Hi , You say 10-20 % , that is quite a range what does it depend on? Hopefully it is closer to 10%  It depends on your taxable income for the year. 10% basic rate will be charged if your income band is up to £50,270 20% higher rate will be charge if your income band is £50,271 and above You won't be taxed if your income is equal to or lower than the tax allowance which is currently £12,300. Some of the amounts and rates I mentioned could be wrong or could be different in the coming years. Make sure you stay up to date and maybe consult an accountant for more accurate tax filing. So if i was to make £40,000 profit (below £50,270) I would only pay 10% tax but if i was to make £60,000 profit (above £50,271) I would pay 20%? Do I have that right? Not quite - it’s a bit more complicated than that! The Capital Gains will be taxed at the lower rate (10%) then whatever is over £50,270 will get taxed at 20%. BUT, if you have any other income this will be taxed/accounted for first and then any Capital Gains - makes sense ??  Not quite but I will research more into it thanks! I don’t expect to be in any profit for a while yet will just keep accumulating at these discount prices for now |
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Anyone else know any more on this topic?
I think 20% is pretty steep myself didn’t expect that much.
I guess you don't have much investment experience, then. I find 10% low, but I would say that 15/20% capital gains tax is more or less in line with the general trend in industrialised countries. Anyway, you won't be able to escape if you bought on Coinbase, and it shouldn't be too bad for you. If you bought 1,000£ and you want to hold out for 10x, in the worst case scenario you will be taxed 20% of 9,000£, so you will have a net gain of 7,200£, having at the end of it all 8,200£. No experience at all this is my first time investing into something. 20% just seems pretty high but then again I am not surprised!
Hi , You say 10-20 % , that is quite a range what does it depend on? Hopefully it is closer to 10% It depends on your taxable income for the year. 10% basic rate will be charged if your income band is up to £50,270 20% higher rate will be charge if your income band is £50,271 and above You won't be taxed if your income is equal to or lower than the tax allowance which is currently £12,300. Some of the amounts and rates I mentioned could be wrong or could be different in the coming years. Make sure you stay up to date and maybe consult an accountant for more accurate tax filing. So if i was to make £40,000 profit (below £50,270) I would only pay 10% tax but if i was to make £60,000 profit (above £50,271) I would pay 20%? Do I have that right? |
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Hi , You say 10-20 % , that is quite a range what does it depend on? Hopefully it is closer to 10%
Anyone else know any more on this topic? I think 20% is pretty steep myself didn’t expect that much. |
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First started investing in crypto 4 months ago but have not really thought about the tax I will have to pay when I withdraw profits.
I have £4k now invested overall and plan on holding until I at least 10x my money in the next bull run.
The majority of my holdings are in Coinbase, two in FTX & I have my CRO on crypto.com.
Being from UK , how much are we taxed when we cash out our profits and how do we go about paying this tax?
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Shot the 1080p videos and sell them on Pond5.
Have no idea what you are on about unfortunately not something I am an expert in |
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Vechain has been on my watchlist for a while and with this current dip in the market it is becoming quite tempting to start investing.
Like other altcoins I own, I plan to hold for a few years till the next bull run comes along.
I have seen price predictions by 2025 of $1-2 which would be a 50-100x from current price. Is this realistic?
For those who know any thing about Vechain, it would be interesting to here thoughts on it, both good and bad.
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Bloody hell so much to worry about isn't there So it is not recommended to buy from the official ledger site sending directly to my home address? |
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Think I am going to just go with the Nano S plus - looks like a solid and popular pick and will hold the majority of my crypto.
I just feel I need to get my crypto off of these exchanges, I don't mind leaving one or two on the exchanges as long as the majority are secure on a cold wallet.
Is it safe to buy on Amazon or for the sake of £10 more just buy through the actual site?
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Hello all,
I work full time Monday - Friday and trying to come up with a way of making some extra money each week, either after work or on weekends. I do not have the option of working overtime unfortunately otherwise I would.
Even if I was to bring in an extra £30-£50 per week, It would be something extra I can invest into crypto whilst we are experiencing these low prices.
Any ideas?
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Another point to consider: self-custody can be accomplished without buying a hardware device. The coins will already be much safer and 'actually yours' if you withdraw them to a trusted, secure software wallet whose seed you properly backed up. If you want to hold relatively small amounts of some altcoin / shitcoin semi-long term (basically trading; so do consider reading: Here Is What Can Happen If You Want to Trade Cryptocurrencies, but You Don’t Know How), you can do so on your phone or computer, as long as you follow basic security practice. Most people who believe in 'crypto diversification' usually put at least 50% in Bitcoin anyway; so I'd probably setup cold storage and / or get a decent quality hardware wallet for Bitcoin, leave the most volatile shit on the exchange to sell it as soon as it 'moons' and withdraw everything in between to a software wallet. I wouldn't want to make a compromise in the quality, privacy and security of the device that stores my BTC (usually majority of people's crypto investment), to be able to also store $50 of a few shitcoins on it, too. Does it make sense? Yes makes sense I am with you. Now that Bitcoin is in this price range I want to focus on it and accumulate more and less on altcoins. I will keep researching but yes now I realize the main thing for me is focusing on Bitcoin and storing it safely by getting it off Coinbase. |
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Now that I have began investing in Bitcoin and plan to do so for many years, is it best if I just find a hardware wallet to store my Bitcoin on and leave the altcoins on the exchanges then?
What is the most convenient but still safe way of storing my Bitcoin?
After 3 pages of tips and suggestions that you received, you ask practically the same question as when you opened this thread? You don't seem to realize that the only real and correct way to keep your coins is in a way that only you are in possession of your private keys. It's up to you to decide which hardware wallet to buy or whether to make a cold wallet - because no matter how you set things up, the worst decision is to keep your coins on crypto exchanges, there's not too much wisdom. Was all set on going for a ledger then a few negative comments takes me back to square one again. I don't mind paying good money but don't want a wallet that is going to cause headaches & problems. |
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Now that I have began investing in Bitcoin and plan to do so for many years, is it best if I just find a hardware wallet to store my Bitcoin on and leave the altcoins on the exchanges then?
What is the most convenient but still safe way of storing my Bitcoin?
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I have just over £4000 invested at the moment.
Only started investing in Bitcoin a few weeks ago as the price had always been too expensive for me. So far I have done £300 at average price of £16k and last week I started to DCA £5 daily, I will not take profits with Bitcoin as I plan to hold for years until it reaches at least £250k.
The rest of my portfolio are altcoins and these are the ones I will be taking profits on when the market does start going up again - I understand some may not do well but as long as a few do I will be happy.
I think I will take out half of my investments once they have doubled rather than the full investment as the money is not needed desperately.
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Hi all,
First started crypto in February earlier this year so like most of us at the moment I am currently down but lately have been thinking what to do when the market does eventually start going up again. I understand this will be a while away but just wondering how & when to take profit and what everyone has done in the past or plans to do in the future?
I am thinking of taking out my initial investment when I double my money and just leaving the profit to see what returns I can get long term. Is that a common way or is it best to just take small amounts at a time?
I have read a lot lately of many people saying they did not take enough profit when the highs came in November last year and I don’t want to be one of them people and having regrets when the next bull run comes. I have been accumulating a lot over the last 4 weeks to bring my average price down on all the cryptos I own so that when the bull run does come it will not take a lot for me to double my investments and bank some profit.
Would be interesting to hear everyone’s thoughts.
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I would just like a device I can store my crypto on with as least hassle as possible - Ideally paying no more then £100 for it.
Trezor Model One fits your description, but it doesn't support [directly] a portion of your portfolio [Algorand, Gala, Cronos and LCX]. - It seems that you can use a third-party wallet like Exodus for storing both Gala and Cronos [source] with your Trezor device.
With a bit of leeway, you can also go with the " multi-edition of BitBox02 [it equates to roughly £110, but I did manage to find a 5% working discount code (BITTEN)]". - No support for "Algorand and Gala"!The Ledger Nano S plus supports all the crypto I own , I think. Is this not the most important thing when deciding which hardware wallet to go with? Even if it has some cons, the main thing I want is my crypto to be secure. There is no point me purchasing a device that does not support half the crypto I own. |
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So now reading a lot of negativity about ledger I am confused and unsure.
As mentioned, I am a beginner having only started investing in crypto February this year.
I would just like a device I can store my crypto on with as least hassle as possible - Ideally paying no more then £100 for it.
Any advice welcome, thanks
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So I have 90% of my crypto on coinbase - for a beginner like myself how easy/difficult is it to transfer everything from coinbase to the ledger Nano S plus?
I have just watched a few videos briefly and it doesnt look as straight forward as I hoped it would be.
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Someone recently said that using hardware wallets for storing shitcoins is like using a vault for storing a bunch of bananas. [/quote] This was said on my thread I don't understand though, surely doesn't matter what coins you hold you want to protect them no? |
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Think I am going to go for the Nano S Plus - have watched a few review videos on it and sounds very good for crypto storage. I will only use it when plugged into a laptop so don’t need the Nano X, many say it is not worth the extra £70 as the Nano S plus does everything you need it to do.
If you plan to connect it to a Chromebook as you stated in a prior post, you won’t be able to exploit it through Ledger Live. Checkout the requirements here. <…>
Im not really familiar with most of those coins/tokens on your list (except for bitcoin essentially), but I tried all 10 and got 9 hits. The only one that is that didn’t show is an ERC-20 token, and can therefore be safeguarded with Ledger, although Ledger Live may not show it (see this reddit thread). We have a macbook also so will just connect the ledger to there. Strange you are not familiar with my cryptos mentioned, most are in the top 50 |
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Have decided to go with Bitcoin, £4 per day until it hits £200k so will be a few years at least doing this but it is the safest option and one which will bring good return in the long run.
I will continue doing what I have always done with Algorand and just buy the dip every time price drops 5-10%.
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