Jobe7
Full Member
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Activity: 238
Merit: 100
Now they are thinking what to do with me
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March 31, 2013, 06:29:14 PM |
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Aldur1,
UK law doesn't recognise bitcoin as a currency.
Therefore you do not have to declare 'earnings' until your bitcoins are turned into fiat.
If the amount you're turning into fiat passes tax thresholds, then THAT is the amount you should be declaring.
If your trade was forever kept in bitcoin, then ye, you can try to get HMRC tax your bitcoin, AS bitcoin, and I am very interested to see how that goes.
Taxation of bitcoin, as bitcoin, is an evolutionary step for bitcoin (when it reaches that stage), and as businesses grow HMRC will one day see they need to 'tax it at source' (which is a very good thing in the long run).
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