Exactly. This isn’t about criminal activity, it’s about preserving the profit margins and control for TradFi. So they can keep charging people 20-30% to send money abroad to relatives, etc
If everyone refused to pay, the country would be screwed ! Everyone would be in jail and the government would be bankrupt lol if only everybody stuck together lol
I don't mind tax. It's when it's stupidly high. Also, how the bastards spend that money.... usually they seem to line their own pockets with it or use it to introduce more ways of taking more money off me...
Just another pie for the government to get its finger into. Of course they want in. Thank you for your video I have been avoiding this topic knowing I need to know what to do. I'm glad I subbed to your channel as your very informative and current!
I will be forever grateful to you, you changed my whole life and I will continue to preach on your behalf for the whole world to hear you saved me from huge financial debt with just a small investment, thank you Elizabeth Wesley.
Wow. I'm a bit perplexed seeing her been mentioned here also Didn’t know she has been good to so many people too this is wonderful, I'm in my fifth trade with her and it has been super.
She is my family's personal Broker and also a personal Broker to many families in the United states, she is a licensed broker and a FINRA AGENT in the United States.
Greatings Kiran. I live in a 3rd world country (502). Here crypto is new and we do not have all the apps available, only those that allow us to use. To invest in crypto you must pay 12% tax and 5% App fees = 17% & to cashout my gains its 12% tax and 7% App fees = 19% and sometimes at crucial moments to sell or buy they block our area code preventing us from buying selling or withdrawing. We are screwed, they will not let us out of this financial hole. it's not fair. :(
How can they tax you on crypto when I already paid the tax on my wages to buy the coins? Also they don’t tax you on gambling? Crypto is the same as gambling!
HMRc will probably ask all Brits to complete a form as to what you are holding, as they do in spain, if above eg 30k. Then they can track when you sell it, and yes cap gains it when you do. Many never intend selling their BTC, and will pass their cold wallet to their kids, with the security keys and password.
you work for 40yrs to have $1m in your retirement, meanwhile some people are putting just $10k into trading from just few months ago and now they are millionaires..,
that's true, a lot of people today have been having tons of disappointments in forex and crypto trading in light of helpless direction and awful specialists
Crypto can still be purchased and traded via non kyc ( know your customer ) exchanges, this will be the future peer to peer trading exchanges which dont collect your information and dont have a centralized point of failure.
What decentralised exchanges allow fiat to crypto on and offramps? Only ones I know are centralised ones like coinbase and Binance etc who have kyc in place.
Yer there are loads of decentralised exchanges, fiat to MetaMask then into decentralised exchanges. It’s a ball ache and the price fluctuates quite a bit
Income tax on Crypto is that legal, only think CGT that couid be payed. This is a smoke screen to tax most investor with what money they can save. Then all these MP's are getting away with no TAX at all on any of there deal's and there making millions. It's a utter joke.
If your money is earned offshore, you invest it into a crypto wallet there. Then transfer the crypto to a UK wallet. Sell and withdraw it in the UK. You still have to pay tax ? On earnings made abroad? If you don’t live in the UK ?
Australia for last couple of years all exchanges advise the Australian taxation office (ATO) all buys qnd sells. At taxation time they already have what you owe for the past 12 months. So you will never escape crypto tax as is same classification as the stock market. An asset all done on KYC
private wallets will also fall under this soon enough. Eg if you exchange coins in your wallet, the exchange your wallet chooses will probably have to be KYC. The on off ramps to and from the wallet to your bank via exchanges will also be regulated. They will be no hiding place by 2030 except storing in off line cold wallets. The only way around this is storing long term in a cold off line wallet, and being able one day, to buy goods with crypto when online.
thanks for your video.. I have a question.. With regards to offsetting tax. you mentioned the 3k exemption from capital gains.. is it possible to somehow split crypto profits into capital gains and income? would it be possible to do this for the purpose of offsetting more tax, the 3k for the capital gains and them more for the income tax, like the purchase of a computer, vehicle etc etc. hope that made sense.
the most intruding thing of this framework is that CEX (or possibly the operator of DEX) will need to keep track of your transactions and report to the tax authorities, unlike the CRS, which banks are required to report balance only. I think I'll think twice before using crypto in real world after the implementation even though I'm not doing any illegal things. Big brothers are watching....😥
If you buy and hold your crypto, but sell it after 12 months of owning the asset does that negate the need for capital gains tax, this is applicable in other countries apart from the Uk and wanted to know if this is the case case? Great video tho, I think more people are naive and uneducated in this department so was defo needed :)
No. So, CGT limits dropped recently so someone could have had shares 3 years ago with £12k profit and sold without tax... but if they dropped and you sell this year with only making £7k profit, then HMRC take a cut 😢
Hi Kiran what do you think will happen if day to day bitcoin payments become more common in normal shops. Those will be taxable events right? How on earth will hmrc track all that? Id imagine the small percentage that does happen at present goes largely unreported
Buy your crypto, then buy monero. From there, use a DEX to exchange into your investment coins. Cash out into Monero, then to fiat. No one can see your gains.
A little misleading, currently you do not need to report gains, only gains when disposing the asset which lead to greater than the current personal CGT allowance. Please correct!
The big problem is off ramping fiat, some people currently won't be able to pay tax bills due to the gains being stuck on exchanges due to the government's ineptitude 🤦♂️
Hello Kiran, can I ask you a question about crypto? With regards to HMRC, is it possible to cash out in UK and pay the tax immediately instead of waiting to pay dues the following year? My concern is that you put aside said amount for taxes and the currency fails in a global reset and the said amount is literally worthless? Would be great if I got feedback on this. Thanks 👍🏻
If you have made a big gain trading one crypto with another. So you are then worried the value of your crypto may fall, all you need to do is trade the crypto to GBP. You can put the GBP into a savings account, earn some interest, then pay your GCT when it's due.
Global reset? Think you spend too much time on the internet! Also if you owe 10k then you owe 10k - keep that money aside until the next accounting year!
Kiran, I’m not sure you realise that the unit of account is slowly changing from GBP to BTC. There is no capital gain. When Govt spends the value of sterling to zero we will all be spending in BTC.
I would like to see that as well. Am self employed cabbie and would like to try selling digital ebooks online. Don't know whether to open a limited company instead
The old boating accident! I'd imagine if they are getting this strict they will monitor the last address to check if the funds leave that and go to an exchange. And at that point they can identify if you were pulling a fast one. It would be nice if some safe anonymous peer to peer crypto market existed so you could sell and someone could buy. Both happy and the state can just do without or print more money probably
Really clear explanation. I think for those trying to avoid it in the U.K. there’s no point in considering or risking it. Just crunch the numbers, understand the tax liability on the gain and accept it isn’t your money. You can’t expect the benefits of society without taxation, however that doesn’t stop you from disagreeing with ever increasing taxes which should be fought against especially if you do not agree in big or over expanded government.
I hear what you're saying but people in UK have a right to ask 'what benefits'? The UK is finished. Nhs is finished. Worst pension in Europe as well as having to work the longest. Conman politicians have gutted all services
There is no need at all for anyone to be paying tax. Govt could issue rather than borrow money from Private Banks. Where do Banks get the money from to lend to Govt & you and I ? They simply print it out of thin air, lend it to Govt and your taxes pay back only the interest on those loans. Currently, we pay £1Billion per week in interest on Govt debt (£3 Trillion) If Govt Issued money rather than Borrowed it there would be no Govt debt,.
Do u think stock ISA is the best thing for pension because when you come to retire the dividends Ur not gonna pay tax on for income 😅 or I'm missing something ❤
Could someone with a lot of crypto profits move to a country such as Dubai for say just one year, sell all of their crypto (Tax free) and then move back to the UK? Basically one big long holiday (Funded by your crypto!).
I would like to see the evidence that criminal activity is occurring within the Crypto world as it seems to be far too easy to use the criminal/terrorist excuse. Iraq was invaded using the same principles. Surely its banks that need to be monitored more. Or is it banks that are lobbying for this?
I think you're mixing "criminality" and "tax evasion", although tax dodging is technically also criminal. HRMC is interested in getting its share of CGT and income tax on your staking rewards. Where money laundering is the context, criminality and the money-trail is the primary concern and not really whether HMRC can get a share of CGT on laundered money. That I'd assume is the concern for Nation Crime Agency or Police.
Guys can anyone give me a an advice on what to do in my situation? I dabbled in crypto about 10-11 years ago. I just explored, bought some here and some there. I have no track record of the transactions whatsoever and I think that some of the exchanges don't even exist anymore. Well, now I have a crypto that worth a lot and I can't prove where it came from. I don't mind taxing it at all, but I just don't know how to go about taxing it. Do I just assume that my cost basis was 0? So far I've been selling just below the capital gains allowance every year so that I don't have to tax. The idea was to just do that and get my 12k, now just 3k each year that way. But my crypto holdings are going up faster than I can sell, and the allowances keep falling even faster... Do I have to move to some tax fucking haven to deal with this? And again, I would be very happy to tax it here in the UK, no problem. I just have no idea how...
Dont like scalp trading and stuff, to much stress. My way to multiply money is to get into the project as early as you can, and ride the wave. Revux is your opprotunity to be early as a f...
Keeping ur assets in cold wallet means nobody knows what u have U then offramp in a crypto tax friendly country ideally with dual tax treaty Once out of UK for 5 years its none of there Business. Finally a small minority use crypto for criminal purpose.. most financial criminal activity however is transacted via Fiat currency by a big big margin
Surely it’s only taxable if you cash out into fiat currency if you are in profit but hold the crypto in cold storage it’s not a gain until you cash out. Anyone know the answer to this?
It’s only a taxable event if you make a swap to a different currency after buying and it’s appreciated in value. That’s what I’ve heard. Be it fiat or a different cryptocurrency.
U can also transfer/swap to a stable coin because it isn't volatile you don't pay taxes till you swap from there. My problem is the filling side. a bit thick like that 🤪
@@snappytomatoe not true a simple swap say from btc to Eth is taxable sau u put in 1k and U swap or cash out at 2k U pay tax on the 1k witch is Ur profit
Thing with crypto is that its based on blockchain mechanism , which doesnt allows a third party to have access or interfere , unless ther isnt a system to crack the blockchain system its close to impossible to get the real data and get real time information about whos doing what , it gets serious when it comes to criminal activities and ther should be a system in place but reality is its been more then a decade and thers no answer to it
Tax 10% tax 20%, HMRC do math when taking our hardly earned money. But what about inflation every year, that should be taken into the count as well. So 10% TAX - 7% inflation max can ask to pay 3% TAX then! Or lets say I leave my cash in the bank account for a year, then HMRC must to pay me %7 inflation interest with Free tax! What about that? Why people doesn't shout? Or another example, if you have savings more than 20k and you have this on your saving account for 2% yearly interest, you need to pay tax of 20% ! How is that, if inflation is higher than you can earn from interest rate? HMRC rip off! So who is criminal here?
Great point. People don't shout because they don't know. Inflation is a long running scam and it's just enough so you don't really notice it but over generations it is obvious robbery. I had actually considered that offsetting gains with Inflation my money had lost but I don't know if its a fight you could win. It would paint a massive target on your back. The state doesn't like someone calling out their scam
And just to add, the whole point most people invest is to try and negate the bloody effects of inflation on their money. But the government always get their bit it seems
That's where experts like RUTH DESIREE HOFFMAN come in. Her insights and guidance have been instrumental for many investors during these turbulent times.
If you live in the UK, you can become a resident in Portugal, open a Portuguese bank account and withdraw. You dont pay tax on crpyto in Portugal, and even if you did, you’d pay tax towards Portugal and not the UK, they will not tell UK authorities, it doesn’t work like that lol, you have profited within their country, they will want some of it, not give it away to another country 😂
@@Xxxx2025.but if you’re a resident in Portugal and have a bank account there, HMRC can not touch your money, even if Portugal did tax crypto, you would pay tax to Portugal and not UK, you can pay tax in more than one country. For example, I have properties in Portugal which i rent out, the profits on those I pay tax only in Portugal, I don’t pay tax on those profits to the UK
How will this affect the cripto hacker's. Will they still get special privileges. Such as i lost 86.000 pounds in cripto hacked from my nano ledger. Sent to the regulated cripto exchange huobi. And yet the regulated exchange and the police cant quite understand. When a regulated exchange where you must be verified the police cant quit work out how to trace the hackers. But god forbid you call a man who identifies as a woman. His true sex your be protected sent to prison for life and dragged through the streets
This is not about criminals..its about tax…
...collected by...
...
...
...wait for it...
...
...
...criminals!
It always has been
The most used medium for criminal actuvity is fiat currency which cannot be tracked
Exactly. This isn’t about criminal activity, it’s about preserving the profit margins and control for TradFi. So they can keep charging people 20-30% to send money abroad to relatives, etc
If the government wants to tax our cryto gains, then they should reimburse our losses if an Exchange goes bust
EXACTLY
Yes, especially when crypto dumped, crashed, Rugpull, already Lost 90%
That ia your fault for meme coins @SajSajidmk
@@4ndy123 why no government regulations against SUCH scam meme coins and scam teams that vanish regularly using traps 🪤🪤🪤🪤 with millions billions .
Tax the money to invest in Wars 🙄
Tax tax tax tax .... Sick of taxation. I wish I could move to Dubai ...
You can. It's allowed
If everyone refused to pay, the country would be screwed ! Everyone would be in jail and the government would be bankrupt lol if only everybody stuck together lol
dubai welcomes all
The Arabs will also screw you once many move to Dubai
I don't mind tax. It's when it's stupidly high. Also, how the bastards spend that money.... usually they seem to line their own pockets with it or use it to introduce more ways of taking more money off me...
yeah im not paying tax on my hard work, so sick of the government taking a cut from my work and i end up with nothing to show for it after bills.
What is the best strategy to enter crypto trading now for someone with more or less than $17k
Almost gave up due to constant losses, but Jared turned my luck around
I went from 50k to 400k with Jared. Thanks to that I paid off my debts
Please share how I canreach out to Mr Jared
How about don’t pay tax. Just loan to value. Never lose your crypto and never pay tax. Sorted
Just another pie for the government to get its finger into. Of course they want in. Thank you for your video I have been avoiding this topic knowing I need to know what to do. I'm glad I subbed to your channel as your very informative and current!
The government portray it as a ponzi scheme while at the same time want a cut
You're welcome, glad it was useful!
What if i lose my coins in a boating accident?
I’ve triangulated ur position and notified the feds
I will be forever grateful to you, you changed my whole life and I will continue to preach on your behalf for the whole world to hear you saved me from huge financial debt with just a small investment, thank you Elizabeth Wesley.
Wow. I'm a bit perplexed seeing her been mentioned here also Didn’t know she has been good to so many people too this is wonderful, I'm in my fifth trade with her and it has been super.
She is my family's personal Broker and also a personal Broker to many families in the United states, she is a licensed broker and a FINRA AGENT in the United States.
You trade with Elizabeth Wesley too? Wow that woman has been a blessing to me and my family.
I'm new at this, please how can I reach her?
she's mostly on Telegrams, with the user name.
Greatings Kiran. I live in a 3rd world country (502). Here crypto is new and we do not have all the apps available, only those that allow us to use. To invest in crypto you must pay 12% tax and 5% App fees = 17% & to cashout my gains its 12% tax and 7% App fees = 19% and sometimes at crucial moments to sell or buy they block our area code preventing us from buying selling or withdrawing. We are screwed, they will not let us out of this financial hole. it's not fair. :(
How can they tax you on crypto when I already paid the tax on my wages to buy the coins? Also they don’t tax you on gambling? Crypto is the same as gambling!
YES. GOVERNMENTS ARE EVIL. THEY DO POOR DECISIONS AND THAN THEY TRY TO GET MONEY FROM PEOPLE TO FIX THEIR MISTAKES.
Crypto is same as exchange pounds with euros,dolars etc. Bitcoin is legal tender in El Salvador..its national currency.
Excellent video. So what happens if I choose to simply hold my BTC for the long term? I'm guessing I do not need to inform HMRC until I cash out?
I'd have thought so. They are unrealised gains so if they think they can tax that then surely they'd also have to tax any asset or even real estate
@@thisbliss81 they are considering taxing unrealised gains on assets.
Definitely hold for the long term... gold standard, Fiat standard, crypto standard....hopefully you get where this is going 😊
HMRc will probably ask all Brits to complete a form as to what you are holding, as they do in spain, if above eg 30k. Then they can track when you sell it, and yes cap gains it when you do. Many never intend selling their BTC, and will pass their cold wallet to their kids, with the security keys and password.
you work for 40yrs to have $1m in your retirement, meanwhile some people are putting just $10k into trading from just few months ago and now they are millionaires..,
the thing about being successful is working towards it smartly and not just talking about it
if you are using a really good broker or account manager is easier to earn from the market
that's true, a lot of people today have been
having tons of disappointments in forex and crypto trading in light of helpless direction and awful specialists
She often interacts on telegrams, using the user name mentioned
@Brokerchloe1 THAT IS HER USER NAME..
Crypto can still be purchased and traded via non kyc ( know your customer ) exchanges, this will be the future peer to peer trading exchanges which dont collect your information and dont have a centralized point of failure.
For now
That is a great idea.
What decentralised exchanges allow fiat to crypto on and offramps? Only ones I know are centralised ones like coinbase and Binance etc who have kyc in place.
Bisq and robosats are decentralized exchanges, you will need to do some studying it requires more knowledge
Yer there are loads of decentralised exchanges, fiat to MetaMask then into decentralised exchanges. It’s a ball ache and the price fluctuates quite a bit
This is great video content Kiran! You should start your own crypto niche tax service.
Thank you, glad it was helpdul!
Income tax on Crypto is that legal, only think CGT that couid be payed. This is a smoke screen to tax most investor with what money they can save. Then all these MP's are getting away with no TAX at all on any of there deal's and there making millions. It's a utter joke.
make sure you use non KYC
Don’t use centralized KYC crypto exchanges to sell or swap crypto.
If your money is earned offshore, you invest it into a crypto wallet there. Then transfer the crypto to a UK wallet. Sell and withdraw it in the UK. You still have to pay tax ? On earnings made abroad? If you don’t live in the UK ?
Australia for last couple of years all exchanges advise the Australian taxation office (ATO) all buys qnd sells. At taxation time they already have what you owe for the past 12 months. So you will never escape crypto tax as is same classification as the stock market. An asset all done on KYC
This is applicable to gains realised on exchanges, but what about private wallets / cold storage?
private wallets will also fall under this soon enough. Eg if you exchange coins in your wallet, the exchange your wallet chooses will probably have to be KYC. The on off ramps to and from the wallet to your bank via exchanges will also be regulated. They will be no hiding place by 2030 except storing in off line cold wallets. The only way around this is storing long term in a cold off line wallet, and being able one day, to buy goods with crypto when online.
thanks for your video.. I have a question.. With regards to offsetting tax. you mentioned the 3k exemption from capital gains.. is it possible to somehow split crypto profits into capital gains and income? would it be possible to do this for the purpose of offsetting more tax, the 3k for the capital gains and them more for the income tax, like the purchase of a computer, vehicle etc etc. hope that made sense.
Any chance you can show the law were it says tax is payable
the most intruding thing of this framework is that CEX (or possibly the operator of DEX) will need to keep track of your transactions and report to the tax authorities, unlike the CRS, which banks are required to report balance only. I think I'll think twice before using crypto in real world after the implementation even though I'm not doing any illegal things. Big brothers are watching....😥
Do you invest in crypto? Would love to see a dedicated video about your portfolio in crypto. Thanks!
Thank you for the video
Your title says ‘global’ but you’re only referring to HMRC.
Invested in Tier 2 for that sweet 10% bonus. Let's go Revux!
Sorry but govt can’t track p2p crypto exchanges or in person exchanges which is rapidly increasing
If you buy and hold your crypto, but sell it after 12 months of owning the asset does that negate the need for capital gains tax, this is applicable in other countries apart from the Uk and wanted to know if this is the case case? Great video tho, I think more people are naive and uneducated in this department so was defo needed :)
No. So, CGT limits dropped recently so someone could have had shares 3 years ago with £12k profit and sold without tax... but if they dropped and you sell this year with only making £7k profit, then HMRC take a cut 😢
Thank you, very information
Hi Kiran what do you think will happen if day to day bitcoin payments become more common in normal shops. Those will be taxable events right? How on earth will hmrc track all that? Id imagine the small percentage that does happen at present goes largely unreported
NO. I THINK THERE ARE ALLOWED LIMITS PER YEAR. JUST NEED TO FIND OUT HOW MUCH. MAYBE 1000 GBP PER YEAR ,BUT NOT SURE
Stupid question… So if I make a gain of £3000 in a years period, I won’t owe any tax on that £3000. But do I still have to report it to HMRC?
Just watched the video about Revux. Research mode activated!
Revux's innovative approach to AI and investments got me hooked
Thanks for information Kiran Kaur 🎉
Good clear explanation, thanks.
Didn't people in the past overthrow governments when they started taxing too much of their hard work?
❤❤❤ fabulous video ❤❤
Thank you 🎉🎉🎉
Glad it was useful!
Buy your crypto, then buy monero. From there, use a DEX to exchange into your investment coins. Cash out into Monero, then to fiat. No one can see your gains.
It's funny because the vast majority of illicit activities are financed via fiat systems.
7:50 Isn't the UK the most expensive place to live? lol
Awesome! Thanks for sharing information
Only one thing to say. If retail gets taxed on transactions, then dark money transactions should be taxed as well.
A little misleading, currently you do not need to report gains, only gains when disposing the asset which lead to greater than the current personal CGT allowance.
Please correct!
if example i buy crypto in 2021 (40K) now i have -80% (10k)(i dont sale nothing now)... i need to pay tax for all this 3 years or how is work? thx
the gov is finished...including HMRC
I had been under the impression that the allowance for CGT in the UK was £10,000, not £3,000.🤔
The big problem is off ramping fiat, some people currently won't be able to pay tax bills due to the gains being stuck on exchanges due to the government's ineptitude 🤦♂️
Hello Kiran, can I ask you a question about crypto? With regards to HMRC, is it possible to cash out in UK and pay the tax immediately instead of waiting to pay dues the following year? My concern is that you put aside said amount for taxes and the currency fails in a global reset and the said amount is literally worthless? Would be great if I got feedback on this. Thanks 👍🏻
Good question
If you have made a big gain trading one crypto with another. So you are then worried the value of your crypto may fall, all you need to do is trade the crypto to GBP. You can put the GBP into a savings account, earn some interest, then pay your GCT when it's due.
Global reset? Think you spend too much time on the internet! Also if you owe 10k then you owe 10k - keep that money aside until the next accounting year!
@@AutoTradingAi 👍🏻
@@alexfernandez4408 Time will tell Alex but thanks for your reply and advice.👍🏻
Crypto, cgt, and tax returns are soooooo long when you buy and sell more than 20 coins. Putting them on your tax return one by one takes forever.
Kiran, I’m not sure you realise that the unit of account is slowly changing from GBP to BTC. There is no capital gain. When Govt spends the value of sterling to zero we will all be spending in BTC.
I think a video on digital selling platforms like eBay, Vinted and Airbnb auto sharing sales data with HMRC would be useful.
I would like to see that as well. Am self employed cabbie and would like to try selling digital ebooks online. Don't know whether to open a limited company instead
They're sharing now , any digital platforms will share data with the government now
What if you made profit and lost it all in a scam or lost your keys?
The old boating accident! I'd imagine if they are getting this strict they will monitor the last address to check if the funds leave that and go to an exchange. And at that point they can identify if you were pulling a fast one. It would be nice if some safe anonymous peer to peer crypto market existed so you could sell and someone could buy. Both happy and the state can just do without or print more money probably
Next year leaving UK can’t wait!
Really clear explanation. I think for those trying to avoid it in the U.K. there’s no point in considering or risking it. Just crunch the numbers, understand the tax liability on the gain and accept it isn’t your money. You can’t expect the benefits of society without taxation, however that doesn’t stop you from disagreeing with ever increasing taxes which should be fought against especially if you do not agree in big or over expanded government.
I hear what you're saying but people in UK have a right to ask 'what benefits'? The UK is finished. Nhs is finished. Worst pension in Europe as well as having to work the longest. Conman politicians have gutted all services
There is no need at all for anyone to be paying tax.
Govt could issue rather than borrow money from Private Banks.
Where do Banks get the money from to lend to Govt & you and I ?
They simply print it out of thin air, lend it to Govt and your taxes pay back only the interest on those loans.
Currently, we pay £1Billion per week in interest on Govt debt (£3 Trillion)
If Govt Issued money rather than Borrowed it there would be no Govt debt,.
The government accusing people of criminal activity. Hilarious
Dubai is now cheaper than living in UK many of us will move
Do u think stock ISA is the best thing for pension because when you come to retire the dividends Ur not gonna pay tax on for income 😅 or I'm missing something ❤
Could someone with a lot of crypto profits move to a country such as Dubai for say just one year, sell all of their crypto (Tax free) and then move back to the UK? Basically one big long holiday (Funded by your crypto!).
There are anti-avoidance rules that restrict people leaving the UK for short periods to avoid tax!
Thank you @@KiranKaurFinance, that's good to know.
Dollars, and other fiat currencies, there's where tax evasion and crime lay, done by, people with a lot of money like politicians
I really appreciate your hard work. Can you give me some training to how to make Accounts.
I liked it when the CGT free limit was £12k not £6k and certainly not fkn £3k. Cheeky fond!
thanks madame Kaur
As a crypto enthusiast, Revux's concept really resonates with me. Investing in the presale for sure!
I have heard that crypto investors are buying prestige watches with btc to avoid tax
Because HARMC is the real insert ______ starts with a C
I would like to see the evidence that criminal activity is occurring within the Crypto world as it seems to be far too easy to use the criminal/terrorist excuse. Iraq was invaded using the same principles. Surely its banks that need to be monitored more. Or is it banks that are lobbying for this?
Unfortunately 😮
The future of finance is here, and it's called Revux. Joining the presale ASAP!
They can go back 20 years but it will do them no good. There is a statute of limitations of 4 years.
One of the top new project is definitely Revux. AI narrative will do great in the following year.
I think you're mixing "criminality" and "tax evasion", although tax dodging is technically also criminal. HRMC is interested in getting its share of CGT and income tax on your staking rewards. Where money laundering is the context, criminality and the money-trail is the primary concern and not really whether HMRC can get a share of CGT on laundered money. That I'd assume is the concern for Nation Crime Agency or Police.
Guys can anyone give me a an advice on what to do in my situation? I dabbled in crypto about 10-11 years ago. I just explored, bought some here and some there. I have no track record of the transactions whatsoever and I think that some of the exchanges don't even exist anymore. Well, now I have a crypto that worth a lot and I can't prove where it came from. I don't mind taxing it at all, but I just don't know how to go about taxing it. Do I just assume that my cost basis was 0? So far I've been selling just below the capital gains allowance every year so that I don't have to tax. The idea was to just do that and get my 12k, now just 3k each year that way. But my crypto holdings are going up faster than I can sell, and the allowances keep falling even faster... Do I have to move to some tax fucking haven to deal with this? And again, I would be very happy to tax it here in the UK, no problem. I just have no idea how...
$XMR. End of problem.
Dont like scalp trading and stuff, to much stress. My way to multiply money is to get into the project as early as you can, and ride the wave. Revux is your opprotunity to be early as a f...
Keeping ur assets in cold wallet means nobody knows what u have
U then offramp in a crypto tax friendly country ideally with dual tax treaty
Once out of UK for 5 years its none of there Business.
Finally a small minority use crypto for criminal purpose.. most financial criminal activity however is transacted via Fiat currency by a big big margin
A Bitcoin Foundation should be created to settle the Tax Dispute because the entire Payment Gateway is the Tax
Surely it’s only taxable if you cash out into fiat currency if you are in profit but hold the crypto in cold storage it’s not a gain until you cash out. Anyone know the answer to this?
It’s only a taxable event if you make a swap to a different currency after buying and it’s appreciated in value. That’s what I’ve heard. Be it fiat or a different cryptocurrency.
U can also transfer/swap to a stable coin because it isn't volatile you don't pay taxes till you swap from there. My problem is the filling side. a bit thick like that 🤪
Correct. Not taxable until you cash out for fiat.
@@snappytomatoe not true a simple swap say from btc to Eth is taxable sau u put in 1k and U swap or cash out at 2k U pay tax on the 1k witch is Ur profit
@@snappytomatoe for the UK that is not sure where in the world Ur from
How much tax will you have to pay?
All that is due 😂
Too much my friend
Coinbase listing comming soon fo Revux.
Thing with crypto is that its based on blockchain mechanism , which doesnt allows a third party to have access or interfere , unless ther isnt a system to crack the blockchain system its close to impossible to get the real data and get real time information about whos doing what , it gets serious when it comes to criminal activities and ther should be a system in place but reality is its been more then a decade and thers no answer to it
OK people earn as much as you can before 2027 and give the middle finger to the UK government.
Thanks 🙏
Crypto can be tracked. Not anonymous anymore.
BYE BYE CENTRALISED EXCHANGE
Tax 10% tax 20%, HMRC do math when taking our hardly earned money. But what about inflation every year, that should be taken into the count as well. So 10% TAX - 7% inflation max can ask to pay 3% TAX then! Or lets say I leave my cash in the bank account for a year, then HMRC must to pay me %7 inflation interest with Free tax! What about that? Why people doesn't shout? Or another example, if you have savings more than 20k and you have this on your saving account for 2% yearly interest, you need to pay tax of 20% ! How is that, if inflation is higher than you can earn from interest rate? HMRC rip off! So who is criminal here?
Great point. People don't shout because they don't know. Inflation is a long running scam and it's just enough so you don't really notice it but over generations it is obvious robbery. I had actually considered that offsetting gains with Inflation my money had lost but I don't know if its a fight you could win. It would paint a massive target on your back. The state doesn't like someone calling out their scam
And just to add, the whole point most people invest is to try and negate the bloody effects of inflation on their money. But the government always get their bit it seems
OR you can move to a tax free jurisdiction
We need normal shops with crypto
That's why they are all investing an can't stop it
The halving of Bitcoin this year has been quite the topic of discussion, hasn't it?
Indeed, the price fluctuations have been significant, but it's also created opportunities for those who know how to navigate the market.
That's where experts like RUTH DESIREE HOFFMAN come in. Her insights and guidance have been instrumental for many investors during these turbulent times.
Absolutely, DESIREE has a knack for analyzing market trends and helping her clients make informed decisions.
I've been considering entering the Bitcoin market myself. Do you think Katherine could provide some guidance for someone like me?
If you live in the UK, you can become a resident in Portugal, open a Portuguese bank account and withdraw. You dont pay tax on crpyto in Portugal, and even if you did, you’d pay tax towards Portugal and not the UK, they will not tell UK authorities, it doesn’t work like that lol, you have profited within their country, they will want some of it, not give it away to another country 😂
But the Portuguese authorities will inform the hmrc…she said that round 2:20 mins
@@Xxxx2025.but if you’re a resident in Portugal and have a bank account there, HMRC can not touch your money, even if Portugal did tax crypto, you would pay tax to Portugal and not UK, you can pay tax in more than one country. For example, I have properties in Portugal which i rent out, the profits on those I pay tax only in Portugal, I don’t pay tax on those profits to the UK
@@kings7244 oh ok nice to know
When you are a baller you care not about taxes
Exploring Revux's presale - the more I learn, the more I'm convinced this could be a game-changer in the crypto space.
The criminal is print money!
Sometimes I wish the people of the world would just all come to together and say no to taxes altogether!!
Move out of the matrix
How will this affect the cripto hacker's. Will they still get special privileges. Such as i lost 86.000 pounds in cripto hacked from my nano ledger. Sent to the regulated cripto exchange huobi. And yet the regulated exchange and the police cant quite understand. When a regulated exchange where you must be verified the police cant quit work out how to trace the hackers. But god forbid you call a man who identifies as a woman. His true sex your be protected sent to prison for life and dragged through the streets
Nice vijeo...