Crypto Tax - DO THIS NOW!!

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Disclaimer: The information contained herein is for informational & educational purposes only. Nothing herein shall be construed to be financial legal or tax advice. The content of this video is solely the opinions of the speaker who is not a licensed financial advisor or registered investment advisor. Trading cryptocurrencies poses considerable risk of loss. The speaker does not guarantee any particular outcome.
Be aware of scams! I will never ask you for any money or to join me on Telegram/Whatsapp. My only official channels are listed above.

[@Matt-Lutch]

Join my Profit Taking Workshop:- calendly.com/mattlutchcrypto/profit-taking-workshop Want me to give you some help in Crypto? No problem, book a call with me and I’ll share more info on how I might able to help you:- mattlutch.com/training Get a free crypto tax consultation (worth £250) via tax experts MYNA via my link:- nephos.typeform.com/mattlutch 📱My X - twitter.com/matt_lutch 📷 My Instagram - instagram.com/matt_lutch Disclaimer: The information contained herein is for informational & educational purposes only. Nothing herein shall be construed to be financial legal or tax advice. The content of this video is solely the opinions of the speaker who is not a licensed financial advisor or registered investment advisor. Trading cryptocurrencies poses considerable risk of loss. The speaker does not guarantee any particular outcome. Be aware of scams! I will never ask you for any money or to join me on Telegram/Whatsapp. My only official channels are listed above.

[@countyturfsuppliesltd]

A law created by crooks that can launder it because they make the rules

[@TeleportlabsETH]

exactly, we are expected to obey laws created by criminals.

[@simonhollis]

Why can you not buy a crypto in the uk and then gain residency in the UAE, open a bank account there, sign up with an exchange in the UAE, transfer crypto off UK exchange to UAE exchange. And then sell and not return to UK within 5 years. Why would I need to pay uk tax on that?

[@lovebadger]

as long as you are non UK tax resident when you sell your crypto that's fine

[@rayrungay7401]

Wouldn't it be great if the UK government kept the CGT rates at 20%?

[@lovebadger]

Maybe it will?

[@iantheman8332]

Bro it's getting intense 😮 Have a great day mate!

[@37jock]

I’ve used at least 6 crypto exchanges over the last 5 years. Literally 100s of transactions have taken place, for example, bitcoin swapped to eth, swapped to XRP, sold to stable coin, and on and on. Is it just the on and off ramps, cash to and from your bank account they’re interested in? If not then it’s a logistical nightmare going through all my crypto history.

[@lovebadger]

Which is why peeps use Koinly 😊

[@AB-gi3qy]

Do you have to report any/all crypto transactions to hmrc even if your gains fall below the capital gains tax threshold?

[@lovebadger]

No, you don't need to if it falls below

[@AB-gi3qy]

@@lovebadger Thanks 👍🏻

[@astradala1845]

I thought if you sold your crypto before 1 year is done it went into income tax rather then capital gains?

[@noelg9795]

So how they adopt crypto for use every day with all this taxes mess?

[@apple1234iou]

Interesting video Matt

[@TeleportlabsETH]

CT software is not reliable to report your Crypto Taxes. They mostly rely on your input and some BIG miscalculations can happen. An example is that if you use AAVE to get a loan on you crypto they give you a token in return that represents you loan. When some of these software apps detect this they think you owe taxes on these tokens. They also do not accurately detect tokens you have inside smart contracts so they could miss a bunch of things as well. This stuff is honestly very scary because it feels like crypto adopters are getting in trouble for not being able to fully account for their tax liability. I feel some reasonable regulation should be coming into play soon for this stuff because most participants in crypto are not large whales and they will at some point all be subject to audits due no fault of their own.

[@fightthebully3331]

That's why you can't fail to just buy, hold, and sell.

[@chrisprophet9699]

Is it true that its only valid for you to declare anyting if you’ve made over the £3000 gain threshold. Anything less than that and you’re good?

[@bobbythemodful]

This is my exact question. Do you still need to show the workings out that you’ve not gone over the £3000 threshold? 🤷🏻‍♂️

[@Kmay1950]

Yes, that's correct. If your capital gain is under the 3k limit, then you don't need to declare it to hmrc.

[@jackscicluna3324]

Does converting Bitcoin to ethereum a capital tax event even if you make no profit ?

[@lovebadger]

It's an event and will either be a loss or a gain, I can't imagine it will be at exactly the same price you bought

[@lubo8767]

Crypto tax step 1: Leave UK and live in Dubai.

[@Anewdawn-f9t]

Thanks mate

[@LeonCoyne]

Cayman Islands bank account 😉

[@fergotronix]

Put 40% aside then😄