Thanks for your video, my question to you is, could you expound further on the “could trigger a capital gains tax event”, what would that trigger look like in practice? So for example if I’m lending £10,000 worth of crypto, and no longer have “beneficial ownership”, but in a year’s time receive £30,000 worth of crypto (ignoring losses and allowances for simplification), what portion of my crypto asset would I be required to pay the capital gains tax? Would I be required to pay on the total £30k or just the £20k profits? Thanks a mil in advance by the way and love all your videos of course ❤️
@tonydCFO2 жыл бұрын
Hi Shaneil - this is a great question and not really explained by HMRC - follow me on twitter @TheCryptoTax and I will be addressing this soon :-)
@themogulshaneil2 жыл бұрын
@@tonydCFO Thanks so much :) will do
@jamiewalker87722 жыл бұрын
That is an outstanding question and articulated brilliantly. Well done. I’ve been scratching my head on that one myself
@S734L7H1 Жыл бұрын
So my friend made me buy some crypto 8 years ago and had it stored on usb - never bothered - but upon checking , the value went high as 25k and down to now 8k .....this was with a investment of 2k . So what happens with tax on that ? Next move ?
@Spartacusx-xh3tg2 жыл бұрын
Time to get a second passport.
@tonydCFO2 жыл бұрын
Fair point 👍
@MC-hr4mi2 жыл бұрын
Absolutely! "Nomad Capitalist" is a great KZbin channel.
@melomelomelody68602 жыл бұрын
Do you know whether capital gain tax for individuals is same with business investor? Can koinly also support business user?
@tonydCFO2 жыл бұрын
In the UK, Crypto rules differ between Individuals and business entities (ie - Limited Co's) - the matching (cost basis) rules are different and the latter is subject to corporation tax - Koinly can support business users as it has an option to select 's.104 pooling for businesses or individuals'
@melomelomelody68602 жыл бұрын
@@tonydCFO Thanks for your reply. 😊
@eugenmihalache43712 жыл бұрын
If im purchase nft is taxable as well as defi?
@tonydCFO2 жыл бұрын
Although HMRC have not explicitly provided guidance on NFT's (at the moment), in my view, HMRC would consider NFT's as part of the definition of Crypto they provide - so yes, I think HMRC's position would look upon NFT's as taxable.
@Fr0st1s2 жыл бұрын
Do you think accointing is a good crypto tax software?
@milosthesavage2 жыл бұрын
Based on reviews and my personal experience; I think Koinly is better.
@tonydCFO2 жыл бұрын
Hi Modestas - when choosing a Crypto tax software, my advice would be to ensure the software enables automated API connections to multiple exchanges, wallets and blockchains. And then seamlessly syncs all the data from various sources at a press of a button. So, do some of your own independent research, but I myself use Koinly as it connects to over 600+ exchanges/wallets/blockchains. I hope this helps
@alannaolteanu45492 жыл бұрын
@@milosthesavage Agreed. I've actually tried both, and koinly was more accurate (which meant less time spent going over the files), supported more exchanges, and blogs to support me when I needed it.
@milosthesavage2 жыл бұрын
@@alannaolteanu4549 The real question is; you got GAINZ or what?