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Do i pay tax on profits from cryptocurrency watch

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    Do i pay tax on profits from cryptocurrency in the U.K ?
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    I do not believe so.
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    (Original post by seanbruce)
    Do i pay tax on profits from cryptocurrency in the U.K ?
    Yes.

    https://www.taxation.co.uk/Articles/...yptic-currency

    https://www.thefriendlyaccountants.c...ryptocurrency/

    https://cryptotax.uk/guide/
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    thankyou for this help
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    tbh I doubt most people are going to declare their profits to HMRC

    only real way they have of finding them is if you make a large profit ..and withdraw it into your bank account and this increases the interest you get yearly ...and when they do their snooping on yearly interest rates your account gets flagged up due to a big rise in interest.
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    (Original post by ANM775)
    tbh I doubt most people are going to declare their profits to HMRC

    only real way they have of finding them is if you make a large profit ..and withdraw it into your bank account and this increases the interest you get yearly ...and when they do their snooping on yearly interest rates your account gets flagged up due to a big rise in interest.
    You are unaware of the banks' reporting obligations under money laundering regulations then.
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    (Original post by Good bloke)
    You are unaware of the banks' reporting obligations under money laundering regulations then.


    That's if it looks suspicious

    If the money is coming from a well known Bitcoin broker then it's unlikely to be flagged as suspicious

    If the money is coming from a random western union bank transfer then yeah, it may indeed get flagged as suspicious

    HRMC do not know how much is in your bank account unless you tell them or they estimate it by looking at your interest..
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    As long as an indiviual does not withdraw the money into an account they would have a hard time finding what you have made
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    (Original post by ANM775)
    HRMC do not know how much is in your bank account unless you tell them or they estimate it by looking at your interest..
    You just carry on concealing income and profits then. It won't have any effect whatever on your employability and social standing whatever. Oh no! Not at all.
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    (Original post by ANM775)
    tbh I doubt most people are going to declare their profits to HMRC

    only real way they have of finding them is if you make a large profit ..and withdraw it into your bank account and this increases the interest you get yearly ...and when they do their snooping on yearly interest rates your account gets flagged up due to a big rise in interest.
    yes i can imagine that there will be alot off indiviuals who will not declare what they have earnt through cryptocurrency to HMRC
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    Profits made from selling/trading cryptocurrency will have to be declared as capital gains.

    It's therefore good practice to keep records of all of your buying and selling of cryptos.
 
 
 

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