Hey,
Does anyone here have any experience relating to bitcoin gambling and taxation in the UK? Have just received a letter saying that I'm being investigated for supposedly 'running an online business'. All the money being moved in and out of my bank account has been done through bitcoin gambling, no significant trading or anything of the sort but I'm not sure how I can prove all of this to HMRC as effectively all I have is my bitcoin wallet's transactions.
Anyone who can help would be greatly appreciated.
Thanks.
you are being investigated due to suspicious activity and moving large (supposedly) sums of money in an out
have you been using online exchangers bitcoin to cash?
you must have been converting bitcoins to fiat by some means,you can provide this as proof,but the legislation in the UK doesn't recognise bitcoins
so the consequences could be real bad,terrrorism connection and all the bs that comes with this,since you cannot prove the source of the money
banks,usually,have red flags if there is a sum over a certain threshold that comes to your account and they start to trace the money
if they cannot...well,you can be in trouble
I suggest you read the laws in regards of online income,cryptocurrencies and online businesses
if the sums in question are big enough,I would hire a lawyer
if not,and the account is not frozen-withdraw money
