What about if I have a business that is VAT registered then maybe order for that business some new high end computer hardware, would it be acceptable to start mining Bitcoin on the equipment I got without paying VAT on it and then sell on the Bitcoin. Suddenly my mining hardware would cost 20% less. Then rather than pay myself a wage from the business it's activities just fund the power bill for mining and keep afloat, I meanwhile sit and work drawing in Autocad having a merry old time and sell off the Bitcoin as they are mined.


*Since some friendly HMRC staff are probably keeping an eye on this now, I don't plan to do this myself, just asking the question of "Why not?"

I've been reading through some of the topics in the Legal section. As some of you no doubt know Scottish law is different in some respects to English law an example that I can pull out of thin air is how different the process of buying a house is in Scotland.

This being the case does anyone here have any clue what if any regulations would apply to mining Bitcoin in Scotland?