Is it worth getting paid in Bitcoin for freelance work?

Kotone

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Quote from: sqcrypto on December 16, 2017, 06:35:21 AM

I’m a web developer/designer and wondered if it’s worth getting paid in bitcoin? I’m from the UK and not sure how it would work in terms of the end of year tax return.

i tHink that yes it might be worth it to be paid in cryptocurremcy especially in bitcoin considering how much it is beig galued right now. However I can only think that there kight be tax regulations or restirctions o. This so it might depened on a coyntry to country basis

Laland

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Quote from: MakeMoneyBtc on December 16, 2017, 06:32:19 PM

Well, right now governments doesn't apy any taxes for selling or buying Bitcoins because they first have to get knowledge about it and not soanyso people make profit from Bitcoin to pay taxes. Right now it is not such a big problem for them. But if you want to be sure thag you are not receiving home any amend for the money you have in your bank account it is better to go and pay taxes and you say that you made the money from freelancing. They are going to understand

I barely understand the English but i see your point. It is really hard to state freelancing as a job. You got many companies to vouch for you but it is also harder it those companies are online. Especially with this anonimity and you cant exactly show your address. It is better to earn money at least make some Real life investment like an internet cafe or restaurant. As you are the owner, you can add money to your income stating you had many costumers.

drwhobox

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If you are getting paid in Bitcoin there would be risk and high transaction fees.
Due to the non stable price of bitcoin it can be a good thing nor a bad thing when it comes to bitcoin. Still the decision is up to you but, its a good thing to risk your earning in bitcoin.

dantheman666

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With how high the price of bitcoin right now it is so worth it. But if you need money for daily expenses then no.

MakeMoneyBtc

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Well, right now governments doesn't apy any taxes for selling or buying Bitcoins because they first have to get knowledge about it and not soanyso people make profit from Bitcoin to pay taxes. Right now it is not such a big problem for them.

But if you want to be sure that you are not receiving home any amend for the money you have in your bank account it is better to go and pay taxes and you say that you made the money from freelancing. They are going to understand

almightylarvas

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If you need the money for living then I say NO, otherwise is a good way to earn btc

Mike Mayor

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I don't see the problem here? Work for bitcoin! You going to buy it anyway. You don't have to cash it out into fiat, you could just cashout a small amount and pay tax on that and buy everything else with bitcoin if you can. Keep your Bitcoin don't sell it for fiat.

Quote from: Yakamoto on December 16, 2017, 04:25:51 PM

Quote from: sqcrypto on December 16, 2017, 06:35:21 AM

I’m a web developer/designer and wondered if it’s worth getting paid in bitcoin? I’m from the UK and not sure how it would work in terms of the end of year tax return.

I mean what would you be losing out on, really? It might be worth it if the value continues on a bull run.

As for UK tax laws, I would assume that, and don't quote me since I am not a UK tax law expert, you would note down the value of the bitcoin when you receive it, and then whatever price you sell it for, either with capital gains or capital loss due to normal volatility, would be the portion that is taxed. One part being the "normal" salary, the work you were paid for, and then capital gain/loss being whatever changes from that point for your Bitcoin. Now, as I said, I don't know. I don't think that the UK has tax laws defined for something as specific as that.

But it probably wouldn't hurt much to accept part of your salary in Bitcoin.

Then you will have to prove when you received your Bitcoin and what price it was. You will have to give your wallet info and transactions. What will they do with that? Nothing because they don't know about how bitcoin works. So I'm not sure how you would make a tax deduction on that. Then when you need to prove your losses in altcoins ect how at you going to do that? Why don't you just keep the Bitcoin and use it as it is intended why would you want to swap it for ancient banking technology?

zulkarnaen

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I think it depends on the agreement about the method of payment that will be in use and bitcoin payment is good enough for freelance work even it is more profitable if we are in a country that doesn't have bitcoin tire, because we know so far bitcoin Function not yet fully in feel and in use by everyone in different countries.

astrid.uchiha24

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Quote from: sqcrypto on December 16, 2017, 06:35:21 AM

I’m a web developer/designer and wondered if it’s worth getting paid in bitcoin? I’m from the UK and not sure how it would work in terms of the end of year tax return.

If there is a provisions regarding cryptocurrencies in your country you should seek an assistance for local tax professionals, in normal practice you can declare your profit regardless of its source but getting paid with bitcoin will have an issue regarding its price since it is volatile so you should do my first advice.

Nevis

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Quote from: sqcrypto on December 16, 2017, 06:35:21 AM

I’m a web developer/designer and wondered if it’s worth getting paid in bitcoin? I’m from the UK and not sure how it would work in terms of the end of year tax return.

I think it depends on the task you are going to take. Because you are the one taking the job, you should have an idea on how much earning is fair for you. Right now, bitcoin is rising at high pace. It might even reach triple the price it has last year. With that, you can know where your earning woould take.

I have no idea for what will end up on your end of the year income tax but if right now, for me it is really worth it.

Yakamoto

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Quote from: sqcrypto on December 16, 2017, 06:35:21 AM

I’m a web developer/designer and wondered if it’s worth getting paid in bitcoin? I’m from the UK and not sure how it would work in terms of the end of year tax return.

I mean what would you be losing out on, really? It might be worth it if the value continues on a bull run.

As for UK tax laws, I would assume that, and don't quote me since I am not a UK tax law expert, you would note down the value of the bitcoin when you receive it, and then whatever price you sell it for, either with capital gains or capital loss due to normal volatility, would be the portion that is taxed. One part being the "normal" salary, the work you were paid for, and then capital gain/loss being whatever changes from that point for your Bitcoin. Now, as I said, I don't know. I don't think that the UK has tax laws defined for something as specific as that.

But it probably wouldn't hurt much to accept part of your salary in Bitcoin.

Faroxx

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It's an interesting idea, and I think that you will not have problems with the law. You're paying for a profit.

cryptokitty

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Quote from: sqcrypto on December 16, 2017, 06:35:21 AM

I’m a web developer/designer and wondered if it’s worth getting paid in bitcoin? I’m from the UK and not sure how it would work in terms of the end of year tax return.

For me, Yes, it is is better to work and paid with bitcoin because you can use your earning in trading bitcoin and altcoins. But, i doesn't have any idea about the year end tax return

gabbie2010

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Quote from: sqcrypto on December 16, 2017, 06:35:21 AM

I’m a web developer/designer and wondered if it’s worth getting paid in bitcoin? I’m from the UK and not sure how it would work in terms of the end of year tax return.

Yes, there are a lot of web programmers in xbtfreelancer being paid with bitcoin and this had been successful done based on the agreed amount of btc to be paid between the buyer and the seller of the services (web programmer).

Tszunami98

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Yes it is, i do freelance work only for BTC now and i can say that is tottaly worth it. It also depends if you are planning on spending some of those btc you earn, because today with these huge taxel i am not sure it would be a good idea to move around coins.

elloco4ever

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Quote from: audrey12 on December 16, 2017, 02:59:26 PM

Yes it's really worth having bitcoin as a payment for freelance work and as far as I know Japan already adopt the digital currency system because they believe that this is more convenient and will help their economy to grow further. Bitcoin is a good investment so far also with its value today people will not experience loss if ever they receive it as a payment

Probably bitcoin can be one of the best medium to get paid (I hope the transaction time will to be improved in future which will make it more convenient) as if you get paid in bitcoin you get some sort of perks if the bitcoin's value pumps and also i believe other developed nations will follow Japan's footstep in adapting bitcoin or blockchain technology and go for crypto instead of fiat.

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Quote from: sqcrypto on December 16, 2017, 06:35:21 AM

I’m a web developer/designer and wondered if it’s worth getting paid in bitcoin? I’m from the UK and not sure how it would work in terms of the end of year tax return.

I think in terms of taxes it would work out you're paying more tax, but that is only because I believe the price of bitcoin will trend upwards. You'll probably pay some sort of income tax on earnings and then a capital gains tax equivalent on the increased bitcoin price.

gurunanakji777

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Getting paid in bitcoin is good but it depends how much bitcoin you receive per transaction if you receive small small amount then it couldn't be worth off because of transaction charges & If you receive regularly big amount in btc then it would be fine. Rest all depends on your country tax charges.

ObroQ

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It's good to be payed in bitcoin as long as you are aware of the other factors that might influence bitcoin (price growth or not, the amount of work you do, the amount of bitcoin received for that work). If you think of it as a medium/long time investment i think it worths.

audrey12

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Yes it's really worth having bitcoin as a payment for freelance work and as far as I know Japan already adopt the digital currency system because they believe that this is more convenient and will help their economy to grow further. Bitcoin is a good investment so far also with its value today people will not experience loss if ever they receive it as a payment

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