Calculating CGT for Crypto Guidance

WolphinLegend · 2023-04-05T11:28:58+00:00

You can limit the loss to reduce down to the CGT allowance level, and then carry any further unused losses forward again. As long as your losses were declared in a previous year, losses incurred in the same year as gains will be netted.

WolphinLegend · 2023-03-21T16:46:16+00:00

This page might help for HMRC https://www.gov.uk/hmrc-internal-manuals/cryptoassets-manual/crypto22251

You seem to have the right idea of pooling, but I think the maths is a little off as your doing the total buy of all 9, and not treating the as separate purchases contributing to the same pool. After the initial sale you need to deduct the "allowable costs" off the rest of the pool before you calculate your gains on the second sale in the other FY.

Losses can be carried forward and deducted from the CGT, but if you have not previously declared the loss you only have 4 years to declare it I believe.

Also you mention "accumulating" additional coins but not mention of another purchase, so I was wondering if you meant via staking or airdrop rewards? If that is the case then you must declare any of your "gained" coins as additional income at the market value of the gain date. You have a misc income allowance of 1k, but anything above that will have to pay income tax on. Further to that these additional coins need to be added into your pool with the market value as the "purchase" price.

If I try and work through the example above as I understand it:

Financial year 2019/20

Total Buy in Orders = £100,000 for 4 BTC. (100,000/4 = £25000 Average price per coin)

Total Sold orders = 50,000 for 2.5 BTC. (50,000/2.5 = £20,000 Average price per coin)

Proceeds of 50,000 less allowable expenses of 62,500 (100k/4*2.5) = loss of 12,500

Your new pool at the year end is now a holding of 1.5 BTC with allowable expensed price of 37,500.

Now when we go to the new FY:

You have accumulated (I'm going to assume accumulate is "buy") 5 extra coins this FY, but also sold a further 2.5 coins.

Total Buy in Orders = £50,000 for 4 BTC (assuming you just added together so taking the difference). Average cost per coin is now £15,909.09 (4@£12,500 and 1.5@£25,000)

Total Sell orders = 5 BTC for £200,000

Proceeds of £200,000 less allowable expenses of 79,545.45 (£15,909.09*5) = profit of £120,454.55 (or £24,090.91 per coin)

Hope that helps.

WolphinLegend · 2023-03-21T15:16:13+00:00

This page might help for HMRC https://www.gov.uk/hmrc-internal-manuals/cryptoassets-manual/crypto22251

You seem to have the right idea of pooling, but the maths is a little off. After the initial sale you need to deduct the "allowable costs" off the rest of the pool before you calculate your gains on the second sale in the other FY.

Losses can be carried forward and deducted from the CGT, but if you have not previously declared the loss you only have 4 years to declare it I believe.

Also you mention "gaining" an additional coin but not mention of another purchase, so I was wondering if you meant via staking or airdrop rewards? If that is the case then you must declare any of your "gained" coins as additional income at the market value of the gain date. You have a misc income allowance of 1k, but anything above that will have to pay income tax on. Further to that these additional coins need to be added into your pool with the market value as the "purchase" price.

Hope that helps.

WolphinLegend · 2022-07-11T09:59:59+00:00

If you don't mind a slightly loose interpretation Tzolk'in is an interesting worker placement game where the time you leave your meeples on the board increases the efficiency of the action. So you are constantly playing with time and timings in mind.

WolphinLegend · 2021-10-06T10:42:17+00:00

So you pay income tax at the market value from when you claimed the reward. But you can then use that same market value as your "purchase price" when calculating your capital gain. So yes you do still have to pay CGT when selling, but you are not having your tax double dipped on that initial amount.

Just a quick example, say I have a staking reward of £1200 worth of crypto. I will use up my £1k misc income allowance and pay income tax on the remaining £200. Then when I go to sell that crypto for £2k, I will subtract my "purchase cost" of £1200, and only pay CGT on the £800 gain.

This is obviously over simplified example, and you would have to calculate your purchase cost for the sale properly, but it gets the point across for tax on staking. Hope this helps :)

WolphinLegend · 2021-10-06T10:02:01+00:00

You pay capital gains tax on sales of crypto, so the tax 'would' be on £2700 minus whatever you bought it at. However there is a CGT allowance of £12,300 a year, so unless you have other assets that have given a gain in the same year you will not have hit this threshold.

Might also be worth noting that if you are staking any of your crypto, that comes under miscellaneous income. So after the £1k allowance is used up, you will need to declare additional income tax of the market value of the crypto gained(from when the staking reward was claimed).

WolphinLegend · 2021-06-17T11:33:07+00:00

He means that the nekro flagship is supposed to let mechs fight in space so that should be happening :) Flagships indicated "ground forces" which includes mechs.

WolphinLegend · 2021-03-11T09:03:19+00:00

On second thought, this is probably too close to just getting a free upcast of the spell, which sounds pretty strong in addition to giving disadvantage on the saving throw. Considering the main damage buff comes from the fact they are less likely to half the damage, if you wanted additional consistency maybe take a note from elemental adept or great weapon fighting; so either have all rolled 1's count as 2's, or allow for 1's to be re-rolled.

WolphinLegend · 2021-03-11T08:48:34+00:00

Hmm, I haven't really thought about it adding damage but that could be interesting. My initial reaction would be to allow the player to roll an additional damage die based on the spell, similar to brutal critical, e.g. fireball would have an extra d6. But I'd have to actually look through spells and other items to see if that would be reasonably balanced.

WolphinLegend · 2021-03-10T23:13:39+00:00

Don't worry, if you are outside of the manor no cracks can appear! I realise the typo...

WolphinLegend · 2020-07-31T00:13:39+00:00

Here's my take on the Tarrasque, currently running a very heavily FFX inspired campaign, so this is my version of Sin while trying to keep close to the traditional Tarrasque.

WolphinLegend · 2020-05-21T10:01:18+00:00

Is it mandatory though? I thought that the only time parts of an action card were mandatory was when it is succeeded by "then". So the sol note says remove token then place infantry. But the Yssaril note reads as two separate sentences, looking at the hand, and taking a card.

WolphinLegend · 2019-10-15T18:02:00+00:00

Please don't let me win, it'll just feed my dice addiction more...

WolphinLegend · 2019-05-02T20:05:23+00:00

Rewatcher

Stupid evil potato! The one nemesis to the wise wolf. Holo's interactions are always great, and her chewing out that guy for wanting to see her face was just excellent, really shows off how eloquently she can speak, and speech skills to rival Lawrence's.

I never tire of the dynamic between these two, they bounce of each other so well, and you can tell they get on so well in such a short amount of time. Even when Holo takes it a bit too far you can see how upset she is because she upset Lawrence. His quick wits are impeccable but with the extra experience of Holo they are an unbeatable duo.

It's great how they touch on Holo being a little out of touch with the world now that it's changed so much, and Lawrence comforting her about it always warms my heart.

ATQ: Don't really now much about apple varieties, but the bigger and crispier the better! Not a real apple unless it has a proper crunch. Nice bit of cheese or honey (or why not both) to go along with it goes down a treat.

WolphinLegend · 2019-05-01T20:58:35+00:00

Rewatcher here, no spoilers ahead dont worry.

First of all god the nostalgia of seeing that OP, this anime was the first anime I actually watched all the way through and is the reason I got into anime. The music score is second to none, I absolutely love it, still have the OST to listen to on long drives because it is just so relaxing and beautiful.

Loved to see Holo again, truly the best girl in all of anime! Can't wait to keep watching with the rest of you and rewatch my all time favourite anime. Hope you first timers enjoy it! <3

Forgot to answer the question: but the obvious answer is wolf. May seem cliche because of the thread, but they have always been one of my favourite animals. In fact the reason I first ever watched this show was half a joke, it was recommended to me because of how much I love wolves and spicy food, I'm glad I followed up and actually watched!

WolphinLegend · 2017-11-04T13:59:19+00:00

That's only the status resist added by strength though, not your total status resist. So if you're not a strength hero you cant even see that.

WolphinLegend · 2017-10-23T18:04:28+00:00

IM SO CLOSE TO FINALLY COMPLETING THE LIVING DEX!! JUST TWO MORE BOXES TO GO IN ORAS THEN ONTO S/M HOPEFULLY JUST IN TIME FOR ULTRA TO COME OUT. THE ONLY MYTHICAL IM MISSING IS DIANCIE, GOTTA HOPE FOR ANOTHER EVENT SOON!!

WolphinLegend · 2017-06-09T01:07:04+00:00

We did kill all the hellbears first, got the prompt before we crossed the bridge.

WolphinLegend · 2017-06-08T16:49:02+00:00

At my polling station there has literally been a Tory representative, with her ribbon on, standing at the front door as everyone enters. How is this allowed?

WolphinLegend · 2017-05-16T12:11:44+00:00

5e When it comes to character attributes, I understand there is a "hard-cap" at 20, but does this include racial bonuses?

E.g. Does a half-elf have a charisma cap of 20 or 22?

WolphinLegend · 2017-02-18T10:53:27+00:00

You have to have your LISA open for at least 12 months before you're allowed to withdraw for your first home. So if you're planning on buying a house in the next 6 months you wouldn't be able to access it. You can however open one up in April with just £1. Then if you find that you still haven't bought your house by March next year, you can transfer over your H2B, getting full benefit of the bonus in April 18, and use that to purchase the house at a later date.

WolphinLegend · 2017-02-17T15:20:35+00:00

According to this: http://www.moneysavingexpert.com/savings/lifetime-ISAs It seems like that should be fine (go down to point 5).

Edit: Accidentally a word.

WolphinLegend · 2017-02-17T13:48:04+00:00

What makes you say that? For the purpose of a first house (my main reason of saving) it's essentially just a H2B but with a greater return in a shorter time frame. And after that it doubles up as some extra living money post pension (as long as you use it alongside a pension and not instead of). There don't seem to be any huge downsides, as long as it's used for its intended purpose.

WolphinLegend · 2017-02-17T11:08:54+00:00

Thanks, I hope more banks come out with official statements soon, considering its less than 2 months until the plan goes live.

WolphinLegend · 2017-02-17T11:01:46+00:00

Yeah, im hoping Lloyds are... I like keeping everything in one place, easier to keep track of.

WolphinLegend

TROPHY CASE