We're looking to move to Panama. Low taxes, lovely weather delicious mangos 🥭 and papayas 😀 Need to spend $200k on property to get resident status. Worth it.
When Im finally in profit from this nightmare, I should be able to draw my initial back out without paying tax as I have a record of all the income I injected into Crypto...This money has already been taxed...After that Il happily buy somewhere to live in Portugal...They are much fairer over there
Thanks for the informative video, just a heads up if you can get your editor to bring down the volume levels of those swooshes or remove them.. I found it really hard to focus on what you were saying haha . Cheers
One other thing! If you are a Ctypto investor then profit or losses are capital gains or losses, not income! If you are doing frequent trades and it is your sole source of income and you devote a lot of your time, its income. If only an investor your 12,570 income tax free amount is irrelevant!
It’s easy to put it into a self invested personal pension. You can sell 3k per year before declairing for capital gains. Put you 3k into a Hargrovies landsdown sipp. The gov then gives you 25% tastes relief so you are up already! Then invest in miners, btc etf or whatever.
Thank you for watching. About your question, please consult with a tax professional as we cannot really give personal tax advice (we try to help with content to inform crypto investors).
Not sure what the £3000 crypto allowance means ... surely thats still the same cover under £12.570 earnings allowance? Unless you can add the £3000 onto the £12.570.. Otherwise it's all under £12.570 1:50 What if you earn £4000 from Crypto? Does that mean £1000 is not covered under the £12,570? and you have to declare it?
Thanks for your video. My crypto investments spread over last 3.5 years, total invested amount is around £50k. My portfolio total value now is £30k. I have sold one crypto for £3k this tax year. If I sell one crypto for $15k this tax year, do I have to pay tax for that in this tax year? For my investments, loss is greater than gain. If I understand correctly, Once i recover all my invested amount of £50k and whatever profits come beyond that, I can only pay tax for that amount, right?
Best to speak with an accountant. HMRC knows exactly who’s buying and selling Crypto because Binance and Coinbase are both registered with the tax authorities. My friend got caught out and he’s now having to pay interest and late payment fees
We encourage you to evaluate your personal situation with a crypto tax professional. Please have in mind that any sale is a taxable event, you should keep records of your trades (even losses). Hope that helps (this not tax/financial/legal advice).
So what about paying of a loan? There are exchanges that allow you to borrow (either loan or credit card) with your Crypto as collateral, and you can pay the loan in Crypto. Is that a non-taxable event?
Of course. If you spent 40 k and take out 100k your profit is 60. You would pay tax on that. But if you spend 130 and take out 130 you still supposed to.pay tax on individual crypto. So if you spent 10 on doge and cash out at 50 it's still 40.profit. Even though overall it might be negative. It's a nice problem.
Hi, you have to keep records of your trades somehow (look into working with a crypto tax professional). If you sales, those are taxable events (this it not tax/financial/legal advice).
So I work and pay tax does that mean I still get the tax free alowance of 3k for CGT? Also if I was to gift to my partner that would mean we have 6k CGT free allowance between the 2 of us? Cheers
The tax free allowance is available for UK taxpayers. For details on your personal situation, please talk with a crypto tax professional (this not tax/financial/legal advice). Thanks for watching!
That's considered a taxable event (spending crypto to buy a product). Have a look into it with a tax professional. Hope it helps. This not tax/financial/legal advice.
Thanks for the comment. What information is incorrect? We try to help our community with content in videos like these, but we are not providing any tax/financial/legal advice.
From simple maths is almost impossible to do it, 99% lost all in gambling crypto, there are a few people in the world who are in the plus in crypto you can count them on the fingers of one hand, most have huge costs, loans from banks for crypto and then everything is lost, almost always every year the tax office has to make a tax refund!
Not true really. The only way to make money in crypto is to buy and hold, bitcoin and possibly ethereum. Dont trade other crypto coins and dont day trade. Of the people who currently hold bitcoin 95% of them are in profit. Everyone who has held crypto for 5 years or more has never lost money. Ive been holding since mining in 2012. Been a wild ride watching btc go to 20 k then drop to 3 k then last cycle go to 69k. Now its near 100k dollars.
Thanks for watching the video! Not familiar about the tax liability of the charities in the UK, we try to keep our focus on content about income/gains taxes for individuals. Please consult with a tax professional familiar with charities.
Or just move.
If you're looking to move, I encourage you to check our video about the top friendly crypto destinations: ruclips.net/video/cJWPpNyJo9o/видео.html
I would love too, but my partner is indifferent
@@danielwilliams3161 You have the opportunity for wife changing money.
We're looking to move to Panama. Low taxes, lovely weather delicious mangos 🥭 and papayas 😀
Need to spend $200k on property to get resident status. Worth it.
And hurry up before exit tax .
When Im finally in profit from this nightmare, I should be able to draw my initial back out without paying tax as I have a record of all the income I injected into Crypto...This money has already been taxed...After that Il happily buy somewhere to live in Portugal...They are much fairer over there
There's a long term tax benefit in Portugal (look into that) and the NHR program. This not tax/financial/legal advice.
Thanks for the informative video, just a heads up if you can get your editor to bring down the volume levels of those swooshes or remove them.. I found it really hard to focus on what you were saying haha . Cheers
Ah yes, i dont want to lose money in tax so ill just give it all away to charity instead! Why didnt i think of that
One other thing! If you are a Ctypto investor then profit or losses are capital gains or losses, not income! If you are doing frequent trades and it is your sole source of income and you devote a lot of your time, its income. If only an investor your 12,570 income tax free amount is irrelevant!
Thanks for the comment!
Just subscribed to your channel. Love how you keep it straight to point and snappy. Just curious, how can you put your crypto into an ISA?
It’s easy to put it into a self invested personal pension. You can sell 3k per year before declairing for capital gains. Put you 3k into a Hargrovies landsdown sipp. The gov then gives you 25% tastes relief so you are up already! Then invest in miners, btc etf or whatever.
Thank you for watching. About your question, please consult with a tax professional as we cannot really give personal tax advice (we try to help with content to inform crypto investors).
I would guess more than 60% minimum won't even declare it.
how about just leaving it in Phantom Wallet or Metamask?
Please give an example of a crypto related fund you can buy in UK through the ISA
MSTR Microstrategy somewhat a BTC exposure
Not sure what the £3000 crypto allowance means ... surely thats still the same cover under £12.570 earnings allowance? Unless you can add the £3000 onto the £12.570.. Otherwise it's all under £12.570 1:50 What if you earn £4000 from Crypto? Does that mean £1000 is not covered under the £12,570? and you have to declare it?
You have to pay if you swap btc for eth?
Is a Rolex tax deductable.
I need to tell the time.
I like it ;)
Don't forget the £1000 miscellaneous income allowance.
True! Thanks for the comment!
Handsome tax advice. Thanks!
Thanks for your video. My crypto investments spread over last 3.5 years, total invested amount is around £50k. My portfolio total value now is £30k. I have sold one crypto for £3k this tax year. If I sell one crypto for $15k this tax year, do I have to pay tax for that in this tax year? For my investments, loss is greater than gain. If I understand correctly, Once i recover all my invested amount of £50k and whatever profits come beyond that, I can only pay tax for that amount, right?
Best to speak with an accountant. HMRC knows exactly who’s buying and selling Crypto because Binance and Coinbase are both registered with the tax authorities. My friend got caught out and he’s now having to pay interest and late payment fees
We encourage you to evaluate your personal situation with a crypto tax professional. Please have in mind that any sale is a taxable event, you should keep records of your trades (even losses). Hope that helps (this not tax/financial/legal advice).
Not that this helps answer your question but what did you buy that your portfolio could be 40% down?
So what about paying of a loan?
There are exchanges that allow you to borrow (either loan or credit card) with your Crypto as collateral, and you can pay the loan in Crypto.
Is that a non-taxable event?
We cannot really give that type of personal advice - please reach out to a crypto tax professional to evaluate your situation ;)
You cant avoid taxes on large profits
What if you have no records at all? Can you not just pay tax on your whole gain?
Of course. If you spent 40 k and take out 100k your profit is 60. You would pay tax on that. But if you spend 130 and take out 130 you still supposed to.pay tax on individual crypto. So if you spent 10 on doge and cash out at 50 it's still 40.profit. Even though overall it might be negative. It's a nice problem.
Hi, you have to keep records of your trades somehow (look into working with a crypto tax professional). If you sales, those are taxable events (this it not tax/financial/legal advice).
So I work and pay tax does that mean I still get the tax free alowance of 3k for CGT? Also if I was to gift to my partner that would mean we have 6k CGT free allowance between the 2 of us? Cheers
The tax free allowance is available for UK taxpayers. For details on your personal situation, please talk with a crypto tax professional (this not tax/financial/legal advice). Thanks for watching!
What about applying for a coinbase debit card and spending on that?
Tax evasion if you don't report the gains!
That's considered a taxable event (spending crypto to buy a product). Have a look into it with a tax professional. Hope it helps. This not tax/financial/legal advice.
What crypto isa is there?
Could you please clarify your questions?
@@CoinTracking I reckon what @CKINVESTOR means, what ISA, Individual Savings Account, are there that have Crypto as an asset?
i profit from crypto less than £3000, do i need to do anything?
No. Only profits above £3000 are eligible for tax deductions.
Track all of your trades to prove your profits/losses. We cannot really provide personal tax advice.
Move to Romania! 🇷🇴📈🚀🌛
Are you a financial advisor? Some of what you said in this video is incorrect. Very bad advice!
What was incorrect
Thanks for the comment. What information is incorrect? We try to help our community with content in videos like these, but we are not providing any tax/financial/legal advice.
@@CoinTracking all seems standard to what I had previously read on .gov ,but I could be mistaken
O shit you saved us 40£
Hope more than that ;)
From simple maths is almost impossible to do it, 99% lost all in gambling crypto, there are a few people in the world who are in the plus in crypto you can count them on the fingers of one hand, most have huge costs, loans from banks for crypto and then everything is lost, almost always every year the tax office has to make a tax refund!
It's certainly hard to trade profitably and the tax man always wants a cut..
This is a lie, I've made 6 figures because I invested in projects that I researched in depth before buying
What are you on about? You clearly know absolute nothing.
Not true really. The only way to make money in crypto is to buy and hold, bitcoin and possibly ethereum. Dont trade other crypto coins and dont day trade. Of the people who currently hold bitcoin 95% of them are in profit. Everyone who has held crypto for 5 years or more has never lost money. Ive been holding since mining in 2012. Been a wild ride watching btc go to 20 k then drop to 3 k then last cycle go to 69k. Now its near 100k dollars.
I’m half way through the video and you still haven’t said anything of value. I’m out.
If you gift your crypto to a charity, does the charity have to pay tax once they put it into fiat? If so, how much?
Thanks for watching the video! Not familiar about the tax liability of the charities in the UK, we try to keep our focus on content about income/gains taxes for individuals. Please consult with a tax professional familiar with charities.
@@CoinTracking Ok, thanks anyway.
Buy Monero.