Tax UK

[Granxis]

Hello,

Has anyone withdrawn BTC in the UK? If so do you need to pay tax on it as it currently seems unclear.

You will not be able to work with taxes if you do not carry out a very large amount of transactions. Taxes are not required from users in Uk and Eu. If it is too big, it will not be a problem again. There are tax applications for companies.

[ember.suc]

In the UK you are obliged to pay tax on gains you make from trading cryptographic currency in the same way you pay trading tradition stocks.
Technically, you create a taxable event each time you make a trade.You have an allowance of gains you are allowed to make before tax is due and if you’re working then the chances are you already have used that allowance.If you spend your profits and don’t make a provision for this and the tax man comes knocking then you could find yourself in a sticky situation.

[gentlemand]

Technically, you create a taxable event each time you make a trade.

Aye. I've been pondering this. I'd love to get rid of all my fork coins but the idea of having to wade through taxation shite because of it is more than I can be bothered with at present. I'll either have to swallow it or wait until I can be bothered, by which point they may be worthless which is still fine with me.

I've read quite a few people though who've consulted accountants in the UK whose accountants reckoned capital gains was only due when everything is converted to GBP. Others are adamant that any trade for any crypto is taxable.

It seems impossible to know who is right or wrong as it's case by case.

[ember.suc]

As i know, if you live in the UK , while working here you should pay tax at UK rates which on your salary would be 20% after n.I deductions and personal allowance . If you are here only for a short time , less than six months I think you would not pay UK tax but would be subject to that of your own country.

[Hakkerman101]

In the UK, if the cryptocurrency has gained in capital value since you acquired it, you pay capital gains tax. To be liable for income tax on the cryptocurrency, you need to have had the cryptocurrency paid to you as income.