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/biz/ - Business & Finance

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File: 50 KB, 795x641, HMRC-COIN.png [View same] [iqdb] [saucenao] [google]
54087384 No.54087384 [Reply] [Original]

Got this email today

>> No.54087428
File: 1.46 MB, 217x217, 1676544721195981.gif [View same] [iqdb] [saucenao] [google]
54087428

>>54087384
>KYCing in the first place.

>> No.54088007

>>54087384
Already payed those kikes 150k. They can fuck off.

>> No.54088108

>>54087384
Fuck

>> No.54088172

Unlucky mate, you played yourself like a fiddle
Imagine not reading the rules and making sure your transactions are £1 under the threshold
GG lad, see you in the gulag

>> No.54088921

>>54088172
Perhaps, but HMRC were really behind on this stuff until recently. I'm sure plenty of people have been risking it. Even now, OP probably has a good while before HMRC getting the CB files translates into HMRC prosecuting him.

You have a little while to sort your affairs out OP. Even flee the country or pay your dhimmi tax to Pajeet Sunak.

>> No.54089056

I got this too, i only received less than the 12k capital gains tax threshold though so they can fuck off

>> No.54090577

>>54089056
Based

>> No.54090707

I got it too. No big deal. I think i sold like £5500 worth in that year, not even enough to use all my capital gains allowance.

What are hmrc going to fucking do? Nothing. I dont owe them anything.

>> No.54090872

>>54087384
I dont really understand?
So this only counts when you sell crypto to fiat? Not to stable coins?

>> No.54091149

>>54090872
Exactly

>> No.54091534

>>54091149
And why wouldnt you just order 10 crypto debit cards and fill all up with 4k each to spend then?

>> No.54091727

>>54091534
You think people are paying their rent in the UK with USDC?

>> No.54091790

Will this affect withdrawals from binance? I only made gains above the allowance in the tax year up to april 2021, then withdrew after april 2022. My trade history in the 2021-2022 tax year is a chaotic mess which I don't have good records for

>> No.54091833

>>54091727
I thought we live in mums basement

>> No.54091863

non reporters are in so much trouble

get fucked non compliance\

reminder to pay your tv and semen taxes

>> No.54091909

>>54091833
Kek
>>54091790
Well Binance UK (or Binance Jersey, or whatever the fuck it is/was) would be the first point of call. I'm tempted to suggest Binance proper wouldn't, but could you even transfer GBP fiat off of them?

Overall though, it seems obvious that HMRC will do this for every exchange.

>> No.54092115

>>54090872
Just Google the HMRC rules re. crypto. It's not just on conversion to FIAT, it includes crypto to crypto. All Coinbase are saying is that's what triggers their sending of your details. All exchanges will do this, there's no hiding (pretty much). Just gel up on the rules and pay your dues, yeh it sucks but what can you do?

>> No.54092221

>>54087384
they've been sending these emails for a few years. do a return.

>> No.54092225

>>54087384
>more than £5,000 in fiat currency
Damn, if only I actually sold anything!!

>> No.54092255

>>54092115
I dont live in the uk
Just was interested in what happens

>> No.54092569

>>54092115
>All Coinbase are saying is that's what triggers their sending of your details
You're wrong in an important way. Pay attention to the wording. There isn't a standing notice that compels every exchange to always report every UK address that cashes out over £5,000 PFY. HMRC specifically went to Coinbase and made that notice (request), which Coinbase then have to comply with under UK law. So it isn't a given that HMRC have also gone to every single other exchange and made that request. Indeed, given how undermanned they are, they almost certainly haven't.

>> No.54092585

>>54091909
I see
I suppose if HMRC asks about my 2021-2022 tax year (which I've literally just opened a letter saying I don't have to do self assessment for lol - we'll see what happens if Binance eventually sends them my data) I'll just show them that my total holdings at the start and end of the tax year are within the allowance. I had some pretty big gains and pretty big losses but they were shrouded in the intricacies of defi

>> No.54092629

>>54092115
They haven't proved that in a court of law yet. I'd be surprised if it flew because there's no "gain"

>> No.54092714

>>54092585
I think you're okay for now. I imagine it isn't easy to get at Binance. Never mind Defi. HMRC have probably started with the lowest-hanging fruit and then will go from there, as per my other comment: >>54092569

>> No.54092859

>>54092569
Most exchanges have KYC, HMRC have clearly defined guidelines, I'd follow the guidelines rather than gamble whether they'll catch up with you over the next few years. Each to their own.

>> No.54092875

>>54092714
Yeah, I had an issue with my accountant making a mistake on my return for the 20/21 year. It took over a year from filing the return to them detecting and then fully resolving it and handing me my £1000 back
My only worry with binance would be they see the transaction out to my metamask wallet of a moderately significant amount, perhaps 10k or so, which never returns to binance (because I go on to lose most of it lol).

>> No.54093159

>>54092714
Hmrc love koinly so it’s hard to hide stuff desu. I’m sure there’s ways around it though. Fucking hope so kek.
In my situation I just needed a home. Take your 20% you kikes I got bricks n mortar.

>> No.54093550
File: 987 KB, 229x176, 1678626123608237.gif [View same] [iqdb] [saucenao] [google]
54093550

>>54092859
>I'd follow the guidelines rather than gamble
ngmi

>> No.54093668

>>54093550
Already have

>> No.54094257

>>54092859
>Arguing a strawman
>>54092875
>My only worry with binance would be they see the transaction out to my metamask wallet
I think you'll be OK
>>54093159
I think you'll be OK too

>> No.54094359
File: 50 KB, 600x600, 1675096586896339.jpg [View same] [iqdb] [saucenao] [google]
54094359

im literally never off-ramping because of this bullshit

>> No.54095176

>>54094359
Yeah, denmark got retroactive tax. Basically, a "fuck-you punishment for ever touching anything but our money"
Criminals, the whole lot of them.
Guess the %. It's more than 59. For trading crypto-to-crypto.

>> No.54096560

Imagine bending over for Jews

>> No.54097350

>>54096560
It's jeets, actually. The UK isn't America