I've been keeping my LINK stack on Binance since December 2017 (never had an issue), but now that it's on Coinbase I gather it makes more sense to transfer it there for ease of cashing out one day. So my question is; When the time comes to call it a day and cash out through Coinbase (a few years from now), how the fuck do I explain to to HMRC that I managed to accumulate all that LINK chasing moon missions with obscure Jow Forums-shilled shitcoins on 20+ exchanges and gradually built up my LINK on Binance. I don't have any records of me doing this, and I can't even remember which exchanges I was using.
Does that shit even matter? Or are HMRC only concerned with how much gets fiat'd in the end, and then it's 20% captial gains tax on that?
>live in the greatest western country for tax avoidance >makes a fortune via a medium that makes tax avoidance easier than ever >pays tax
Ian Cox
>live in the greatest western country for tax avoidance source? HMRC do not fuck around, that's what I've heard anyway. This country is a dystopian hellscape.
>makes a fortune via a medium that makes tax avoidance easier than ever Significant amount of money goes into an account, account and payment gets flagged.
Isaac Reyes
>concern trolling thread #8458 Go away HMRC, your human resources are garbage boomers who have issues to tie their shoes and are just waiting to get their monthly pension checks to sleep at home instead of the bureaus
Carson Sanchez
Could you put the crypro through monero and then into a non-exchange wallet early on so that after moon missions they have no idea what you've got?
Cooper Torres
this. how much money are you talking about cashing out op?
Christopher Ward
I think anons are misunderstanding me. I WANT to pay the tax on it. I'm just trying to understand what exactly are they taxing me on; The cashing out part, or the individual trades I've made. I've never cashed out, always converted my moon mission gains into ETH.
Around £1,000,000 - give or take
Jason Morris
You need an accountant.
You pay tax on every profitable trade.
If you don’t have the trading data you’ll just have to pay the max amount of tax.
You need an accountant.
Jackson Russell
Right, thank you lad. I'll look into an accountant.
Will boomer accountants even know about crypto gains taxation?
Cooper Thomas
That's surely not true
Ethan Morris
>I WANT to pay the tax on it. What to pay for Megan & Harrys private jets? What to pay for community police officers to walk the streets doing nothing?
You are an official cuck. Why not just lie on your tax return that way you can give them even more money
Michael Evans
Just get someone to OTC you SNTVT bags, dump half at a 20x, and keep the rest.
You're going to prison or going to have a tax bill higher than your cash out lol
Elijah Hernandez
>You need an accountant. The brainlets are out in force today
Isaac Bailey
It actually is Any decent accountant should be fine if they have the trade history
David Watson
bump, in the same position as you.
William Cooper
Why risk it m8? (((they))) can put you in a cage for a long time if you fuck up and get found out. I want to be able to enjoy my life after crypto, I don't want to have sleepless nights over this shit. If that peace of mind is 20% of my winnings then that's a price I'm willing to pay. No issue with that.
>the trade history You're referring to the trade history I have on all those different exchanges that I've lost count of? I have the trade history on Binance, that shows where all those moon mission gains ended up. You think that would be good enough?
Highly unbelievable.
Nolan Barnes
bump
Anthony King
> or going to have a tax bill higher than your cash out lol
How brainlet do you have to be to believe this?
What is 20% tax on $1000 profit from 1 trade?
What is 20% tax on $1000 profit from 372 trades?
Jacob Walker
You are pretty fucked, but it's something you need to work out later. download all trade history on every exchange you have, so you can give it to a competent and professional accountant when needed. don't be a retard.
Otherwise, they only tax on net gain at 20%, not trade to trade, so it not so bad as americucks. however, if you only put in 100£ and its now 1 million they may want to see how you managed to acquire 10000 links for example, if you only put in 100£ initially. thats where it gets hairy. you will have to find an expensive and good accountant or solicitor and explain this all to them when the time comes if you want to not risk things.
Brody Powell
This is bullshit. you dont pay fuck all on crypto trades. You pay on fiat to fiat. so the gains from your fiat going into crypto then back out again.
Noah Stewart
Emigrate you deluded cuck
Jeremiah James
>Why risk it m8? >(((they))) can put you in a cage for a long time if you fuck up and get found out. I want to be able to enjoy my life after crypto, I don't want to have sleepless nights over this shit. If that peace of mind is 20% of my winnings then that's a price I'm willing to pay. No issue with that.
Bruv. The idea is to get off this fucking shithole island. If you don't live on this backward fucking shithole you don't need to pay HMRC tax.. Have you thought about going abroad for a "holiday" to another country where you open a foreign bank account and cash out there?
Nathaniel Howard
you are completely wrong and deluded with wishful thinking. Source: I have a crypto accountant who knows what he's doing, plus I know how to read and have basic comprehension skills.
Gavin Nelson
I've cashed out like £30k and paid no tax on it am I fucked
Jace Brown
What happens if I move country can the HMRC chase me I'm sick of this clown world
No as long as you don't gloat about it. HMRC don't have an all seeing eye or great quantum computer that knows everything. HMRC get people when people snitch on them. Banks have tight lips and won't say unless asked. Say nothing and nobody knows.
>If a tree falls in the middle of a forest and nobody is around to hear it does it make a sound?
Levi Sullivan
What did he say? I've never been told this at all for the UK. I call bullshit
Sebastian Ward
>a few years from now >Around £1,000,000 - give or take
Deluded Linkie, it's never going to £10,000 per token, you know.
But this is relevant to my interests because I already have about £900,000 in crypto and need to look into tax shit. btw, you will never "cash out", that's not how it works. Literally no one just dumps a lump sum and never looks back, you won't be able to, emotionally.
What constitutes a ‘disposal’ Individuals need to calculate their gain or loss when they dispose of their cryptoassets to find out whether they need to pay Capital Gains Tax. A ‘disposal’ is a broad concept and includes:
exchanging cryptoassets for a different type of cryptoasset
looks like they finally updated their shit. Interesting. Thank fuck i saved all my transaction history
Luke Garcia
How do I explain the tax man how I made money on Niggercoin and got some ETH for putting a sharpie in my pooper?
Nathan Thomas
Shit. I put in around 12k initially long before they had official legislative tax guides.
Its gone up and down a lot through trading. In fact i lost like 4BTC in a trade not long ago, gained more before that and lost some before that etc.
Im all in on LINK now. Will that fuck me up? 20% tax for capital gains right but how does a loss go into that.
Eli King
You can make 10k a year in profit before paying capital gains. Dude, you need to get an accountant and give them your trading data.
If you make a loss it can be set off against the next years profits.
Samuel Kelly
kek, I just read that HMRC guidance, so crypto crypto is a Capital Gains taxable event, fucking lol.
Who the fuck has all of their trading records from the start and how do you even untangle that shit? 1000 different ways to interpret it really.
Fuck it, I'll either just pay a clean 20% on what I finally pull out, or more likely just kms/move somewhere else.
Asher Edwards
>however, if you only put in 100£ and its now 1 million they may want to see how you managed to acquire 10000 links for example, if you only put in 100£ initially. thats where it gets hairy.
fuck, that's exactly what happened. Bought £100 of btc back in 2017, Golden bullrun happened, got like £1000 in profit or something like that, converted it to LINK. Then swing traded all the way to 10k over the course of the past two years.
Emigrate where? Is that what you're going to do when you're ready to cash out?
>Deluded Linkie, it's never going to £10,000 per token, you know.
Maybe not, but £100 is conservative. Look, you do your thing, I'll do mine. Whatever happens, happens.
> btw, you will never "cash out", that's not how it works. Literally no one just dumps a lump sum and never looks back, you won't be able to, emotionally. >emotionally
I do not give a single shit about crypto, I just want to not have to worry about being poor ever again. These tokens mean nothing to me other than a gamble that may or may not make my life easier and more enjoyable.
Yeah this is getting hairy. I have all my trading data. However i did a fair few trades with large gains and losses last year. Only 50 or so. But im in link now for long term so i dont plan to really do much cashing out for a few years. I’ll keep the records and use an accountant when the time comes. Just worried i end up paying way more than 20% on my net gains due to the trades
Levi Price
you have no reason to be selling any of your link stack ever (unless you are a breadline poorfag). ideally staking profits would be 'cashed out' to buy whatever shit your little heart desires, but when that time comes, the landscape will be fundamentally different from how it is now, a result of the /biz's favourite meme coin.
>Connect system: Connect system doesn't have the power to look into your bank accounts without a warrant. Basically you have to be driving a Lamborghini whilst working at ASDA for there to be enough suspicion for them to apply for a warrant to look into bank records.
Carter Hill
you can't just decide to tell HMRC about your trades a few years from now and then pay up. You pay the tax on them at the end of the tax year you do the trades. If you don't it's classed as tax evasion.
Matthew Moore
>Emigrate where? Is that what you're going to do when you're ready to cash out? I already have overseas bank accounts. Panama ticks a lot of boxes
>I do not give a single shit about crypto, I just want to not have to worry about being poor ever again. These tokens mean nothing to me other than a gamble that may or may not make my life easier and more enjoyable.
Gambling on £100 link as "conservative", kek. LINK having a market cap 30% bigger than ETH right now, is CONSERVATIVE, right? You won't cash out, you've set your sights too high on too poor of a token choice.
If you have about £25,000 now you do have a chance of reaching a mil if there's another rabid bubble in a few years, but pulling a 40x is no mean feat and its likely to involve starting much lower down the rankings.
I had much, much less than you a year ago but am now at USD 7figs, without using any exchange other than IDEX.
25k on top-20 coins isn't that much.
Liam Barnes
some user told me you just pay tax on what you cash out, not on individual trades (like US?)
Jeremiah Walker
You only pay tax on profitable trades though and you can offset loses. First the rules are recently new and legacy taxes are complex for HMRC so they usually work on benefit of the doubt and can back tax but ultimately if youade 100k then lost 100k the profit is offset against the loss. The rules aren't like the USA where every transaction is a taxable event even if overall a loss
Jackson Lewis
We could argue all day about whether or not link will succeed, but I truly don't give a fraction of a fuck of your opinion on it. This is a TAX thread, go find a link thread to fud up if you want to convince yourself you've made all the right choices. All the best user
Yeah I've heard that too, but the HMRC website says this:
Capital Gains Tax HMRC would expect that buying and selling of cryptoassets by an individual will normally amount to investment activity (rather than a trade of dealing in cryptoassets). In such cases, if an individual invests in cryptoassets they will typically have to pay Capital Gains Tax on any gains they realise.
Cryptoassets are digital and therefore intangible, but count as a ‘chargeable asset’ for Capital Gains Tax if they’re both:
capable of being owned have a value that can be realised What constitutes a ‘disposal’ Individuals need to calculate their gain or loss when they dispose of their cryptoassets to find out whether they need to pay Capital Gains Tax. A ‘disposal’ is a broad concept and includes:
>selling cryptoassets for money exchanging cryptoassets for a different type of cryptoasset >using cryptoassets to pay for goods or services >giving away cryptoassets to another person
Caleb Jackson
This is where is gets a bit complicated though. Lets say you convert 10k BTC into coin X and now portfolio is worth 50k, then it crash down and its worth 9k overall you technically are in loss on that transaction. Even it is transcends a single tax year you can look at overall figure. All you would need to do is just report it.
Basically, if you make money you pay tax on the money made. You don't make money or you lose money you don't pay anything. Just keep fastidious records (the CSV files from exchanges and mew) and hand them all to accountant to work out lability over the years you haven't claimed. If it's correct HMRC will just present you with a bill for cumulative years
Levi Jackson
>whether or not link will succeed
pro-tip: it already has
there's nothing wrong with LINK as a memecoin but it's cringey as fuck when people talk about it like it hasn't taken off yet, that you're still waiting for the first signs of growth.
You'd be deep into 6 figures by now if you'd ridden the QNT train this year instead. Not too late.
Jace Flores
I’ve bought LINK for senpai and friends using my CB and Binance account.
Like a fucking cuck I’ve not kept track of who’s trades we’re who’s.
WTF would you do in my situation?
Camden Hall
pay the tax then ask your friends to reemburse
Bentley Cruz
Technically as you brought it, it's your trade not theirs. As per the document from HMRC you may be liable as it's a crypto donation to them so you could pay capital gains tax on the original asset. You can't pay profit on something you don't profit from. Best thing when you do that is to hold on to the assets under your name, cash out all as yourself and then distribute to individuals as fiat (with further tax implications)
Samuel Collins
I can't beleive people think this is a real picture. They say that thing is a storm. A symmetrical storm.
Nathan Baker
Why cash out? Just buy things with crypto, stupid.
Ryder Ortiz
so the initial purchase of eth and then link is non taxable.. right? cause you're losing money? a single trade is never profitable? wtf im retarded
Gabriel Richardson
or is it once it is profitable it is taxable... but then when do you decide that? april?
Nathaniel Wood
So the initial trade is not taxable in the sense that you out 10k GBP into BTC if it stays valued at 10k GBP then there is nothing gained so not gains tax. If it then appreciates to 100k GBP (in BTC) then you pay tax on the gain so 90k
