Thanks Franky1, that's excellent advice.
Would it be possible to get around paying tax by using gambling laws? e.g. you do not need to pay tax on a gambling win and there is no market more volatile than Cyrptocurrencies.
Topic: F.C.A Regulations and Paying TAX on SOLD Bitcoin (Read 164 times)
So do you need to pay tax on money gained at the moment? Are regulations coming in?
if you get fiat (£) then you need to declare it and it will get taxed.
it doesnt matter if its from selling a bitcoin, a house or a car.
however selling most cars (common thing many people do) they dont make thousands in profit as most cars decrease in value by hoarding it, so taxmen dont chase you when you sign your log book over to someone else.
however if your making thousands by selling a house or bitcoin and not investing it the same year.. the tax man will chase you.
also dont think that just because they didnt chase you this year you are now free, HMRC can retrospectively chase you in many years time for income/profits you didnt declare years earlier, so dont think about spending all of it if your not gonna declare it... as it may hit you in the future
what most smart people do is this
imagine you bought 10btc last year at £1k each (£10k)
this year you sell just one btc.. thus you have £10k back at this months average..
you have technically not made a loss or profit.. £10k in £10k out.. no tax
now your more then likely to be free to spend that £10k without any tax burden
but if you want to sell all 10btc(£100k) expect to declare it
but speak to a tax adviser about assets
So do you need to pay tax on money gained at the moment? Are regulations coming in?
It's actually very simple, since they consider BTC as an asset rather than a currency just like gold, anyone who decides to cashout their BTC just like gold should pay the taxes
So do you need to pay tax on money gained at the moment? Are regulations coming in?
You might make a ton of money on a crypto investment, but it's highly, highly speculative and there are no safeguards if the prices crash, your wallet is hacked, your exchange exit scams, the list goes on.
That's all that's being said here
But bitcoin is still the best investment arround and no bank can take away your money bicouse you are your oun bank
If you look to chinese peapol they only invest on safe value and they really want all BTC they can guet
That's all that's being said here
But bitcoin is still the best investment arround and no bank can take away your money bicouse you are your oun bank
If you look to chinese peapol they only invest on safe value and they really want all BTC they can guet
I have heard conflicting information on FCA regulation apply now if you are trading between FIAT and BTC. I have heard other sources saying that new regulations are due to come out in 6 months in the likes of the United Kingdom that will have big implications for crypto currency. Does anybody know the legal stance on this.
Also if your sell your Bitcoin for legal tender do you need to declare it and are you taxed?
Also if your sell your Bitcoin for legal tender do you need to declare it and are you taxed?
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