that you know, absolutely, will do well over time. No exceptions.Then go in huge.
>>26110566>Do I have to do this taxes stuff right now or can I leave it for a few years until I decide to cash out. Assuming I've got all my trades listed down in an excel.Each trade is a taxable event that you should be notifying HMRC about. You can either do that immediately, or "You can report your gains in a Self Assessment tax return in the tax year after you disposed of assets."So if you made a disposal today, you'd have to report it some time before April 2022, it sounds like. Basically like reporting income, you do a return the next year when the year in question is all concluded.https://www.gov.uk/capital-gains-tax/report-and-pay-capital-gains-tax
I dunno if its changed since then (or was just plain wrong in the first place) but do coins still count as assets after a year of not trading them? So if I did a bunch of swinging it would be income tax but if I held afterwards for long enough it’s CGT I’d pay when cashing out?
>>26110888I went all in QNT and I intended to stay that way. If I don't see at least $1 million by the end of 2021 something will have gone wrong with Quant.
>>26110888>I have 2 mil USD *bows* your highness I went all-in QNT and I'm planning on keeping it like that. I fully expect to see at least $1 million by the end of this year. If not, something will have gone wrong with Quant. Do you have any suggestions you care to share from your experience?
>>26111010>Self Assessment tax returnif I cash out 100k from trades done in the previous year, it's the capital gains tax self assessment that I fill out? if the same year it's self assessment tax return?
>>26101408the net result is the same in terms of taxes swing away.For the double digit IQ /biz/lets here, CAPITAL GAINS PERCENTAGES ARE LEVIED ON GBP (INSERT YOUR COUNTRIES FIAT HERE) PROFITS MADE ONLY.IF YOU MAKE ZERO OR LOW ENOUGH PROFITS YOU PAY NO TAXES, IF YOU REALISE GBP LOSSES THEN THEY ARE SUBTRACTED FROM PROFITS FOR THAT YEAR
>>26111749Does that mean I don't declare anything until I make more than £12,300. Sorry brainlet here
>>26111964>buy a shitcoin for £100>your stack moons to £100100 value>you then go all in on another shitcoin>you currently owe taxes which can be calculated from this figure as you have disposed of your assets, however>stack dumps violently to a value of £12300>your loss in now factored into your CGT, and you now owe 0 taxes due to losing £87800 value from your trade and being in the CGT free zone
>>26101473This doesn't assist. Purchases made on a crypto debit card are taxable for CGT purposes...
>>26101664Pulled down 20 grand on Coinbase Pro to Lloyds, no issues
>>26108505>ever returning to this shitty islandkek...
>>26110430Provided you don't have a high paying job it works out ok
>>26105209Trading 212 has a good range of products, also no fees
>>26106500This happened to tons of people in the early 2018 crash - many anons got rekt
>>26107123Clapham/Balham if you're white
>>26112984absolute wankers inhabit these areas lmao
>>26107123East London is pretty cheap
>since getting into crypto spend hours a day fantasising about how I would use a £500k/£1m/£2m cash out>portfolio at £13k...it's pathetic lmao
>>26108654you sounds like the kind of person who bought bitcoin at 42k
>>26100333By staying below the 12k CGT free threshold.Dont have that much in crypto anyway.
When do people reckon offices will open up? I was thinking whether to wait it out for longer, working from home with my parents, or start looking for places to rent in London while landlords are desperate.
>>26102419and by doing this you avoid capital gains?...
>>26110888>Keep playing the game. Pick VERY safe bets (better 99.9% sure to get a 5x than 90% sure to get a 10x, for example). Only coins that you know, absolutely, will do well over time. No exceptions.>Then go in huge.wow dude just buy the thing that will go up you're so fucking smart why didn't I think of that
>>26106621>>26112976>>26106500how the fuck would hmrc know if you gained 120k on btc and moved some btc to some shitcoins and lost it all anyway
Should I open a stocks and shares ISA with my bank (natwest) or elsewhere
>>26109061You have to declare if you have REALISED capital gains over £12.3k. So, say you invested 1k in a particular shitcoin, it then went to 15k, you withdrew 10k to fiat and bought 5k of another coin...your total realised gain is 14k, subtract your allowance = 1700 is taxable (even though you've only pulled 10k to fiat)
>>26113436they wouldn't unless you get audited