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Author Topic: Random question about UK tax  (Read 822 times)
bitjoin
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March 26, 2017, 12:25:49 PM
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April the 6th is coming up and if i use my business profits to buy discounted gift card vouchers (which are used to buy more stock), do i pay tax on those in that tax year... does that make sense?

So lets say i've earnt 100k profit but before april tax deadline i used 10k of that 100k profit to buy gift card vouchers at a discount do i only submit 90k profit even though i still hold 10k in gift vouchers? because as i see it. 1.)these gift card vouchers are used to buy more stock 2.) its no longer actual money when in gift card voucher form.

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Qartada
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March 31, 2017, 10:25:11 PM
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I really doubt you'd pay taxes on gift card vouchers, they're not any actual money or proper payment system and they don't expect you to be holding a lot of money in them (or putting your earnings directly into them instead of fiat).

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March 31, 2017, 11:59:31 PM
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I think as a good citizen should pay taxes on income earned during the year, as well as bitcoin you have to pay tax in accordance with the rules and regulations applicable in your country,...
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April 02, 2017, 10:02:43 AM
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I think as a good citizen should pay taxes on income earned during the year, as well as bitcoin you have to pay tax in accordance with the rules and regulations applicable in your country,...
People don't have to be "good citizens" - they will reasonably want what's best for them and if their earnings are in Bitcoin it's best for them to do that.

bitjoin
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April 03, 2017, 09:56:48 PM
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I think as a good citizen should pay taxes on income earned during the year, as well as bitcoin you have to pay tax in accordance with the rules and regulations applicable in your country,...

Its not really about being good or bad etc. I can get gift vouchers at discount like everyone else and i sometimes hold large sums, i dont think paying tax on them is right since it isn't money and reselling them would be hard. I still will be paying a good chunk of cash for tax this year Smiley

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April 04, 2017, 12:44:33 AM
 #6

I think as a good citizen should pay taxes on income earned during the year, as well as bitcoin you have to pay tax in accordance with the rules and regulations applicable in your country,...
According to the government a good citizen pays taxes, buys stuff on credit to indebt himself and his family, can't pay the loan back, so the property goes to the bank/state and allows government employees (lawyers, bailiffs) to make money at his expense. Do you want to be a good citizen? Cheesy

Normally your profits is the fiat coming into your accounts. Although the government would like you to declare everything, people in general don't count money received via random events because there's no way to track the flow of cash.
Examples of such events might be money:
found in the street,
won through gambling,
received as a gift,
earned from a small one-time job on the side like mowing neighbor's lawn, and so on.


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