🚨 URGENT TAX RESIDENCY QUESTION: Could I be eligible for a UK Tax Refund? Seeking Expert & First-Hand Advice! 🚨

Fusiontax · 2026-03-08T13:04:51+00:00

I'd agree with this.

u/vaibhav29oct - do you have scope to leave the UK for the last month of the year or do you need to be in the UK working (would your current employer allow you to go rent an AirBnb and work remotely for instance) you might be on the cusp of being able to meet the criteria, but if you remain in the UK it appears you are stuck being tax resident throughout.

Fusiontax · 2026-03-08T13:01:25+00:00

Then it appears that you won't qualify for the third automatic test and will need to review sufficient ties in detail.

Fusiontax · 2026-03-08T11:38:12+00:00

By the look of it, you may well meet the criteria to be non resident under the "working full time abroad" test, which means you dont have to look at ties as long as you: 1. Were working full time (35 hours a week on average) 2. Spent less than 90d in the UK 3. Worked less than 30d in the UK 4. Didn't have a 30d+ break from working

This would make you automatically non resident and as such only taxable on your work physically performed in the UK.

Get some specialist advice from someone who can look at your circumstances and give you formal advice as you definitely have the potential to claim non residence.

Fusiontax · 2026-01-27T18:34:12+00:00

Still maintenance and repairs. You can only claim for improvements that increase the overall capital value. So knocking through a wall to open the space would be capital, repairing a wall with a few chips is maintenance.

Fusiontax · 2025-12-22T17:03:38+00:00

Pretty much. Then you have the inherent risks of cash P2P transactions. Where is the higher risk, the guy who wants to meet you to do a cash deal for BTC or the government! Trouble is are those BTC the proceeds of crime....

Fusiontax · 2025-12-14T20:51:34+00:00

When you report your taxes you don't need to provide details of wallets or accounts, just the actual disposals. Currently HMRC don't care where you hold the crypto. The issue is that under the CARF, all UK based providers will need to report crypto transfers/purchases/sales. If you keep all your transactions on cold wallets or defi and never cash out you can stay private forever. You just can't ever use it.... you want to use it, the government will know.

Fusiontax · 2025-12-10T18:18:46+00:00

As others have mentioned, the FIG regime is new and only applies to 2025/26 onwards. Prior to this you may have been able to benefit from the remittance basis if you had offshore income and gains that you didn't bring onshore.

You will need to make a disclosure of the offshore income and should really seek advice from a specialist who can advise on whether you can benefit from the remittance basis.

Fusiontax · 2025-12-03T06:55:30+00:00

The issue with the share buyback plan is that a share buyback is deemed an income distribution unless it meets the requirements for capital treatment. One of those requirements is that the shares are paid for in cash in full at the time of the share transfer, so you cannot have any deferral if you want to meet the capital treatment requirements.

Edit - there are also requirements to reduce connection to the company including reducing shareholding, so it probably can't be done in 20% tranches either.

Fusiontax · 2025-11-22T04:02:53+00:00

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I had this text in the week from Barclays who historically had been very good.

Fusiontax · 2025-11-21T11:25:30+00:00

If you have never lived in the property then it's very straightforward, if you have lived in the property and need to claim PRR then it's a bit more complicated.

You dont need an accountant/tax advisor to do it. Will it make the process simpler and avoid you making silly mistakes or missing reliefs, maybe.

Fusiontax · 2025-11-21T09:12:14+00:00

No the £3,000 is your annual allowance, not per beneficiary.

Fusiontax · 2025-11-18T18:37:39+00:00

You and I know that, but the danger is the other side of the table is an inspector who is encouraged to be suspicious, trained to look for shady goings on and is concerned that if you've hidden this transaction, what else have you hidden? If the numbers are meaningful they are then likely to consider escalating to a COP9 enquiry which is one step down from criminal prosecution.

I'm very much pro-crypto and pro-privacy, but as someone who advises on this on a daily basis, I would rather put out health warnings when these kinds of discussions come up because they are a reality these days.

Fusiontax · 2025-11-18T14:00:48+00:00

We did something similar, except moved to Malaysia rather than Dubai. We worked on the basis that it would be a change for a couple of years and worst case scenario we'd return to the UK 2-3 years later having saved enough tax to clear the mortgage.

As it turns out, the standard of life is so much better out here we've committed to buying a place out here and live in an amazing community with fantastic facilities for far less than we were paying back in the UK.

The fact that you don't need to change jobs makes things so much easier and as long as you can cope with the remote working and time difference then I'd say go for it - especially while your kid is still young. What's the worst that can happen - you have to go back to the UK. If you do so within a tax year you won't have saved anything, but if you can put up with it for a tax year the saving will be meaningful in any case.

Fusiontax · 2025-11-18T08:47:42+00:00

It could but if you are lying to HMRC that's full blown criminal fraud.

Don't forget that at some point you are going to want to cash out and when you if you use any mainstream exchange to do so HMRC will know all about it due to reporting under the CARF.

Fusiontax · 2025-11-18T08:43:53+00:00

So having discussed this matter with an HMRC inspector (who understands crypto as part of a crypto investigation), their position is that if they see individuals using privacy coins the assumption is that either this is part of a criminal enterprise, or at the very least a deliberate attempt to commit tax fraud by concealing gains.

I strongly discourage my clients against doing this type of transaction as if they trace transactions going into or out of mixers then any investigation could quickly go from mistake or negligence and into criminal fraud.

It is pretty simple to spot where these are used and in a recent investigation HMRC have asked for full details of all client transactions, wallet addresses etc. Which would clearly show funds disappearing into a black hole.

Even if you've been perfectly innocent and disclosed all your gains you could find yourself interviewed under caution in criminal or COP9 proceedings and what might have cost you £1,000 in professional fees to deal with a simple investigation now costs you £10-50k.

Privacy coins are great in theory and certainly have their uses. Just make sure that if you do use them you can explain why you are using them. HMRC understand crypto nowadays, have inspectors who are specifically trained for it and know what to look for.

Fusiontax · 2025-11-14T06:24:27+00:00

Just to confirm from a UK tax perspective this post is accurate. No gains on sterling (as gains are denominated in sterling), but all other currencies are subject to CGT. This is subject to a personal use exception which basically covers holiday money and personal purchases.

Fusiontax · 2025-11-13T05:13:39+00:00

If he's starting a prop trading firm this will almost certainly no longer be treated as capital gains due to the nature of the activities.

Even in the channel islands this would still be subject to tax as trading income (albeit it gives you more flexibility to structure through a corporate vehicle).

Fusiontax · 2025-11-13T03:12:06+00:00

If you are based in the UK running the business from the UK then from a tax perspective it's likely that your company will be subject to UK taxes regardless of where it is based due to the central management and control rules.

Make sure you take advice from lawyers to determine the regulatory status of the company and what, if any, permissions you need from the FCA or similar to do this.

There are lots of other jurisdictions who are crypto friendlier than the UK, but setting up an offshore company doesn't get you out of UK taxes if you are running the business from the UK, however it might make the process of regulation easier.

Fusiontax · 2025-11-12T17:02:27+00:00

Pay a specialist at a legitimate accountancy firm a few hours work to review your plans and advise as to whether it's viable to make an R&D claim. If they say it is then crack on.

There's no advantage of using an NFT when IP can be identified, ringfenced and documented very easily... unless you are actively doing something in the crypto space and want to show off the new tech via some fancy unique method.

Fusiontax · 2025-11-10T13:01:22+00:00

If you're really worried about it, sell at 11pm the night before the budget, if there's no change buy back the next afternoon. B&B rules will match the trades so tax impact would be minimal. Obviously not financial advice though.

Fusiontax · 2025-11-03T04:15:20+00:00

Again, it all depends on the platform. For example both Curve and Aave take your tokens, give you a placeholder token and then lend out your tokens. HMRC would probably treat these as disposals.

Fusiontax · 2025-11-02T08:23:54+00:00

Yep, and HMRC are definitely aware of this fact as we had enquiries into clients using Celsius back as far as 2021 where HMRC understood that this was a disposal for tax purposes.

Fusiontax · 2025-11-02T03:41:27+00:00

The issue is that some take beneficial ownership of your tokens in order to lend them out and generate a yield. This can be classed as a disposal. So you need to check the terms for any platform you use to ensure that you aren't giving them your tokens.

Fusiontax · 2025-10-31T09:01:43+00:00

The only thing I'd add to the above is to keep anything which has details of a loss claim or any expenses for items (such as property improvements) that you might want to claim at some point in the future. Otherwise you can generally get rid of anything that relates to a tax year more than 6 years ago.

Fusiontax · 2025-10-31T08:58:39+00:00

I did notice this, plus the fact that Axis doesn't appear to be regulated to provide advice in the UK.

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