as this is a coin from the United Kindom, I would like to ask if you need to cash out your sterling into £, which method would you use? Bitstamp, localbitcoins, etc?
great question!
that would be a very interesting service...
I was going to advise you, litebit.eu, but 2 problems.
1) It doesnt change to £ but €
2) SLG is not included
I assume you would have to change them to BTC and then bitstamp or local
Ok imagine you have 1000 SLG and its value is $100 each so you will have in total $100.000 then you decide to cash it out via Bitstamp so the process is, sell your SLG for example in bittrex for BTC, then you get of your sell lets say 100 BTC then send this 100 BTC to bitstamp, then in bitstamp you trade your 100BTC for $420000 then you transfer those $42.000 from Bitstamp to your bank account and paying fees, lets say at the end you get £25,000 into your bank account and finally you have to declare that income to the TAX Office so they will take £10,000 so you end up with £15,000.
My question is , is there anyway we can avoid to pay taxes, should we pay them? do we have to pay and if we don't do we get a fine? Do you know another way of avoiding this without getting into trouble?
If you have $100.000 estimated value in SLG, once you move to £ is should be almost the same
but moving to your questions
can avoid to pay taxes?
Not sure
should we pay them?
Not sure if we should pay taxes until we finish with wars
do we have to pay and if we don't do we get a fine?
probably
Do you know another way of avoiding this without getting into trouble?
Not sure if there will be any problem
The point is there is no clear legal frame about altcoins.
Depends on each country, but usually you pay taxes once you move to your local currency (take profits), but it's not clear what happens if you expend it instead of moving back to your local currency..
