I owe just shy of 2k in taxe from the 30k I cashed out last tax year. Am i good to just declare it and show the money going into my bank account. Surely it's not enough for them to act anal about little trades between exchanges I may have done that didn't make me any money really.
Is it fine if the only proof I provide is the money going into coinbase, then paypal and then my bank
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HMRC Data Analyst here
Literally on my way to work right now.
> You have made Capital Gains, you have a £12,300 taxfree allowance
> 10% tax up to a total of ~£50k when added to your wage (I thought it was up to £150k, but these can be complicated)
> If you have a Spouse (You can count a partner you have lived with for 3 years as a Common Law Spouse, I believe, but check this) you cpuld literally "Gift" them up to ~£24k, avoiding all taxes
My advice is, check with an accountant and do not reveal any more than you are asked. I have one of the higher ups who literally said "We don't really know how to handle Cryptocurrency". We get our data from Banks and Building Societies, Stamp Duty Land Tax forms, business sites (E.g. Just Eat for measuring Takeaway Footfall to predict fraud). Crypto exchanges currently share nothing with us.
tl;dr Check with an accountant
Hope I can help you minimse tax
Should add, it is 20% tax over ~£50k
yes but to you have to pay an accountant so the whole thing is a scam. accountants wouldnt need to exist if we didn't have legalised thievery
True, but it is a matter of asking yourself "Can I legally avoid more tax by getting one?"
You could arrange the forms yourself, but getting a subject matter expert is better.
If you make HUGE gains on Crypto, invest in an EIS...You lock away up to £2M tax free, but cannot touch it for 3 years. Can make even more gains on it though
>HMRC Data Analyst here
>
>Literally on my way to work right now.
Imagine not WFH. How much are they paying you to cuck to the office Jew?
i dont have to "legally" do anything. ill take my gains in crypto and fuck off to south east asia and live as a permanent tourist.
You're one mean-spirited cunt. This guy is being helpful but your mean, greedy little mind can't help but want to spoil the flow of the conversation. I cannot stand horrible little shits like you, and you're fucking everywhere, too. urgh
I agreed with everything you just said until urgh, now go fucking back
I don't really want to minimise tax or anything. I'd rather just be up front and pay the little I owe. I'm just wondering as someone who works at HMRC if someone like me self reports a modest gain (just 30k withdrawn over that while year) will you take me at my word with little evidence (the withdrawals from coinbase to my bank) or will they try and Jewtax me for buying the coin I hold with usdt, for swing trading for small gains here and there etc. Appreciate the expert insight lad
>buys borderless decentralized currency designed specifically to undermine the monetary authority of the state
>cucks out and pays the state tax on his gains
people like you should be hit in the head with a hammer
Would you please fuck off there now and stop shitting up a decent thread with your edgelord posturing?
Why DO we pay tax on crypto? At what point is the state involved with me selling shitcoins on defi?
you only have to declare your income when you self assess, not prove it.
only if you get flagged for audit do you need to prove it. (and this would be rare if you fill your form out fine, however if you were flagged exchange/bank transactions is likely enough for that amount) not an expert tho
This user has it right, you don't need to prove anything. I have a friend who used to prosecute cases for HMRC on occasion, they don't really go after anyone earning under a few hundred thousand a year, it's just not worth it. As long as it looks legitimate then you're very unlikely to end up being audited, just make sure you keep some kind of paperwork to support the figures you're putting in. If you ever did wind up getting looked at then it might be a big hassle to have an accountant comb through everything, but providing that you hadn't gone out of your way to mislead them or kept quiet about some titanic gains then you'd probably just get asked to pay the difference.
you must be in your 30’s
Fucking hell, I was just asking the man a question and added some banter in. Why are you seething so hard?
> i was using LE BANTER
> le cope seethe le dilate le jew le wagie le cuck
anyone who uses gay chan cliches is an npc loser
>stop being a meanie to muh poor innocent tax enforcer
let me guess you're the reddit tranny that posts "da jooooz"
samefag
Problem is it's all digital I guess. Like the only record for my gains I have is my coinbase and PayPal accounts showing the money transferring from one to the other and then into my bank. Understand the sentiment of some anons saying I shouldn't declare it but I'd rather just not have the headache over a few thousand pound.