Hi James, I've been in the crypto space since 2017 and adding small amounts along the way, though I've never sold any of my crypto I have swapped and changed over the years, some moves have been better than others. I certainly didn't make any amount to go over any capital gains allowance. I'm planning on selling in this bull run, preferably after 6th April next year. I know I will pay capital gains tax after that but do I need to do anything about the previous years? Many thanks, Rob
Hi James, my questions are: 1) For those of us in the UK hopefully looking at cashing out a large amount of money during this bullrun - do they advise which UK banks to use for large transactions coming from Exchanges without bank accounts being frozen or suspended? There seems to be a lot of uncertainty in the UK about this at the moment with rules and regulations - would this be something they offer as part of the accounting package? 2) I think someone else has mentioned below about Private wallets (Tangem/Onekey) but do these need to be viewed by the accountant. Also, do we need to keep a record of every transaction (purchase, selling, swapping, gas fees to move back and forth from exchanges to wallets and vice versa) Thanks mate and keep up the good work!
I have an accountant for my self employed job. He knows very little about crypto but manages to successfully submit the crypto related parts of my self assessment using the Koinly tax reports that I provide. What would be the benefits of having a crypto specialist accountant? James thank you for all the golden content you put out
I'm a Brit passport holder but have very few family ties and no work ties to keep me in the UK -- I'd be happy to leave for good. What would I have to do to remove myself from HMRC's clutches?
James, perfect timing with a potential momentum in the market. QUESTION: I have been in cryptos since 2020 but I've not yet filled in tax returns becsause I've been one of many who rode the last bull run, never realised it topped out, and watched it come all the way down again. I didn't sell because of my belief in the blockchain technology and also its potential usecases yet to come. If you could discuss in the Tax Q&A Video how this scenario can be addressed and Tax Returns reported once I start taking profits. I know I'm one of many in this scenario. Many Thanks
Hi, my main concern about using an accountant for my crypto is being able to trust them and not knowing what information they want from me. What information do they ask for exactly? Maybe an example of what a customer can expect from start to finish would be helpful. How do I know I can trust them with my name and address? Say I've got over 100k on a trezzor or ledger - how do I know my info won't be leaked and I have a gun put to my head and get robbed at my home?
Hi James, great idea. My question is about buying crypto for others (family members, kids etc), e.g. If I buy on an exchange and send to my kids wallet immediately, will this affect my holdings accumulated over the years (i.e. through Capital Gains Tax)? As I understand it this would be classed as a "Same Day Trade" and not affect it. Also as I am buying and "selling (gifting)" at the same price, I have gained nothing, therefore no gains tax applies.
Hello James. It would be beneficial to have the crypto tax simplified we all want to comply with the tax office. So if this company can give this service I would be interested
While most here want to avoid CGT on taxable events, I am also interested in avoiding IHT for the children in the future. Do your partners do IHT Planning? Thanks for your clarity in these videos.
Do you need to show all of your crypto transactions and could that be done by Myna ? And calculate all transaction for many years? How would they charge ?
Hi James, thanks for this brilliant step of making video with a crypto specialist accountant. Question: I’ve dine some Future trades, very little amount was earned which was All Lost again in futures trade. Moreover, if I do many trades in a day in futures and many in a week as Spot trades, then will I have to file my taxes everyday and every week given the scenario? It may be a silly question but many people in my circle have confusion about. I would highly appreciate if this can be answered in the video. Thanks a lot and lots of prayers for you man.
I'd be interested to hear if they have worked with anyone who has neglected/avoided paying tax over the last few years and what penalties did they face by HMRC when they finally self reported.
Hi James, my questions for the adviser: At what point on my journey does it become tax efficient to register a limited company for my crypto investments (ie. staking)? Can I just use Koinly to manage my accounting records, or do I need to hire an accountant on a regular basis, or at least for filing annual accounts? As a UK tax resident, should I register my crypto company in the UK or is there a tax advantage to having one abroad, such as an EU company through Estonia’s e-residency?
Q1: How is it best to carry out conversion rates when in UK but purchased in USD at the time of the crypto purchases as these will need to be calculated for the taxes? Q2: Do you deduct fees/commissions etc from the original purchase? Q3: Does this firm carry out tax calculations online and you purchase the calculation report etc? How does this work?
Hi James, I`ve been in crypto for almsot 5 years. In total, I`ve traded almost 10k times just trying to figure out what to do. I get taxed on PAYE at source @ 40% and then have used any avenue I could to explore it. Over the years I`ve broke even overall or maybe made a a few K. I haven't even been able to sit down and make any calculations as it`s spiralled into more than I thought i`d spend time in. How do I approach this? I`ve never had to file taxes or paperwork before. It feels so daunting but I want to do the right thing. Help!
As I understand it crypto is just a bunch of tokens that fluctuate wildly in value from day to day that you can do nothing with. How does tax apply unless someone chooses to sell it??
I have been DCAing and HODLing since 2014 up until today so obviously there has Ben a huge variation in purchase price. If for example I sell one BTC how would I know what my capital gain loss or profit is? To add complication when BCash hard forked I got a 1 for 1 airdrop which I converted to BTC soon after in 2017.
Thank you for your videos they are very informative and a great help. My questions would be. How does the HMRC differentiate between a day trader and an investor and what are the tax differences in regards to these classifications. How is trading meme coins classified. Can you clarify the rules on trading leverage on a decentralized Exchange from the UK. Many thanks.
Hi James , When taking out a loan ( btc as collateral fiat loan ) there is no tax untill you pay the loan off. What if the loan is payed off by another loan by rolling the debt. Many thanks J
What rate of tax would be charged on crypto profits and are there any tax bands / thresholds. Does it affect the taxable earnings thresholds, or is it taxed seperatly from taxable income from pensions and rental income ?
Been in since 2019. Imputed all info into Koinly, and koinly shows that for each separate tax year according to uk tax law for each different year I have not exceeded cgt or income tax thresholds, do I need to submit. In fact for 23/24 which I am thinking of submitting I made a loss.
Hi , James, I have dabbled over years and have winners and, of course, losses , and it's those that have caused me a problem, bad choices like jade ,ring and piston , I should of known better, forgotten projects , now need to track ?
Only invested £5k in Bitcoin only and will probably take it out when I reach £20k .!! Hers hoping.!😂 currently sitting on £13.5k. Been and holder for over 12 months and never taken anything from my coinbase account. I put in via bank transfer and will take out via bank transfer and obvs a small transaction fee.but when it goes in my bank how do I declare my profits and is it 10%tax.
