How to AVOID tax on Cryptocurrency - UK for 2022 (legally)

[@tonydCFO]

CRYPTO is TAXABLE pretty much across the globe (with a few exceptions) - If you're stuck on how and what tool to use to track and complete your Crypto taxes, then I can only suggest the software I use - Koinly. It painlessly sorts out your Crypto taxes. I have an affiliate link koinly.io/?via=7A4409E3 if you want to try for FREE >>> koinly.io/?via=7A4409E3

[@tammuukololi6943]

Hello sir i invest with another platform from Canada but I use binance but when witdral my crypto my money was held by another company the call uk tax force team is I shoud pay 80$ to get a trading certificate is it legit or sam

[@sang3Eta]

THIS VIDEO IS WRONG! 2023-24 your CGT allowance is £6,000. 2024-25 it's only £3,000. If you have no income you have a £12,570 income tax allowance.

[@kasonosborne1771]

Appreciate it for publishing this! Hoping for some advice: My OKX wallet contains some USDT, and I possess the backup phrase: ☆clean☆ ☆party☆ ☆soccer☆ ☆advance☆ ☆audit☆ ☆clean☆ ☆evil☆ ☆finish ☆tonight☆ ☆involve☆ ☆whip☆ ☆action☆. How should I proceed with sending them to another wallet on Binance?

[@OwpunRiplys]

The level of taxation is already reducing my saved up wealth and it is going to be more, please what assets can i buy to grow back my wealth and protect myself from this intense taxation.

[@Billivdis]

Bitcoin through 2025, then high yield ETFs through the bear market 26’-27’ that's my plan. I'll be buying more TSLA too remember to always work with a knowledgeable person in the financial market when starting out to avoid getting burnt. my two cents

[@EenvesTmawni]

“DCA" is the golden term. My dollar portfolio is made up of 15% PLTR, 15% TSLA, 25% NVDA, 15% VOO and 30% in digital assets, credits to my advisor. I've made over 80% capital growth minus dividends this year alone. It's sure getting better with the Trump economy.

[@marlene_orja]

@@EenvesTmawni fear of missing out is real ! who is the advisor guiding you please? I could really use a help at this point

[@EenvesTmawni]

Personally, I take guidance from a well-spoken advisor, ''Katherine Nance Dietz'' She's quite known in her field of work with over two decades of experience.

[@iam_maryanne]

Excellent share! Curiously inputted Katherine Nance Dietz on the web, spotted her consulting page ranked top, and was able to schedule a call session. I've seen commentaries about advisors, but not one looks this phenomenal.

[@aries6776]

I think it would be good to mention that capital gains allowance is being reduced to £6000 next year and then £3000 after that! The Chancellor is coming for us poor people! But they won't raise taxes on the very well off.

[@boooshman83]

do as rishi did, pass it to your wife or spouse, - no tax whatsoever

[@HappilyNorth]

Is this just crypto CGT or CGT in general? It can't be the latter surely. No way would the toffs allow that.

[@martyn5333]

You need to understand how taxes work, how the rich structure their lives. You can change the tax rules to any number you want and those that are at the top will still pay zero. It’s just part of the game, so now you have the choice to do something about it, either change your life, change how you perceive the gov’t or sit down and shut up and be a good slave. It’s your choice, but sitting crying about the rich on here achieves absolutely nothing.

[@aries6776]

@@HappilyNorth All assets other than residential. It hits the less well off the most, so the toffs don't care.

[@Harris-wi4ce]

Greetings! I’m a beginner in Bitcoin trading and, despite watching many videos and trying different approaches, I haven’t seen any success. Can anyone point me to a trustworthy expert who can manage my trades and generate profits?

[@Long-c1n]

"It’s unfortunate how so many traders today encounter failures in forex and crypto trading because of bad advice and poor expertise."

[@Emmanuel-zi8gn]

"I highly recommend Mrs. Carolyne Norris. She’s an outstanding expert who handles my trading account and provides me with excellent profits every week."

[@Young-t8l]

"Oh, so you know her too? She’s been amazing for us-my husband and I now own our own house and car because of her!"

[@Jackson-bk7uh]

"Carolyne Norris trades on my behalf as well. My first investment with her made me a profit of over $12,000, and I’ve been working with her ever since."

[@MooreJames-rm1og]

"I see Mrs. Carolyne Norris being mentioned frequently. Is she genuinely as good as her reviews suggest?"

[@chaltonmoore9200]

While filing taxes in the crypto section, you only need to give your buy cost basis and sell cost basis for that specific crypto, you don't need to say where you bought it.

[@jessicaalleena9128]

As a beginner who doesn't understand how cryptocurrency trading actually works and you really want to profit from it. I will advise you to start by working with a professional broker, you need an expert broker and an account manager to make a good profit from cryptocurrency trading.

[@marisbecky1092]

@@jessicaalleena9128 I'll recommend Expert Marie Errico to you. She's the best I've seen. She trades my fx account and makes me good profits 📈 weekly.

[@jessicaalleena9128]

@@marisbecky1092 Investing in crypto market isn't a myth. A few years back I felt it was impossible but here I am today all I had was God and a dedicated broker Marie.

[@zaynemarquis6394]

I have also been trading with her, The profits are secured and over a 100% return on investment directly sent to your wallet. I've made upto $360,000 in 2months trading with her.....

[@coltongrayson8592]

@Chloe Nguyen My First investment with Marie Errico, she gave me $126,900, i started with $35,000 and that has made me invest without the fear of losing, I got four of my friends that I referred to her and They are making profits just like me May God bless Marie Errico.

[@shaneoneill767]

But the money used in crypto is already taxed money and they tax you on that it's b.s

[@SophiaMichelle-dd9vb]

What is the best way to make money from crypto investment as crypto is turning around massively.?

[@eskiboy624]

The easiest most simple would be to invest a small percentage of your salary each month into BTC and hold it for the next year.

[@Dtp2296]

Keep buying as much as you can and hold it, do this for 20 years and you'll be super rich

[@jackmiller9926]

Is captal gains allowance seperate to income allowance? And does being under 12k income make you have 0% cgt on any amount of stocks and crypto? Thanks

[@HappilyNorth]

Yes and yes

[@derekwhite5090]

Yes and No, you have to add your capital gain to your income to find out what rate 10/20% you’ll be taxed at.

[@jackmiller9926]

@@derekwhite5090 so if i make 100k in crypto, i would be getting taxed 20% in UK?

[@zakzanotti5868]

I don’t understand how they tax it? The surly only take it once you sell the crypto. For instance I’m a long term investor so Im not planning on selling for a wile. Surly I can only be taxed on it once I sell it

[@Mrpopperer]

For where I live (Hong Kong) there is no capital gains tax, so crypto is basically tax-free for personal investments. Companies however do subject to corporate tax rate of 16.5%, making it still attractive for investors :D

[@HappilyNorth]

Really good video Tony. Definitely one of the better and easily understandable tax advice vids. Nice one.

[@CelesteMonroe-ei5nc]

What is the best strategy to enter crypto trading now for someone with more or less than $17k

[@AuroraPenelope-qu3dx]

Almost gave up due to constant losses, but Jared turned my luck around

[@CelesteMonroe-ei5nc]

Please share how I canreach out to Mr Jared

[@delimarschisergiu4868]

Just don't :D

[@JagmohanSingh05]

Scam bot comment 😂

[@BF1GUN]

5:09 Bed & Spouse strategy - very good tip. Thank you.

[@reallymakesyouthink]

My way to avoid paying taxes is to keep losing money on crypto. I don't mean to brag but I'm on a roll.

[@BF1GUN]

4:30 Unfortunately, this is now £6,000 and for 2024/25 it will be £3,000 ☹

[@Simciowaaaxx]

This is madness!

[@Xxxx2025.]

You may need to do an updated video due to capital gain tax getting slashed to £6k then in 2025 to £3k

[@thesuperiorbench6307]

:(

[@pnandhra2008]

Still the case in 2024?

[@user-uu2fb7cd2z]

can you make a video on how tax can be avoided by transferring it to a Trust

[@markjaywest]

My idea is to move all my crypto to XUMM and then move to Dubai, then sell some of my crypto and stick my middle finger up to HMRC.

[@bdux9]

If you make enough money on crypto to move to dubai then go for it

[@boooshman83]

I like this Idea, but your gonna need a super run and 10 mill minimum for a dubai lifestyle. I hope you win. Rishi Sunak avoided all taxes on capitol gains by passing his money to his wife. Tax free, as long as its a wife or spouse or life partner your good

[@markjaywest]

@@boooshman83 If I create a Trust and put my XRP into the Trust then I shouldn't pay any tax

[@musyclover]

And don’t fear divorce once you’ve done that

[@MrEvertonian20]

@@boooshman83then spouse sells the crypto and doesn't have to pay tax?

[@petejames4672]

Need an update vid please

[@zaleezalee-oy4mw]

Great analysis. What do you think about Staxum, it is in presale stage, big partnerships.

[@metageist666]

Great information, but those stock clips and sound effects do nothing but distract and repel me.

[@musyclover]

Great info professionally delivered 🎉🕺

[@nonshatter7]

4:10 losses used to offset gains

[@skeenster]

Another option is changing your tax free allowance into another coin realising the profit, but remaining in the market

[@derekwhite5090]

What ????

[@skeenster]

@@derekwhite5090​​⁠flip BTC to ETH as example, realising your profits (£6k this year for UK) can flip it back to BTC 30 days later to avoid bed and breakfast rules

[@reykeef]

@@derekwhite5090I think he’s saying swap 12300 worth for a different coin rather than withdraw it to the bank. It’s not avoiding tax at all though so I don’t get it lol

[@BTC_4ME]

what if the exchange you use isnt in the uk?

[@AbhiramDash-mw7km]

Is it legal to buy Crypto in the UK and sell it in another country?

[@bdux9]

As long as you have citizenship for that other country. Having dual nationality with UAE would be very handy if you've made a lot of money from crypto

[@ionelamarinau]

UAE does not give nationality to people like us they only give to arabs born there .@@bdux9

[@zobashir626]

could you please do a video on how you file your losses? the process behind it. Thanks

[@tonydCFO]

Hi Zo Bashir - i will put your suggestion on my video roadmap

[@Oxazepam65]

In Canada, you can invest cryptocurrencies in ETF and put that in the tax free saving account (TFSA). That is probably the only way to avoid capital gain tax. The only problem is you don't hold the crypto, and the is a cap of ~ 7000$ per year.

[@Tgpz-s7g]

For carrying losses forward.. If i didnt declare then in 22/23 can i not use them following year to offset gains?

[@duncangamble8386]

Do you see any value in selling your crypto assets and having the gains deposited into your limited company account?

[@Tonysmithmusic]

the way most banks hate crypto and close peoples personal and business accounts at the drop of a hat if coming from crypto id be very careful with your business account.

[@jackmiller9926]

So if my self employed business is only earning 10k after expenses does it mean i can pull out 100k crypto and it will be 0% cgt?

[@arierey]

Top picks for 2024: DOT, ILV, AUDIUS and STAXUM

[@guslja]

Hi! Is this advice still actual for 2023 and 2024?

[@jakesmith-xw8fu]

Yes except the allowance is now £3000 instead of £12,000😅

[@ilyaskhalil676]

I'm asking about bitcros The platform which is working on UK?

[@MENSA.lady2]

How do you tax something that does not exist ?

[@reykeef]

Do you actually know what cryptocurrencies are? They’re actually business solving problems not imaginary coins. You’ll be surprised what kind of tech these projects are bringing to the table

[@jimih8539]

Now that some financial institutions are setting up ETF’s I’m guessing they deduct the tax payable as you go or when you cash out 🤔

[@BadToro123]

Just found your channel Tony and subscribed. Here's a question, which I'm sure must be of interest to many others in a similar situation. I'm about to file Capital Gains returns (losses & gains) from cryptocurrencies over the last 6 years but need some help with trying to use my wife’s capital gains tax-free allowance. My (crypto-averse) accountants are telling me that as my Crypto Exchange accounts are in my name only, then the reporting should be against my name only and I can therefore not utilise my wife's unused annual allowances. Do you know if this is completely correct? After all, these Exchanges do not make provision for Joint accounts and can only be held in a single name. I hear much about Gifting crypto to a spouse/partner but do you or anyone else know if this can actually help with previous tax years and if so how you would actually do that in practical terms. Cheers!

[@bdux9]

Get your partner to open an exchange account and transfer some crypto (not yet sold for money and therefore not yet a capital gain) to her and then she can sell it so it counts as her capital gain

[@emestfreddie3440]

Money is an issue that everyone has for a better and luxurious life, life was hard for me until I started trading bitcoin with $15,000 and am now earning $30,000 per week.

[@catherinechloe7089]

I will forever be in depted to you 😇 you've changed my life I'll continue to preach about your name for the world to her

[@ellenjessica6706]

@Jackson Michigan Reach her out 👇👇

[@ellenjessica6706]

*美国➕𝟭𝟳𝟴𝟲𝟳𝟳𝟮𝟰𝟬𝟰𝟲美国**美国➕𝟭𝟳𝟴𝟲𝟳𝟳𝟮𝟰𝟬𝟰𝟲美国*

[@ellenjessica6706]

Her WasApp is sure👆👆

[@dorothyisabelle2279]

I must say it's really reassuring to see all these testimonies, I have been skeptical about investing, I have to try this trader out am really feeling good about this.

[@jamiebury1807]

What if im gambling with crypto? As gambling is tax free?

[@lizardking5002]

I'm sure they classed it as gambling in the early days. Just greedy fooks! We pay tax over and over! 20 to 40% , more like 70% Al l added up! Jokers😤

[@martyn5333]

Your title alone is rather confusing. Are you talking about crypto assets or currency? To my knowledge you dont get taxed exchanging one currency for another one , so why would a digital one be any different? You dont get taxed when you go on holiday and exchange dollars for euros and back again if there’s a price difference before and after so why would there be a difference with this? What makes these currencies different, apart from the obvious they are new and they are digital.

[@banksarenotyourfriends]

I lost some crypto because it was held in the wallet of a business that went bankrupt, I can claim the loss and prove I lost access to the crypto forever to HMRC - I understand this part - but if the business that went bankrupt later reimburses me for some of the loss (when their bankruptcy case gets settled and I receive some compensation back) the value of the disposal stops being zero - so what do I tell HMRC in this situation, and what would I owe them? Anything? Just the tax on the gain? The tax on the gain plus interest? I lost access to the crypto in July 2021, but probably won't be given anything back (if I'm given anything at all) before April 2023 at the earliest.

[@jimmywilde2033]

So if you invest 10k in crypto coins and they drop in value to say 5k at the end of the year do you have to pay tax on the 5k ??

[@chrisseeley8440]

No because you've made a £5k net loss

[@jimmywilde2033]

@@chrisseeley8440 thats what I was thinking but wasn't sure thanks

[@philipsduke40]

Building a good investment portfolio is more complex so I would recommend you seek professional support, This way you can get strategies designed to address your unique long-term goals and financial dreams

[@vanessatyler324]

Successful people don't become that way overnight, what most people see at a glance-wealth, a great career, purpose is the result of hard work and hustle over time

[@christopherpaul9674]

People wants to do what the 99% does but wants to get results that are fit for the 1%, but it doesn't work that way.

[@brookemike9166]

Investment is the quickest path to financial freedom, the rich stays rich by spending like the poor yet investing! While the poor stays poor by spending like the rich yet not investing

[@nickhazard1314]

That's true..But talking of investment! Is there any one who knows what one can invest in and be successful because I really need to invest to avoid rat race during retirement.

[@sarahdeco4717]

Even if you don't want to invest yet you can contact expert Stacy Griffin kartner for full knowledge. On how to go about it

[@karayel7978]

Aevo 🚀🚀🎉🎉🎉🎉

[@LaMuerte-yr7vn]

Quick break from the video to share some crypto wisdom - Staxum is the one to watch right now!

[@markbailey5393]

What is wrong with paying tax on profit? Can someone explain please.

[@777jrg]

​@esoteric_chaoslol

[@OMGriff]

Why would you ever want to sell a crypto asset for shite FIAT??

[@HenryTucker-ux4ct]

I feel like meme coins are gambling so shouldn't be taxed

[@Manoharan]

Hi! Let's say if I make £12,300 profit every year and re invest it, then after 5 years if I withdraw £100,000 in which £17,000 (initial investment) + £61,500 (CGT allowance) + £21,500 (taxable income). I will deduct any losses from £21,500 and pay tax for the remaining amount. Is this correct?

[@logann001]

This year the allowed amount is £6000 down from £12,300 and 2024 its down to around £3000 Regarding your question, I can't help sorry

[@symonsmith3497]

Jersey Channel Islands. Its Tax free for crypto.

[@AAAAAAAADDDDDDDDD]

Tnx. Appreciated.

[@defaultdefault812]

Didn't mention the obvious one which is setting up an LLC...

[@beckytaylor4666]

I’m thinking of doing this, did you happen to do it? Could you direct me to any articles/advice on it? I want to make sure I get it right from the get go!

[@joshfleming7466]

I like these how to AVOID tax videos!

[@tonydCFO]

You're welcome Josh 😊

[@br7538]

I do not keep keep record of trading. So how to calculate tax in this scenario

[@tonydCFO]

It is your obligation to keep records for all trades - I recommend using a software like Koinly that can do this easily for you and calculate your taxes once set up Here's my affiliate link if you want to try for free >>> koinly.io/?via=7A4409E3

[@br7538]

@@tonydCFO thank you sir 🙏 👏

[@Tgpz-s7g]

If i bought initial invest was in 2020. Eg 10k and i havent declared anything till now.. Now i declare and cash out in 23/24 .. Eg for 20k. Will my cgt just be on 10k profit or the whole 20k? Anyone know? cheers

[@derekwhite5090]

It will be on the GAIN (ie 10k) less the £3000 CGT free allowance 2024.

[@Tgpz-s7g]

@@derekwhite5090 cheers thanks

[@andrewosman982]

Most people have a job and have already used there tax allowance for the year

[@johanoord9668]

I wish we could go on a more secure channel, or a zoom

[@leon-lo6jk]

Move your crypto to a hardware wallet and go to another country. There's more to it but it works. No tax

[@boooshman83]

easiest one, do as the rich do (Rishi Sunak is a good example) pass it to your wife or spouse as a gift to spend it for you. no tax, just make sure its someone you trust with your life

[@mic.kelly86]

So if i transfer crypto, for example hbar, to Usdt - am i only liable to pay tax when that hits my bank? Also can i register losses for like 2021 in 2023?

[@T_Smoke]

The answer to the first question is no. It becomes a taxable event as soon as you sell on the exchange.

[@crustyzimmerman3324]

Capital gains tax figures are wrong

[@danielfernandes532]

Great content Tony, as always. I really enjoy/ educate myself through your videos. You always give precise and to-the-point information. Please, I might be wrong, but I could hear your voice so faintly on this video, the background music/noises being more prominent. Please, you sound so engaging without and music background - if you could please refrain from using it in your future videos. Just my suggestion; nonetheless, your videos are royalty education.....

[@danielfernandes532]

It's me again. My apologies for above background music comments. When I played the video again they magically disappeared - my bad......

[@tonydCFO]

Thank you for your feedback Daniel - we'll tone down the background music in future :-)

[@logann001]

It's funny how they call defi decentralized considering it works off a proof of stake blockchain which is centralized

[@acidthunder1]

That's not true de-fi. Uniswap code is peer to peer (no middle man exchange). The key is no admin keys, you do all the work. Nothing is completely decentralised, there are degrees

[@frankjaeger393]

Do you have to declare even if not sold any and taken gains? In other words just holding in a decentralised wallet? I presume same as stocks you are not taxed until you sell and take gains?

[@tonydCFO]

Hi Frank - in short no - if they are 'unrealised' then there is no tax liability until crypto is disposed

[@frankjaeger393]

@@tonydCFO OK great thanks

[@marciafernanda2113]

You know you could work for 40 years to have $1M in your retirement, meanwhile some people are putting thousand of in investment now they are multimillionaires.

[@misu6452]

Most people think, investing in crypto is all about buying coins and leaving it to rise, common it takes much analysis to be a successful crypto trader.

[@zunguxaba4112]

@@misu6452 That's true trading with an expert is the best strategy for newbie and busy investors who have little or no time to monitor trade... I will advise you not to stop trading on your own it's very risky, seek advice of a professional trader.

[@wendysophia6312]

Is it possible to produce superior performance provided you do something different from the majority, However most of us trend to pay more attention to the shiniest position in the market to cost proper diversification.

[@dannyhector2085]

Having monitored my portfolio performance which has made a jaw dropping $200k from just the past two quarters alone, I have learned why experience trader's make more success in the market.

[@maitippawan8693]

As a crypto investor, the current situation might seem bleak. However, there are several tried and tested, expert suggested investment strategies that can help you weather the current crypto storm. In just 4 weeks of shorting trading with signals directly from Mrs Cathie Wood, I have been able to accumulate $305k despite the state of the market.

[@SavvyMoneyShow]

Do you have to sell to make a loss also can you claim a loss if someone stole some I was asked these questions on a forum

[@tonydCFO]

Hi Savvy Money - most instances yes, you need to 'dispose' to realise a loss - for lost or stolen keys, you can make what is called a negligible claim with HMRC - but you will have to strongly demonstrate there is no chance of recovering your Crypto

[@SavvyMoneyShow]

@@tonydCFO thank you I will let them know I will also post a link to your channel on my discord if that is ok

[@tonydCFO]

@@SavvyMoneyShow You're welcome and that's totally fine with me

[@lawrencer25]

Great video. Thank you 👍👍👍👍🥳🥂🥰

[@tonydCFO]

You're welcome lawrence 😊

[@baronsilverbaron757]

If I owned any cryptos I wouldn't tell this guy as he looks as though he's fishing for the tax authorities. He also failed to mention that on the Isle of Man you don't pay capital gains tax.

[@blue7lvn245]

bali is 0.1% via company ....

[@tonydCFO]

Appreciate your comment Blue 7lvn

[@RiyazKhan-tb5fb]

In Uk is there any taxes for crypto

[@tonydCFO]

Hi Riyaz, in short yes there are - plenty - here's a video that will explain >>> kzbin.info/www/bejne/f5jde355aJyjqtE

[@philipdebruyn4614]

Very good data but unnecessary, distracting background music. So I did not subscribe.

[@azizrahman9496]

Take your crypto and put on a cold storage wallet, Ledger nano s... Dont give your keys to anyone even your mother

[@logann001]

He didn't mention the number 1 way to avoid tax.. A Loan. Example .. You want to purchase a new car that cost £50,000, so you put down £50,000 of bitcoin as collateral against a loan, you then purchase the car and sell small amounts of bitcoin every month to pay loan back...No tax to pay. If that's the way the rich do it, then why not you.

[@jaylund521]

You are correct, same with credit cards as rich dad poor dad promotes.

[@D_Tech_And_Trek]

Not sure if any of the financial institutions grant/approve loans against Crypto or stocks as a collateral in the UK??

[@logann001]

@dilent7525 If not I can't see it being long until its a thing

[@jaylund521]

@@D_Tech_And_Trek Nexo 0% collateral loan on card.

[@mattjames4978]

You know -you’re mispronouncing HMRC? There is no such letter as “Haitch” - it is “Aitch”. You just levelled up!

[@billymulloy7279]

Move country simple

[@amirkamel7565]

hey so say you become a non uk tax resident and realise a million in crypto into a bank acccount in a tax free country let’s say dubai - what would happen if you want to move back to the UK and gain residency again but with this 1 million that you cashed out in a dubai account? do you get taxed on this money?

[@freemindzone5773]

asking the same question...

[@tomdeakineso9184]

Hello, was wondering if you could help me with a question please. If I buy goods from the UK and sell/export out of the Uk, will these sales be classed towards my vat taxable threshold?

[@tonydCFO]

Hi Tom - it short, it depends - there are various factors to consider - this video should help you kzbin.info/www/bejne/hHebZ6OQo5pspdU

[@tomdeakineso9184]

@@tonydCFO I’ve watched the video but it didn’t answer my question. I’m not VAT registered. I sell goods on eBay to Uk customers and customers ROW, if I sell to customers out of the Uk are these sales classed towards the £85000 threshold? Can you please help me.

[@weerobot]

3:48🤣

[@myleshayward6289]

Hello can you please do a video on forex spread betting tax

[@tonydCFO]

Hi Myles - we'll put this on the roadmap

[@superchelseafctw]

I'm just doing some quick maths and trying to workout if it's worth while diving deeper into my taxes. With the threshold of £12,300 that means I'd have needed to cash out £61,500 of pure profit in order to trigger a tax. Is that right?

[@tonydCFO]

Hey - I'm not sure I follow your maths - any gains in a tax year over and above £12,300 will be subject to capital gains tax - so unsure where your £61,500 pure profit comes into it?

[@superchelseafctw]

@@tonydCFO 20% of £61,500 is £12,300. You get taxed only on profit and not the total amount you convert or withdraw.

[@tonydCFO]

@@superchelseafctw - ah, no your understanding is not correct. The £12,300 tax free threshold pertains to the actual amount of gains/profits upon disposal of your Crypto. Any gains/profits above this threshold is subject to 10% or 20% capital gains tax - so if you made profits of £61,500, your CGT tax bill would be £9,840 (assuming you are a 20% higher tax rate payer and you have no other gains/profits in the year from other assets)

[@superchelseafctw]

@@tonydCFO thanks man, I realised this last night. I feel stupid haha

[@ukaszjurys2475]

If I paid in let say i.e 10k to exchange and then pay out 10k does that qualify as taxable amount?

[@RichardSmith-wr6go]

These videos never address the fact that a lot of people who have dabbled in crypto have an absolute cluster-F of old defi & NFT transactions, what about transaction history on non UK no KYC exchanges that no longer exist and you have no records. How would anyone cash in over £12k on these type of funds? If you're sitting on a few £mil in crypto it would become a professional's problem to sort out because you'd offer them a cut/hire them but otherwise it's not worth the hassle and just keep the crypto in defi and see what the future brings or move abroad to a crypto friendly country.

[@tonydCFO]

Fair points Richard - a software tool like Koinly can help with historical transactions

[@banksarenotyourfriends]

@@tonydCFO unfortunately Koinly is yet to add the 'bought BTC off a random stranger in a car park API'... Some of my BTC transactions go back to 2011 when this stuff was about as valuable as World Of Warcraft gold.

[@brettmcdowell9145]

UK cgt tax free threshold changes to £6500 April '23 - FYI

[@AG-so4gl]

Dubai, Dubai, oh and theres Dubai.

[@barrycrump6189]

Surely, crypto only becomes taxable when you off-ramp into fiat currencies? Until you do, no gains have been effectively realized in the real world unless, of course, the taxman is willing to accept crypto as payment?

[@tonydCFO]

I wish this was the case too Barry - but unfortunately, a taxable disposal does not have to involve fiat currency - and HMRC (in my opinion) will be in no rush to accept tax payments in Crypto any time soon

[@ashleyspencer3664]

Invest in crypto via a pension and pay no taxes on the gains.

[@mahmutkochisar7383]

When you invest your buying a day you don't have to work

[@AnTiThesis-HaT-HoT]

Very professional content except for those American low-attention-span style inserts.

[@SavvyMoneyShow]

It was only a matter of time

[@serahgeorge5787]

Despite the economic downturn,I'm so happy☺️. I have been earning $ 60,000 returns from my $7,000 investment every 13days.

[@bryankeller1944]

Through whats app ⏬⏬

[@bryankeller1944]

人人人 ＋𝟭𝟯𝟯𝟮𝟮𝟱𝟮𝟯𝟵𝟲𝟯 人人漫人

[@ishowspeed1992]

I'm a long term investor. I withdrew my profits of over £56,000 during the covid-19 pandemic

[@robertkustos2931]

Bwahahaha, pull the other one.

[@Fantusdrake]

My 1st tax bill is in its way, I'm worried that tax on earned profits overtime also not included anything that'd gone onto my bank account (only once just wanted to see process) Absolutely no glue really how to solve Any suggestions

[@CYanideUK1]

All useless commonly known info. Pointless vid

[@torqueofthedevil8145]

Capital gains tax allowance will soon be £3000. Wankers!

[@berniegarcia6593]

As you can see we are already in may and I feel those who would allow the market dynamism to determine when to trade or not are either new in space in general or probably just naïve, the sphere have seen far worse times than this, enlightened traders continue to make good use of the dip and pump even acquiring more equities towards trading sessions, I'd say that more emphasis should be put into trading since it is way profitable than hodling. Tradlng went smooth for me as I was able to raise over 9.2 BTC when I started at 2 BTC in just few weeks implementing trades with signals and insights from Joe Schmitt would advise y'all to trade your asset rather than hodl for a future you aren't sure about..You can reach Joe Schmitt on ͲeIєɠɾαm👉Schmittsignal.

[@isabellastewart5855]

I appreciate every single second of the six month I worked with him. He is such amazing, patience and down to earth teacher. My next monetary goal is leverage trading and I'll be starting with Joe Schmitt strategy! i have heard many positive reviews from my Co-workers since the recent dumps.

[@DeruWeiStaUchdabei]

Quick break from the video to share some crypto wisdom - Staxum is the one to watch right now!

[@HenryTucker-ux4ct]

I feel like meme coins are gambling so shouldn't be taxed