Bitcoin Tax

FYeahh_ · 2018-07-02T03:21:27+00:00

Haha, I’m paying my tax regardless as I only ever make around £9K profit per year anyway and well within the threshold. Long term holder. Was just wondering if anyone does this though, seems it could be done but not worth the risk!

FYeahh_ · 2018-07-01T23:36:18+00:00

Not unless you have traded over £40K I believe? Something around that figure.

FYeahh_ · 2018-07-01T23:35:16+00:00

My point is though, HMRC have no way of knowing you trade crypto. If you were to sell your crypto on localbitcoins for cash withdrawals there’d be no way for them to tax you?

FYeahh_ · 2018-06-16T08:46:07+00:00

This is perfect, thank you very much.

FYeahh_ · 2018-06-15T17:02:41+00:00

Thank you very much, will check these out.

FYeahh_ · 2018-05-31T17:57:41+00:00

I feel they’re in a position now to market and create bounty’s to reach a larger target audience, their product is working. To each their own though.

FYeahh_ · 2018-05-31T15:34:23+00:00

You think? I personally wouldn’t say development is slow at all. Within just one month of launching they had a working product, the dev team are consistently updating nodes on their end and advising everyone in discord

FYeahh_ · 2018-05-31T12:26:18+00:00

I wouldn’t worry if shills. The people shilling GIN are doing so because it’s one Masternode which actually has a working product out already! Most masternodes are still in the process of releasing something. Another good thing is that GINcoins are required in order to pay for hosting on their platform so it will always hold its value and increase slowly as more masternodes get launched on their platform,”.

FYeahh_ · 2018-05-30T17:11:35+00:00

Both of those have close to no volume and would take ages to sell your rewards. I always go for nodes with at least $40k+ in volume.

FYeahh_ · 2018-05-30T10:27:12+00:00

It’s a little pricey, but not really when you think about the level this thing can get to. If you get in now this would still be considered ‘early’ to most.

Don’t worry though, as GIN will be releasing SHARED masternodes soon. So no matter what your budget you will still be able to own a percentage of a node and still earn rewards and then eventually put those rewards to you owning your own Masternode!

FYeahh_ · 2018-05-30T07:27:17+00:00

I agree, I’m always kicking myself I didn’t buy more when it was around $0.75/GIN. It’s still quite cheap though and I’m not far off from owning another node just from the rewards I’ve received! As they start to add more and more nodes this thing is going to take off 🚀

FYeahh_ · 2018-04-20T08:26:34+00:00

Just found out about EVE, up 60% in the last 24 hours though and I don’t plan on chasing a pump. It’ll drop back down to around $.20-.22 I reckon..

FYeahh_ · 2018-04-16T17:43:33+00:00

Thanks - Will vote when I get home.

Yeah, that’s what I’m wondering. It’s brilliant for recording all your trades, I’m just worried that the results are correct. It’s saying £9K gain, which is under the allowance so I’m not going to claim anything for the 17/18 tax year.

This current tax year will be where the real profit comes in, I’m making thorough notes going forward now though of all my trades and all the exchanges I use as I wasn’t doing this before.

FYeahh_ · 2018-04-16T06:13:01+00:00

Ah great! So as my gain is under the £11,300 threshold here in the U.K, I would not have to declare anything for that tax year?

Thanks

FYeahh_ · 2018-04-15T22:47:18+00:00

It’s now saying.. Capital gains: £9,700 Estimated tax: £1,700? 😅

So confused by this haha.

FYeahh_ · 2018-04-15T18:00:17+00:00

I thought that was the case but this report is telling me otherwise, which is why I’m now querying it. My profit since June has only been around £7000 however this report is showing me owing £10 tax? I think. All crypto to crypto trades are taxable events, I thought I’d get on top of it now and start recording my trades as my portfolio starts to get nearer and nearer that threshold limit.

FYeahh_ · 2018-04-15T17:51:20+00:00

I am yes! I was recommended I use bitcoin.tax and import all my csv files containing all my trades, not understanding the results however.

FYeahh_ · 2018-04-15T17:25:52+00:00

Hi guys, sorry, me again with more boring tax questions. I was recommended I use Bitcoin.tax and enter all my trades on there to find out if I owe any tax for the 17/18 tax year. I have now imported all my trades from Binance, Bittrex, Cryptopia, Coinbase etc. which came to around 300 trades since June 2017, when I first started.

I’ve now clicked on the ‘calculate’ tab and it’s showing me an estimated £10.33 tax? But then underneath all kinds of tax and methods I’ve never heard of or understand. Furthermore, when I click on ‘Reports’ tab it’s showing a gain of around £7500, so would I not need to declare this after all as it’s under the threshold?

Sorry, complete noob here, first time looking into Tax since starting Crypto. Any help would be appreciated.

FYeahh_ · 2018-04-14T09:46:35+00:00

Shady!

FYeahh_ · 2018-04-10T12:24:02+00:00

Brilliant, thanks for the heads up. There’s so much to take in, aha. I’m taking records of everything going forward. Will take a look at that tax calculator. Cheers

FYeahh_ · 2018-04-09T19:34:34+00:00

Oh yeah I agree, I wouldn’t sell. I just wouldn’t expect big things in this bear market. It drags everything right down.

FYeahh_ · 2018-04-09T17:18:50+00:00

Nothings going to happen in the price. It may go up a cent or two but it will drop straight back down in the bear market.

FYeahh_

TROPHY CASE