Altcoins Mining UK (Limited Company/Self Employer and Tax)

[Metroiid]

Can someone have knowledge regarding if is possible register a company in the UK for mining, i mean rent a place with the sole purpose of mining and it is legal doing it, how much tax you have to pay.

Honeslty i tried to research a lot on internet but is funny, not to much information is mention about this activity in the UK.

im not expect perhaps a big answer here, but please if someone have some information and can help me i really will appreciate that.

[goldap]

since the topic of taxes is already made, i wont waste space making a new topic i`ll just post here if its ok!

i live in the U.K and want to know what do i do about taxes concerning GPU mining gains?
say i make £100 a month after electric bills etc, and transfer it to my bank account, will i have to declare this to anyone?
or just not say anything?
 

[gt_addict]

If this is a business and you make regular earnings and they go to your bank account you should really pay tax on it.

[goldap]

If this is a business and you make regular earnings and they go to your bank account you should really pay tax on it.

not really a business more of a hobby, someway to make a bit of profit while i'm out at work. not really going deep into it with 8 card rigs etc lol

[gt_addict]

Coinbase will deposit into a uk bank account once you are verified. You would really need to speak to an accuntant as said as (I believe) if it over a certain amount of earnings then it is deemed income and thus subject to being taxed at the applicable rate. If you have a gaming rig with a couple of cards and earn a few quid then I probably wouldnt worry too much.

[CryptoTony3]

Coinbase will deposit into a uk bank account once you are verified. You would really need to speak to an accuntant as said as (I believe) if it over a certain amount of earnings then it is deemed income and thus subject to being taxed at the applicable rate. If you have a gaming rig with a couple of cards and earn a few quid then I probably wouldnt worry too much.

I would look at the same way. If you are not building 10 x 6 card rigs and as gt_addict wrote if you have a gaming rig with a couple of cards and earn a few quid then I probably wouldn't worry too much. Happy mining.

[dragonmike]

You can use Coinfloor.co.uk but I don't know how the transfer process then goes to your bank account.

Localbitcoins is pretty good in that it's not an exchange per se but rather a marketplace. So you deal with verified individuals. They transfer the agreed sum of GBP using normal bank transfer and you then release your coins via Localbitcoins' escrow service.

Bottomline, when it comes to taxation in the UK is you pay for capital gains (unless it's a business - then it's corporate tax). But afaik only as far as you realise that gain, i.e. you exchange against GBP.

[flippener]

With regard to UK tax on crypto and mining I've put my understanding of the situation here: https://bitcoin-investors.co.uk/2018/03/uk-tax-on-bitcoin-and-other-cryptocurrencies/

All feedback appreciated.