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/biz/ - Business & Finance

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17291303 No.17291303 [Reply] [Original]

Like how are the feds going to know how much money you made?

Does anything you cash out into your bank account automatically get flagged? I'm with Barclays btw

>> No.17291318

>>17291303
Anything under £10k and you're good, anon. I could be wrong, though..

>> No.17291321

>>17291303
Capital Gains Tax doesn't need to be reported, as long as it's no more than around 12k Pounds each year (resets in April). If you ever make it and cash out a million pounds, I'd go to a financial or citizen adviser first. But yeah, small sums are tax free.

>> No.17291333

>>17291318
Anything under 10k and you might as well not bother

>> No.17291335

>>17291318
Never realise gains in fiat. Churn crypto through XMR. If you get questioned it's easy, "I tried day trading and lost my initial investment." As long as you went through XMR you're fine

>> No.17291348

>>17291335
And then what? You can’t buy a house with xmr

>> No.17291384

>>17291348
That you have to figure out on your own, but I can give you a word of advice.

Buy gold with crypto, gold is tax free in the UK, did you know that? Of course you didn't. Almost as it the system was designed for the rich people to launder their money, huh?

Have a nice day, Anon!

>> No.17291407

>>17291321
This.
When you cash out large amounts pay the long term 20% capital gains tax.
You aren’t rich enough to avoid it.

>> No.17291411

>>17291384
bit if i bought say £50k of gold with crypto and then sold it for fiat wouldnt the taxman wanna know how i was able to acquire the gold i sold?

>> No.17291430

>>17291411
Yes.
You’re not rich enough to avoid it.
Pay the 20% capital gains or you’re fucked.

>> No.17291464

>>17291430
All and all, I agree with the tax anon here. I'd pay 20% and have a stress-free life. These fuckers are relentless when it comes to -what they consider- their money. Such is life in the Monarchy. But hey, if you make it one day, 20% is not gonna change too much. If it's all legal, you can also count on a lot of financial help from them, if you play along, they are surprisingly helpful.