Are you considering setting up a Business with Asic mining?

[Sc@rF@c3]

I was wondering if anyone mining with the new ASIC’s has set up a business.

I see the advantages as:

• Claiming tax back on equipment
• Claiming tax back on electricity utilities
• Claiming tax back on miscellaneous costs

In my country (UK) I would have to pay Capital Gains Tax on exchanging Bitcoins through exchanges, but not when bartering privately.
If I was to do this, I would have to initially set up as a sole trader, as my Capital Gains Tax rate is 18%; my income is less than £34,370 (2012-13 allowance)

I would love to hear about your plans, and if you are considering setting up a business.

Cheers Sc@rF@c3

[giantdragon]

Some countries have very prohibitive laws for starting and maintaining businesses. For example, requirement to send detailed accountant reports every month and which must be in special format that only professional accountants know how to make. Also some states require to make a guarantee deposit that can be seized to cover debts of your business.

[Sc@rF@c3]

Good point.

Thinking back when I lived in Germany, I had to have professional accounting done, cost a small fortune for a hobby retail business.

The last I knew, it was possible to do your own books in the UK, not too many requirements.

[Sc@rF@c3]

Thanks Morbid, useful Information

This is an article on HMRC's position on bitcoin. This may help you:
http://www.coindesk.com/hmrc-uk-bitcoin-exchanges-dont-have-to-register-under-money-laundering-regulations/

What I am thinking of doing is:

• Barter some Bitcoins each month to cover electric utility costs
• Cash in some Bitcoins via Exchange and invest in more ASIC's
• Cash in Bitcoins via Exchange when price is good, Invest these profits in 100% recognized assets/businesses by HMRC

These Assets/business will then earn a monthly turnover or dividend. It could take a while until I Cash-In and invest the profits in assets/businesses though.

Comments please, sorry I cannot tell what assets/businesses I am thinking of, this is a competetive world.