UK Crypto Tax [2024]: Watch This BEFORE You Do Your Taxes!

[@CoinTracking]

💙 Try CoinTracking for free: cointracking.info/?aa=550 🔗 Stay Connected With Us. 🐦 Twitter bit.ly/Twitter-CoinTracking 📸 Instagram bit.ly/CoinTracking-Instagram 💻 Discord bit.ly/CoinTracking-Discord 👥 Facebook bit.ly/Facebook-CoinTracking

[@sissano1]

Capital gains is now 3000 gdp

[@CoinTracking]

Thanks for the correction!

[@floridahummer]

i thought that figure was high.

[@Zorta58nb]

I wanted to start buying crypto in the future but I'm terrible at this tax thing. Am I correct in thinking that if you purchase £20,000 in crypto, you have to pay a maximum of 24% on whatever profit you make? For example, if you buy £30,000 of crypto and you sell at £32,000, you would pay a tax on the 2 grand you earned? So if the tax were 24%, you'd have £31,520 affer you paid the tax. Is that correct?

[@CoinTracking]

Hey! Thanks for the question. In simple terms, yes you're right. However, if you only had that trade, you wouldn't pay taxes since you don't cross the yearly capital gains tax allowance of £3K for 24/25. Nevertheless, you can do that type of calculation to have a rough estimation of taxes. Please find more info in our UK crypto tax guide: cointracking.info/crypto-taxes-uk/

[@Zorta58nb]

@CoinTracking great. Thanks for your reply.

[@ijustwanttoaskaquestion106]

The CGT rates changed on October 30th 2024, mid way through the tax year, that will make filling in the tax form tricky won't it? Does CoinTracking software allow for these changes or do we need to buy 2 reports for 2024/2025?

[@CoinTracking]

You're right, we're starting to implementing this internally so it's easier for users. In either case, please know that we do not charge based on generated tax reports, so if you need to two reports because of these changes, the cost will be the same (based on the membership you're under). Hope that clarifies it!

[@futspychatshit9718]

What if i was "hacked" and the hacker moved everything to a non kyc exchange?

[@CoinTracking]

I see what you did there...

[@Kirkscrustykippers]

If you dont make 3k profit do you still have to report everything to hmrc

[@CoinTracking]

Hi, thanks for watching! You don't have to pay taxes over £3K in capital gains from crypto (24/25). Please consult with a professional since we are not aware of your full personal situation and cannot provide tax advice.

[@Ryan-cc1me]

How can you say £6,000 everyone knows its £3,000 get your facts right before posting

[@CoinTracking]

Hi there! Thanks for the comment, fully noted on our part!

[@umaminadeentusiasmo]

@@CoinTracking and it isn't 2024.Don't we know that it's either 2023/24, or 2024/25?

[@pid880]

Thanks 😊

[@CoinTracking]

Thank you for watching :)

[@stephanharhots1630]

BS

[@CoinTracking]

What exactly?

[@benako6779]

£3000 not £6000 and they want to do £0 allowance

[@thebill8891]

😱😱😱😱😱

[@CoinTracking]

Thanks for catching that!

[@benako6779]

@@thebill8891 Yes, they want to do £0 CGT allowance. You will own nothing and be happy