LEGAL Ways to Avoid Crypto Tax in The UK! (2024/2025)

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  • Опубликовано: 25 ноя 2024

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  • @bowey1987
    @bowey1987 8 дней назад +30

    Or just move.

    • @CoinTracking
      @CoinTracking  5 дней назад +2

      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

    • @danielwilliams3161
      @danielwilliams3161 День назад

      I would love too, but my partner is indifferent

    • @sandevastated1
      @sandevastated1 День назад

      @@danielwilliams3161 You have the opportunity for wife changing money.

    • @marcinh3751
      @marcinh3751 19 часов назад

      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.

    • @marcinh3751
      @marcinh3751 19 часов назад

      And hurry up before exit tax .

  • @davebrough123
    @davebrough123 2 дня назад +14

    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

    • @CoinTracking
      @CoinTracking  День назад +1

      There's a long term tax benefit in Portugal (look into that) and the NHR program. This not tax/financial/legal advice.

  • @stuart2151
    @stuart2151 21 час назад +2

    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

  • @MrJim-wv1yk
    @MrJim-wv1yk 11 часов назад +2

    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

  • @DanielFeingold7995
    @DanielFeingold7995 2 дня назад +4

    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!

  • @horukulislam6155
    @horukulislam6155 4 дня назад +3

    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?

    • @Shutityou
      @Shutityou 3 дня назад

      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.

    • @CoinTracking
      @CoinTracking  3 дня назад

      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).

  • @dubsdolby9437
    @dubsdolby9437 18 часов назад +1

    I would guess more than 60% minimum won't even declare it.

  • @GhostGuitars
    @GhostGuitars 20 часов назад +1

    how about just leaving it in Phantom Wallet or Metamask?

  • @aj7539
    @aj7539 День назад

    Please give an example of a crypto related fund you can buy in UK through the ISA

    • @nikbeat888
      @nikbeat888 23 часа назад +1

      MSTR Microstrategy somewhat a BTC exposure

  • @grantmail4112
    @grantmail4112 16 часов назад

    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?

  • @Maciek-xs8ij
    @Maciek-xs8ij 14 часов назад

    You have to pay if you swap btc for eth?

  • @alittlepeaceandkarma
    @alittlepeaceandkarma 2 дня назад +5

    Is a Rolex tax deductable.
    I need to tell the time.

  • @phungyi4947
    @phungyi4947 2 дня назад +3

    Don't forget the £1000 miscellaneous income allowance.

  • @felixdinis7428
    @felixdinis7428 17 дней назад +1

    Handsome tax advice. Thanks!

  • @skgsnew
    @skgsnew 3 дня назад

    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?

    • @carlyndolphin
      @carlyndolphin 2 дня назад

      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

    • @CoinTracking
      @CoinTracking  День назад

      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).

    • @robertthompson0
      @robertthompson0 12 часов назад

      Not that this helps answer your question but what did you buy that your portfolio could be 40% down?

  • @oinkgrr
    @oinkgrr 3 дня назад +1

    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?

    • @CoinTracking
      @CoinTracking  День назад

      We cannot really give that type of personal advice - please reach out to a crypto tax professional to evaluate your situation ;)

  • @Adam-mo2qw
    @Adam-mo2qw 13 часов назад

    You cant avoid taxes on large profits

  • @dpriggers
    @dpriggers 3 дня назад +1

    What if you have no records at all? Can you not just pay tax on your whole gain?

    • @michellemaggs75
      @michellemaggs75 2 дня назад

      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.

    • @CoinTracking
      @CoinTracking  День назад

      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).

  • @spartacus09ful
    @spartacus09ful День назад

    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

    • @CoinTracking
      @CoinTracking  День назад

      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!

  • @dreamzzz610
    @dreamzzz610 2 дня назад

    What about applying for a coinbase debit card and spending on that?

    • @DanielFeingold7995
      @DanielFeingold7995 2 дня назад +1

      Tax evasion if you don't report the gains!

    • @CoinTracking
      @CoinTracking  День назад

      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.

  • @CKINVESTOR
    @CKINVESTOR 4 дня назад +1

    What crypto isa is there?

    • @CoinTracking
      @CoinTracking  3 дня назад

      Could you please clarify your questions?

    • @oinkgrr
      @oinkgrr 3 дня назад

      @@CoinTracking I reckon what @CKINVESTOR means, what ISA, Individual Savings Account, are there that have Crypto as an asset?

  • @wut9042
    @wut9042 2 дня назад

    i profit from crypto less than £3000, do i need to do anything?

    • @notoriousgib
      @notoriousgib День назад +2

      No. Only profits above £3000 are eligible for tax deductions.

    • @CoinTracking
      @CoinTracking  День назад +1

      Track all of your trades to prove your profits/losses. We cannot really provide personal tax advice.

  • @udrescurobert
    @udrescurobert 15 часов назад

    Move to Romania! 🇷🇴📈🚀🌛

  • @LookatBowen
    @LookatBowen 3 дня назад +2

    Are you a financial advisor? Some of what you said in this video is incorrect. Very bad advice!

    • @finlaygilmour7492
      @finlaygilmour7492 2 дня назад +1

      What was incorrect

    • @CoinTracking
      @CoinTracking  День назад +1

      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.

    • @finlaygilmour7492
      @finlaygilmour7492 День назад

      @@CoinTracking all seems standard to what I had previously read on .gov ,but I could be mistaken

  • @marekbielawski8750
    @marekbielawski8750 День назад

    O shit you saved us 40£

  • @globalasia3768
    @globalasia3768 7 дней назад +1

    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!

    • @CoinTracking
      @CoinTracking  5 дней назад

      It's certainly hard to trade profitably and the tax man always wants a cut..

    • @glenclancy8807
      @glenclancy8807 4 дня назад +3

      This is a lie, I've made 6 figures because I invested in projects that I researched in depth before buying

    • @mylesziz6221
      @mylesziz6221 3 дня назад +2

      What are you on about? You clearly know absolute nothing.

    • @Tonysmithmusic
      @Tonysmithmusic 3 дня назад +3

      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.

  • @stefanpuxon
    @stefanpuxon День назад +4

    I’m half way through the video and you still haven’t said anything of value. I’m out.

  • @skidan4real
    @skidan4real 5 дней назад

    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?

    • @CoinTracking
      @CoinTracking  3 дня назад +1

      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.

    • @skidan4real
      @skidan4real 2 дня назад

      @@CoinTracking Ok, thanks anyway.

  • @abassra
    @abassra 9 часов назад

    Buy Monero.