Micky25
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December 29, 2017, 10:44:20 PM |
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sirazimuth
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born once atheist
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December 29, 2017, 10:46:59 PM |
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There is absolutely zero retail demand for "Ripple". No random joes off the street are opening Coinbase accounts to buy Ripple.
I see you can be right too at times. It's a good sign. Happy 2018! im gonna laugh if coinbase adds it to the mix overnight with no warning like it did with that btrash pump fiasco
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the artful bodger
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December 29, 2017, 10:55:12 PM |
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I sincerely believe we're headed back down to the 12000 range for the new year. Any objections?
Stop ripple shilling already ![Roll Eyes](https://bitcointalk.org/Smileys/default/rolleyes.gif) I never shilled for a shitcoin in my whole life and you know it. of course ... but it was worth the troll. I want to see some real quality sideways memes ... rockets, trains and bears, falling rocks have been overdone imho. ![](https://ip.bitcointalk.org/?u=https%3A%2F%2Fexploresideways.com%2Fwp-content%2Fthemes%2FJointsWP-master%2Flibrary%2Fimages%2Flogo.png&t=665&c=9tcad0aCCTL1IA) A sideways rocket is the best I can do. ![](https://ip.bitcointalk.org/?u=https%3A%2F%2F78.media.tumblr.com%2Fe06cbc0e779bfc7966e6d08b38914809%2Ftumblr_osblzm2xMd1relg8bo3_500.gif&t=665&c=SefyayGOU4Xoxg)
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kurious
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December 29, 2017, 10:59:03 PM |
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Just had a meeting with my accountant today. If your sales exceed 4 times CGT allowance ie 4X £11,100 £44,400 ye 2016 then even if your gain is under the annual allowance and no CGT is payable you still have to submit every single transaction. FFS.
Exceptions are sales reinvested same day and sales bought back up to 30 days later. The transactions must be matched up, the paperwork involved is the stuff of nightmares.
As you say if trading is your business it's treated as income and is subject to income tax top tax rate 40% plus NI at 9% then 2% above £45k.
Yet if BTC collapsed and you wanted to offset the losses against your other capital gains, HMRC would suddenly declare BTC trading as a highly risky enterprise like gambling where no taxes are payable on wins or reliefs on losses.
I intend to only submit transactions to and from Fiat currency. And this '4x allowance' thing? Not in any tax rule I have seen. Get a second opinion, there is no real guidance yet that is this specific on crypto from HMRC. Accountants are assuming things, but they MAY not be right. Get yours to show you HMRC guidance specifying what you say above. A capital gain under the limit is not reportable AFAIAC and if it is over it, it is still simply a capital gain and chargeable at 20%. You invested X, you sold Y - you pay the difference, I reckon. And capital gains are only taxable when cashed in IMHO. I am not an accountant - but I asked three, and they all gave varying advice, except that they all said you need to say what you orginally paid for the BTC you are now selling. I realise that ain't easy - but it is possible to do most if you have exchange history. For Gox, you cannot - but neither can they prove what you spent unless your bank statements show it.
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El duderino_
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BTC + Crossfit, living life.
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December 29, 2017, 11:02:48 PM |
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Breaking 24777$ prediction game FINAL LIST 27/12/2017 bikerleszno ![Sad](https://bitcointalk.org/Smileys/default/sad.gif) 29/12/2018 cAPSLOCK ![Sad](https://bitcointalk.org/Smileys/default/sad.gif) 30/12/2017 digithusiast 31/12/2017 Raja_MBZ 01/01/2018 elg 02/01/2018 wachtwoord 03/01/2018 JimboToronto 04/01/2018 d_eddie 05/01/2018 BTCMILLIONAIRE 06/01/2018 HanvanBitcoin 07/01/2018 ghandi 08/01/2018 savetherainforrest 09/01/2018 explorer 10/01/2018 bicoinpsycho 11/01/2018 Bitcoinaire 12/01/2018 speedwheel 13/01/2018 undeadbitcoiner 14/01/2018 northypole 15/01/2018 ivomm 16/01/2018 maca068 17/01/2018 bitcoinvest 18/01/2018 last of the v8s 19/01/2018 mfort312 20/01/2018 1982dre 21/01/2018 flamast2 22/01/2018 RealMachasm 23/01/2018 willope 24/01/2018 kartala 25/01/2018 orpington 26/01/2018 rolling 27/01/2018 LFC_bitcoin 28/01/2018 jojo69 29/01/2018 CristiTCM 30/01/2018 rayX12 31/01/2018 realsteelboy 01/02/2018 twocorn 02/02/2018 mancroofer 03/02/2018 True Myth 04/02/2018 poolminor 05/02/2018 itod 06/02/2018 scheptan 07/02/2018 vapourminer 08/02/2018 alexeft 09/02/2018 siert 10/02/2018 AlcoHoDL 11/02/2018 Dunkelheit667 12/02/2018 yonton 13/02/2018 Wekkel 14/02/2018 Thekool1s 15/02/2018 starmman 16/02/2018 Globb0 17/02/2018 leveldkrypto 18/02/2018 olesh 19/02/2018 BitCoinBurger 20/02/2018 Paashaas 21/02/2018 flynn 22/02/2018 icygreen 23/02/2018 erisdiscordia 24/02/2018 phil_s 25/02/2018 sirazimuth 26/02/2018 Arriemoller 27/02/2018 yonton 28/02/2018 Muttley 01/03/2018 bones261 02/03/2018 heater 03/03/2018 soullyG 04/03/2018 InvoKing 05/03/2018 Notme 06/03/2018 sa_94 07/03/2018 NUFCrichard 08/03/2018 Imbatman 09/03/2018 Roombot 10/03/2018 STT 11/03/2018 badream 13/03/2018 erre 14/03/2018 julian071 15/03/2018 podyx 17/03/2018 fragout 18/03/2018 fabiorem 21/03/2018 dakustaking76 23/03/2018 nikauforest 31/03/2018 vroom 01/04/2018 somac. 02/04/2018 kurious 04/04/2018 fluidjax 05/04/2018 bitcoinbunny 08/04/2018 tyler1890 10/04/2018 ludwigvon 11/04/2018 hairymaclairy 16/04/2018 practicaldreamer 18/04/2018 free-bit.co.in 27/04/2018 drbrockoin 01/05/2018 sprinkles 02/06/2018 oblox 07/07/2018 IntroVert 03/08/2018 toxic2040 28/08/2018 bitserve 15/10/2018 Yefi 05/11/2018 mikenz 31/12/2018 melman2002 01/01/2019 Spaceman_Spiff_Original 12/02/2019 FractalUniverse 21/04/2019 gentlemand 20/02/2020 romneymoney 18/12/2021 luckygenough56 MERRY XMAS TO Y'ALL AND GOOD LUCK
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Torque
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December 29, 2017, 11:08:42 PM |
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There is absolutely zero retail demand for "Ripple".
There is absolutely zero retail demand for many of the thousands of penny stocks out there, but many of them get pumped to the moon too. So? How is Ripple (or any other shitcoin or ICO token) any different? A: It isn't.
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TERA2
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Deb Rah Von Doom
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December 29, 2017, 11:10:53 PM |
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I dont care waiting for bitcoin to go down anymore. Theres enough other things going up.
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txtravwill
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December 29, 2017, 11:12:23 PM |
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Breaking 24777$ prediction game FINAL LIST 27/12/2017 bikerleszno ![Sad](https://bitcointalk.org/Smileys/default/sad.gif) 29/12/2018 cAPSLOCK ![Sad](https://bitcointalk.org/Smileys/default/sad.gif) 30/12/2017 digithusiast 31/12/2017 Raja_MBZ 01/01/2018 elg 02/01/2018 wachtwoord 03/01/2018 JimboToronto 04/01/2018 d_eddie 05/01/2018 BTCMILLIONAIRE 06/01/2018 HanvanBitcoin 07/01/2018 ghandi 08/01/2018 savetherainforrest 09/01/2018 explorer 10/01/2018 bicoinpsycho 11/01/2018 Bitcoinaire 12/01/2018 speedwheel 13/01/2018 undeadbitcoiner 14/01/2018 northypole 15/01/2018 ivomm 16/01/2018 maca068 17/01/2018 bitcoinvest 18/01/2018 last of the v8s 19/01/2018 mfort312 20/01/2018 1982dre 21/01/2018 flamast2 22/01/2018 RealMachasm 23/01/2018 willope 24/01/2018 kartala 25/01/2018 orpington 26/01/2018 rolling 27/01/2018 LFC_bitcoin 28/01/2018 jojo69 29/01/2018 CristiTCM 30/01/2018 rayX12 31/01/2018 realsteelboy 01/02/2018 twocorn 02/02/2018 mancroofer 03/02/2018 True Myth 04/02/2018 poolminor 05/02/2018 itod 06/02/2018 scheptan 07/02/2018 vapourminer 08/02/2018 alexeft 09/02/2018 siert 10/02/2018 AlcoHoDL 11/02/2018 Dunkelheit667 12/02/2018 yonton 13/02/2018 Wekkel 14/02/2018 Thekool1s 15/02/2018 starmman 16/02/2018 Globb0 17/02/2018 leveldkrypto 18/02/2018 olesh 19/02/2018 BitCoinBurger 20/02/2018 Paashaas 21/02/2018 flynn 22/02/2018 icygreen 23/02/2018 erisdiscordia 24/02/2018 phil_s 25/02/2018 sirazimuth 26/02/2018 Arriemoller 27/02/2018 yonton 28/02/2018 Muttley 01/03/2018 bones261 02/03/2018 heater 03/03/2018 soullyG 04/03/2018 InvoKing 05/03/2018 Notme 06/03/2018 sa_94 07/03/2018 NUFCrichard 08/03/2018 Imbatman 09/03/2018 Roombot 10/03/2018 STT 11/03/2018 badream 13/03/2018 erre 14/03/2018 julian071 15/03/2018 podyx 17/03/2018 fragout 18/03/2018 fabiorem 21/03/2018 dakustaking76 23/03/2018 nikauforest 31/03/2018 vroom 01/04/2018 somac. 02/04/2018 kurious 04/04/2018 fluidjax 05/04/2018 bitcoinbunny 08/04/2018 tyler1890 10/04/2018 ludwigvon 11/04/2018 hairymaclairy 16/04/2018 practicaldreamer 18/04/2018 free-bit.co.in 27/04/2018 drbrockoin 01/05/2018 sprinkles 02/06/2018 oblox 07/07/2018 IntroVert 03/08/2018 toxic2040 28/08/2018 bitserve 15/10/2018 Yefi 05/11/2018 mikenz 31/12/2018 melman2002 01/01/2019 Spaceman_Spiff_Original 12/02/2019 FractalUniverse 21/04/2019 gentlemand 20/02/2020 romneymoney 18/12/2021 luckygenough56 MERRY XMAS TO Y'ALL AND GOOD LUCK Nice, so plopping all the dates into Excel and converting/calculating gives: 4/3/18 Average 2/19/18 Median
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Neo_Coin
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"Be Your Own Bank"
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December 29, 2017, 11:15:24 PM |
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JayJuanGee
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Self-Custody is a right. Say no to"Non-custodial"
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December 29, 2017, 11:17:15 PM |
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I sincerely believe we're headed back down to the 12000 range for the new year. Any objections?
Plenty of objections. But no problem should that happen. As long as we remain above $10k, it is all part of a welcome pause. Below $10k is o.k. too... It just seems that it is going to be quite difficult to get there. $11,060 would be a double bottom, and there had already been an attempt to go below $12k several days ago... So currently, seems that there is decent support for anything above $10k, $11k and even $12k... What we gonna do? Pray for more down, or just accept that there continues to be decent upwards and buy pressures, even at these GREAT bargain prices. ![Cheesy](https://bitcointalk.org/Smileys/default/cheesy.gif)
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TERA2
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Deb Rah Von Doom
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December 29, 2017, 11:17:18 PM |
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I think ripple is proof that none of this is based on adoption.
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Neo_Coin
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"Be Your Own Bank"
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December 29, 2017, 11:18:26 PM |
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Farmer Bill
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December 29, 2017, 11:45:07 PM |
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Just had a meeting with my accountant today. If your sales exceed 4 times CGT allowance ie 4X £11,100 £44,400 ye 2016 then even if your gain is under the annual allowance and no CGT is payable you still have to submit every single transaction. FFS.
Exceptions are sales reinvested same day and sales bought back up to 30 days later. The transactions must be matched up, the paperwork involved is the stuff of nightmares.
As you say if trading is your business it's treated as income and is subject to income tax top tax rate 40% plus NI at 9% then 2% above £45k.
Yet if BTC collapsed and you wanted to offset the losses against your other capital gains, HMRC would suddenly declare BTC trading as a highly risky enterprise like gambling where no taxes are payable on wins or reliefs on losses.
I intend to only submit transactions to and from Fiat currency. And this '4x allowance' thing? Not in any tax rule I have seen. Get a second opinion, there is no real guidance yet that is this specific on crypto from HMRC. Accountants are assuming things, but they MAY not be right. Get yours to show you HMRC guidance specifying what you say above. A capital gain under the limit is not reportable AFAIAC and if it is over it, it is still simply a capital gain and chargeable at 20%. You invested X, you sold Y - you pay the difference, I reckon. And capital gains are only taxable when cashed in IMHO. I am not an accountant - but I asked three, and they all gave varying advice, except that they all said you need to say what you orginally paid for the BTC you are now selling. I realise that ain't easy - but it is possible to do most if you have exchange history. For Gox, you cannot - but neither can they prove what you spent unless your bank statements show it. I tend to agree with you. Having paid for this advice I am reluctant to pay again unless it was for someone or a firm specialising in crypto. Anyone know of such a person / firm. It seems that HMRC can treat crypto just like any other currency. Any sales transaction is treated as a taxable event, whether you transfer your fiat to your bank account or just leave it on the exchange. Fortunately last year I was under the limit and so it does not have to be declared on return. A nightmare avoided as I have no chance of submitting all the transactions made as my Armory wallet was lost when hard drive failed. Although coins are recovered the transactions, purchases goods etc were not. Just as well! This tax year I will be hit with CGT however I have mostly hodled during this bull run so few transactions and fairly straight. I just posted this as many small timers will be finding themselves in this position for the first time and should give it some thought in the coming months. I think Jimbo Toronto has the right idea by buying at ATM even if paying % over odds. And keeping dealings private.
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gentlemand
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Welt Am Draht
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December 29, 2017, 11:56:06 PM |
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I tend to agree with you.
Having paid for this advice I am reluctant to pay again unless it was for someone or a firm specialising in crypto. Anyone know of such a person / firm.
Whoever you went to see, I've never, ever heard any 'advice' along those lines. Sounds like total bilge to me. The problem with the UK is that the HMRC have basically published a few paragraphs a few years ago and now leave it to everyone else to interpret them. This geezer - https://www.reddit.com/user/krissaroth I think is an accountant and has written quite a bit in r/bitcoinuk. Maybe it's worth PMing him. If he himself doesn't do crypto he might know someone who does. Lots of other threads about it in there too.
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luckygenough56
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December 29, 2017, 11:58:23 PM |
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bitcoin will make a move up or down soon it seems, triangle is ending
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Farmer Bill
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December 30, 2017, 12:05:20 AM |
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I tend to agree with you.
Having paid for this advice I am reluctant to pay again unless it was for someone or a firm specialising in crypto. Anyone know of such a person / firm.
Whoever you went to see, I've never, ever heard any 'advice' along those lines. Sounds like total bilge to me. The problem with the UK is that the HMRC have basically published a few paragraphs a few years ago and now leave it to everyone else to interpret them. This geezer - https://www.reddit.com/user/krissaroth I think is an accountant and has written quite a bit in r/bitcoinuk. Maybe it's worth PMing him. If he himself doesn't do crypto he might know someone who does. Lots of other threads about it in there too. Thank you for the advice, I'll do a bit more research.
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jojo69
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diamond-handed zealot
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December 30, 2017, 12:05:33 AM |
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trying hard to break down
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the artful bodger
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December 30, 2017, 12:05:40 AM |
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bitcoin will make a move up or down soon it seems, triangle is ending
We had to wait until after New Years day before bitcoin started pumping last year. The Chinese probably had to get over their hangovers before they felt like starting trading again.
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explorer
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December 30, 2017, 12:07:29 AM |
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Speaking of tax, my fellow Canadians may benefit from this: http://www.taxtips.ca/taxrates/bc.htmWhat a stupid bureaucratic mess of a breakdown. Anyway, for smaller amounts, Capital Gains isn't as horrendous as I thought. The scoop is I pay( net of graduated levels) 10% on 40k, ~ 12% on 100k, ~15% on 150k, ~19% on 250k. Max rate is 24.9% over 205k. So as long as I don't want to take any capital out, it is <choke> reasonable (I was under the impression that it was a flat 25% give or take) for living expense amounts, up to a decent level by my standards. Might even stay in Canada for a while longer.
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