[Boards: 3 / a / aco / adv / an / asp / b / bant / biz / c / can / cgl / ck / cm / co / cock / d / diy / e / fa / fap / fit / fitlit / g / gd / gif / h / hc / his / hm / hr / i / ic / int / jp / k / lgbt / lit / m / mlp / mlpol / mo / mtv / mu / n / news / o / out / outsoc / p / po / pol / qa / qst / r / r9k / s / s4s / sci / soc / sp / spa / t / tg / toy / trash / trv / tv / u / v / vg / vint / vip / vp / vr / w / wg / wsg / wsr / x / y ] [Search | | Home]

Taxes. What do?

This is a blue board which means that it's for everybody (Safe For Work content only). If you see any adult content, please report it.

Thread replies: 30
Thread images: 3

UK fag here.
Trading now for 6 months and turned 500 into 3k.
Multiple smaller purchases inbetween and probs about 100 trades on like 5 exchanges. What next?
Could someone not just convert it all to monero, send to different address, convert to BTC and sell? And then say I bought BTC 3 years ago or smth?
>>
Crypto trades arent taxable in EU
>>
https://www.gov.uk/government/publications/revenue-and-customs-brief-9-2014-bitcoin-and-other-cryptocurrencies/revenue-and-customs-brief-9-2014-bitcoin-and-other-cryptocurrencies
>when Bitcoin is exchanged for Sterling or for foreign currencies, such as Euros or Dollars, no VAT will be due on the value of the Bitcoins themselves
>>
>>2990546
I read that. I know as much as before. What about trades between btc and altcoins?
>>
Don't bother, especially if it's 2.5k, nobody will give a fuck
>>
>>2990537
>Crypto trades arent taxable in EU

Ffs, stop spreading bullshit. It is up to the law of the country - e.g. in germany, it is only tax-free if you wait for one year before cashing out. Otherwise it is taxable.
>>
>>2990594
>claim u mined them
>???
>profit
easy bruv
>>
>>2990665
If you claim to have mined it, they will need a proof e.g. your electricity bill of that time (should be significantly higher than average).
I was asked that by my European exchange site when I wanted my limit to be raised to a higher level.
>>
>>2990537
Where did you get that information from? Even in Poland you have to pay taxes if you decide to sell your BTC
>>
>>2990657
Yeah that's when it is seen as investment. But what if you trade?

>>2990723
What about my OP? Couldn't I just tell I invested like £100 a few years ago? No chance to prove that
>>
>>2990751
Yes, you're correct when you sell into fiat, not when you trade btc for eth and back to btc
Only stupid amerifags pay taxes for trading btc into eth and back...
>>
>>2990822
Actually "if" you invested, someone "could" ask you for proof, like an old btc address or whatever...
So if it's legit, you can always prove by showing your old address and the private key.
If you have nothing than they may tax everything. So you better keep anything that helps you to avoid paying taxes.

Before I cash out, I will keep the specific amount of btc in a wallet, where it will remain one year, so I can avoid taxes.
>>
>3k
nobody will notice dont even bother
>>
>>2990875
What do you mean with “tax everything“? Could they seize it all?
Also your theory is flawed. When you hold for more >1 year that time is tax free. But your trading before that would be taxable, wouldn't it?

>>2990886
I don't plan on selling now, just informing so I don't get my shit taken away with the next regulation
>>
>>2990501
https://www.gov.uk/capital-gains-tax/rates

If I've got this right, you won't pay tax on anything less than £11.3k. I may be wrong though so check the website thoroughly
>>
it's just jews fudding, nobody has time for your cybermoney peanuts
>>
>>2991004
It's very easy, really. It applies to Germany, no idea about the other countries.

> you buy btc for 1000 euro
> you trade with cryptos and now you have 5000 euro in btc - nothing to tax so far
Option 1:
> you sell everything now into euro, you have to pay 25% taxes for your profit of 4000 euro (1000 euro was yours), so 1000 euro are to pay as tax

Option 2
> you transfer your btc out of the exchange into a wallet and don't touch it for a whole year
> you cash out into euro, taxation wants to tax you, you say no, you held it for one year (same as gold), no need to pay

I did my research, if anyone can prove me wrong, you're welcome.
>>
File: 74b.jpg (16KB, 252x291px) Image search: [iqdb] [SauceNao] [Google]
74b.jpg
16KB, 252x291px
just pay taxes go.. guys
>>
>>2991023
Unfortunately I'm not a NEET so that 11k already gets deducted :(

>>2991085
I think you are right about that any gains made in that year of not touching it (btc rises in value) are not taxable. Not so sure about trading where you multiply your holdings
>>
How would they know if u traded on an exchange?
>>
>>2990501
>turned 500 into 3k.
It's below cgt and they won't give a fuck. HMRC still don't know how to deal with crypto.
>>
>>2991286
If they want proof of you buying botcoin (bank statement), holding it for x years (public key) and selling it (bank statement) they would see that you were trading and not holding.

>>2991342
But is CGT not my wage-cuck income + the 2.5k?
>>
>>2991422
>If they want proof of you buying botcoin (bank statement), holding it for x years (public key) and selling it (bank statement) they would see that you were trading and not holding.
We aren't in the US m8. Look up statements from HMRC on crypto. they're clueless. I think they'd just be happy if you paid something.

Wouldn't bother for 2.5k though.
>>
>>2991422
http://www.which.co.uk/money/tax/capital-gains-tax/guides/capital-gains-tax-allowances-and-rates

Read the example, makes things clear.
>>
>>2990501
In the UK, you usually have an exempt amount of £11k per tax year which you don't need to report. So in your case I wouldn't bother about it unless you made 12k and then lost 8k.

You might want to calculate out your capital losses if you want to use them to offset any gains in future years.
>>
>>2991545
Ahhh cheers buddy. I didn't know the CGT free allowance is a different one to the income tax free allowance.

That makes me feel a bit easier about it!
>>
>>2990501
lol 3k

just withdraw it to your bank account, no one will notice

if you're worried, just do it £500 at a time or something

banks don't care about that sort of money, and how would HMRC find out otherwise?
>>
>>2991722
As I said above I do not plan on cashing out. I just want to be sure I won't be in trouble if I should manage to grow it further
>>
File: bittrex.jpg (61KB, 1868x303px) Image search: [iqdb] [SauceNao] [Google]
bittrex.jpg
61KB, 1868x303px
am i gonna make it bros?
>>
>>2991085
As far as I know that money will be treated as regular income, not as capital income, so you'll have to pay the regular income tax.
Thread posts: 30
Thread images: 3


[Boards: 3 / a / aco / adv / an / asp / b / bant / biz / c / can / cgl / ck / cm / co / cock / d / diy / e / fa / fap / fit / fitlit / g / gd / gif / h / hc / his / hm / hr / i / ic / int / jp / k / lgbt / lit / m / mlp / mlpol / mo / mtv / mu / n / news / o / out / outsoc / p / po / pol / qa / qst / r / r9k / s / s4s / sci / soc / sp / spa / t / tg / toy / trash / trv / tv / u / v / vg / vint / vip / vp / vr / w / wg / wsg / wsr / x / y] [Search | Top | Home]
Please support this website by donating Bitcoins to 16mKtbZiwW52BLkibtCr8jUg2KVUMTxVQ5
If a post contains copyrighted or illegal content, please click on that post's [Report] button and fill out a post removal request
All trademarks and copyrights on this page are owned by their respective parties. Images uploaded are the responsibility of the Poster. Comments are owned by the Poster.
This is a 4chan archive - all of the content originated from that site. This means that 4Archive shows an archive of their content. If you need information for a Poster - contact them.