UK biz, are you tracking all of your crypto-crypto trades and profits?

[Anonymous No.17292538]

I was just planning on doing the following:

-Cash out lump sum of GBP eventually
-Find out how much profit I made from my total fiat investment (not each individual buy)
-Pay 20% CGT on that, no fuss

The government however says I need to be tracking each single trade I've made and the profits

Do I really need to do this? If I made £1 million profit and paid HMRC £200k will they really try and scrutinise further?

[Anonymous No.17292557]

>>17292538
OI MATE YOU GOT A FOCKIN LOICENSE TO TRADE GRIBTOCURRENCY YET? I'M AFRAID I'LL HAVE TO CONFISCATE YOUR FUNDS UNTIL YA GET YA FOCKIN LOICENSE MATE.

[Anonymous No.17292567]

>>17292538

https://www.gov.uk/guidance/check-if-you-need-to-pay-tax-when-you-sell-cryptoassets

[Anonymous No.17292571]

>>17292557
Kek

[Anonymous No.17292578]

>>17292538
>did all my trades on X exchange
>transfer to another exchange
>lost your access to first exchange or exchange got shut down
>cash out, can't access trade history
>be good goy and give them their %

[Anonymous No.17292597]

>>17292538
Yes, it's designed to stop you from joining the upper class. People like you are not welcome there, that's why you don't hear any info in the UK about an average Joe becoming a wealthy Lord. It's simply not allowed in the UK, thanks to the Monarchy and the Upper Class. Don't fucking disclose anything, buy gold with Crypto and pawn it under the table. If you're ever on their radar, they'll confiscate everything from you without any questions. They really don't care, their literal fucking job is to stop you from changing your social class to a level above.

[Anonymous No.17292607]

>>17292578
won't they ask more about what exchange it was etc and proof?

I guess this only happens if you get audited though right... like if you cashed out 1 mil and paid them 200k, then as long as they don't audit, it's fine?

[Anonymous No.17292623]

>>17292607
They will audit. If someone paid 200k, it means they have a million to confiscate. They get a bonus on their payslip and you go to jail. Don't trade in the UK to be honest. The game was designed to be stacked fully against you.

[Anonymous No.17292638]

>>17292538
Just pay a bloke to deal with it for you if you've got that much money

[Anonymous No.17292643]

>>17292538
I read their guidance and I took from it that a lump in vs out calculation is sufficient.

There is NO WAY people have all of their trades. I must have made fucking 1000s since 2013 when I first got in, and the vast majority are lost forever on dead exchanges, lost accounts, etc etc.

I DO know how much fiat I've pumped in, however.

I'm sure it will be fine.

[Anonymous No.17292660]

>>17292538
>The government however says I need to be tracking each single trade I've made and the profits
Where?

[Anonymous No.17292662]

>>17292643
Yeah this is what I was thinking. But can you link the bit of the guidance where you got that impression?

[Anonymous No.17292668]

>>17292660
HMRC guidance does say that crypto-crypto trades are taxable. I just am not sure if it really will be enforcable in any way and if just paying them 20% will keep them happy

[Anonymous No.17292669]

>>17292567
What the fuck? I thought we only paid tax only when we cashed out if the sum was greater than £13k or something?

[Anonymous No.17292681]

>>17292669
i think a lot of us were under that impression lol

[Anonymous No.17292685]

I'm pretty worried about this desu, have around £200k unrealised gains atm. Some of that was made from p3d and f3d so fuck knows how I will report that.

[Anonymous No.17292686]

>>17292668
Jesus Christ, is this new? What stops someone from sending the cryptos to a relative in another country, have them cash out and send you the cash?

[Anonymous No.17292690]

>>17292607
then move out of that shithole lol
nobody in their right mind taxes every fucking trade, can't believe somebody sat down and thought that this would actually work. If you're in a position where you can actually cash out 1 mill, call around first. Ask the tax faggots and your bank before doing anything. Then either move to a more crypto friendly country, or wait until they maybe get a fucking clue and realize that a net tax on X amount you cash out is the actual way to get any fucking tax money from crypto

[Anonymous No.17292706]

>>17292690
It's not gonna happen in the UK, politicians lack technological literacy and are too busy with muslims and gays. The only way out I see is cashing out somewhere else.

[Anonymous No.17292707]

>>17292686
Depending on how autistic they are on enforcing the crypto-crypto trades that's what I'm going to do if they don't get their shit together and change the rules tee bee haich

[Anonymous No.17292714]

>>17292538
just connect your exchange api’s to cointracking and it does it all for you.

[Anonymous No.17292726]

I’ve cashed out 2 btc since last year both when btc was over 10k
If you’re too stupid to launder money maybe just go back to waging desu.
Also cashed out 0.5 in 2017 ATH by simply buying gold bullion in the us for a friend who sent me a cheque for the value minus a fee for his troubles.
Just use your brain retard

[Anonymous No.17292736]

> crypto-to-crypto is taxed
Hahaha what? How the fuck am I supposed to calculate that? I've done thousands on transactions each month on Coinbase Pro. Swinging and buying the dips to sell the top and swing again. I've made some money out of it, but it's still below the Capital Gains Tax freeway, also it only applies when you actually cash out, yes? No one in their right fucking mind would design a law this flawed, right?

[Anonymous No.17292740]

>>17292726
they wouldnt have bothered to come after you for that amount anyway you faggot

we are talking about if there is another bullrun and people make six/seven figures

[Anonymous No.17292748]

>>17292726
How did you go about it?

[Anonymous No.17292749]

>>17292669
I read it last year and I'm sure this is the case unless you are a high volume trader and its your main source of income

[Anonymous No.17292779]

Can't you just say you won it through gambling?

[Anonymous No.17292804]

>>17292779
You know what happens to the wageslaves who lie to their Tax Office? You can only lie if you're the Top 1% of the UKs wealthiest. Everyone else gets a shared jail cell with the Mudslimes.

[Anonymous No.17292814]

>>17292726
holy shit you fucking retard
nobody gives a shit about your 30k. You can cash that out without any problem literally anywhere in the world. You didn't even have to fucking do it the hard way that you did. Nobody would bat an eye if a few 5-10k deposits were made into an account.
YOU ACTUALLY BOUGHT GOLD FOR SOMEONE IN THE US AND HAD HIM SEND YOU A CHEQUE MINUS HIS FEE HAHAHAHAHA FOR 30K AAAAAAAAAAHHHHHHHHHHHAHAHAHAHA
lol
>>17292706
well singapore seems to be the easiest place to gain a citizenship for a country without crypto tax. 2 years of residency only, whereas the other countries have 5-10 years. you're gonna have to have a pretty hefty sum of money you want tax free for it to be worth the cost of living over there. But if you're at risk of the government literally confiscating your crypto money if you try to cash it out, i guess you don't really have many alternatives

[Anonymous No.17292864]

>>17292538
£12000 capital GAINS tax free anything after that is taxed

[Anonymous No.17292893]

>>17292597
been looking into gold option, buying specifically royal mint gold oz coins directly with btc at peak cycle. This is technically CGT gains free in the UK for uk tax residents I think but I need to research further. Means with like £1 million of btc you will need to buy several hundred oz coins like a fucking pirate hahahaha

[Anonymous No.17292915]

>>17292567
>You do not need to pay Capital Gains Tax on the value of the tokens that you’ve already paid Income Tax on. You’ll still need to pay Capital Gains Tax on the gain you make after you’ve received them. You can deduct certain allowable costs, including a proportion of the pooled cost of your tokens when working out your gain. You can also use capital losses to reduce your gain, but you’ll need to report them to HMRC first.

Wtf this is all new, this wasnt around even 6 months ago. Fuck this shit.

[Anonymous No.17292926]

>>17292893
my current plan is whilst im going to be tax resident in korea anyway during the bull run, imma cash out in Korean won and HMRC can come fight me

[Anonymous No.17292928]

>>17292864
Did you even read the gov.uk link from the other anon?

[Anonymous No.17292951]

>>17292915
Yeah I just stopped paying taxes entirely on crypto, it doesn't belong to the government they have no place being involved.

[Anonymous No.17292976]

>Not moving to sunnier Jersey
>No capital gains tax, inheritance tax, VAT etc

It’s like you enjoy being poor and pale