Bitcoin Forum

Hi everyone, great online community
(Esp now I'm out of Newbie Prison!)

So apologies but I'm a British noob after some advice please
(or confirmation I'm on the right path)

I'm looking to sell my BTC / LTC and get the cash into my hands in the UK

I have mining rigs and am generating BTC & LTC
I accounts at BTC-e and a verified account at OKPAY ( was fairly painless )
I have local BTC & LTC wallets

My best guess on how it should work :-

I transfer BTC / LTC from my local wallets to BTC-e
-> Not sure what happens here as i've logged in once :-(
Once I've sold my BTC / LTC I'll then have USD / EUR in my BTC-e Account?
-> again unsure
I transfer the USD / EUR to my OKPAY account?
-> Does my OKPAY need to be a merchant account as I'm selling (I've left that as "ask me later" lol)
I then use SEPA?? to transfer to my British Bank account?
-> Do I pay income tax on my profit?
   - equipment purchase
   - electric bill increase
   - should I register for Self Assesment Income tax (I'm currently PAYE)

Or should I apply for OKPAY credit / debit card and withdraw when i'm in Las Vegas in november?

Cheers
Wedgy

Hi, have you looked at loacalbitcoins.com?

You can sell there and get the money paid directly into your uk bank account.

I'm pretty sure you can sell litecoins (and bitcoins)  at bitbargain.co.uk too, but I've not used it myself.

Hi Thank you Funky Al
Just reading their websites, bit bargain do trade LTC and BTC and they appear to have answered my taxation issue  :( lol

Its just i read everyone uses OKPAY - hence why i joined them
I haven't paid them any cash yet, so i'll give bitbargain a go  ;D

I'm somewhat concerend that a business account is required and not my account
Probably safer to open an alternate current account with a different bank? (If i'm allowed to!)

Cheers

Wedgy

Another thing you should know, if your money is in $ or € then basically you'll end up taking up to a 10% hit from your banks currency exchange rate when converting back into £s

Why not just offer your coins on the currency exchange board:

https://bitcointalk.org/index.php?board=53.0

I don't think you need a business okpay account. The only thing I would do first is to fire up a spreadsheet app and do a calculation on the fees involved. For instance log into your btc-e account and find out how much they charge for withdrawal to okpay and what their trading fees are.

I don't think you are going to get any answers regarding taxes here. Better ask a tax accountant. Does it really matter, though? Is your govt. that strict? No one in my country pays taxes so I wouldn't know how it is to live in a country with strict tax laws.

Thank you paul89273
That ties in with btc6000 nicely as this guy https://bitcointalk.org/index.php?topic=150537.100 appears to be a trusted UK buyer @ 7.5 below MTGOX average.
Thank you btc6000

Cheers
Wedgy

Hi
I have spreadsheets of kit outlay, Electricity meter reading and charge rate, I have spreadsheets of BTC / LTC generation and exchange rates

I'll create a spreadsheet with regards to fees / withdrawal charges.
The UK government is fairly strict on taxes, so whatever happens I'll have or my accounts up together
-> Either to have my Tax lowered / rebated as I've done my brains
-> Or so I can pay Her Majesty's Revenue and Customs what I owe them
Don't get me wrong I'm hoping to make a fee £100's, not 10,000's (I'm in no illusion I'm 2 years too late to this party  :'( )


Son On OKPAY i'd select the "For Buyers" style account - Thank you Abdussamad for your reply.

Cheers
Wedgy2k