Accountant's Guide: CRYPTO TAXES Explained for Beginners (UK)
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- čas přidán 8. 06. 2024
- In this video I talk about UK crypto taxes on crypto assets, this includes the taxation of crypto currency i.e. Bitcoin and Ethereum. Specifically, I cover:
- Capital gains tax and income tax rules and rates on crypto investing, crypto mining and crypto staking
- Disposal events for capital gains tax
- How a disposal of crypto currency would be taxed
- How to report crypto gains on self assessment tax return
- Pooling rules on fungible tokens
- How to pay less tax on crypto - inter spouse transfer, allowable costs and capital losses
TIMESTAMPS:
00:00 - Intro
01:00 - What are crypto assets
01:20 - Which taxes apply
03:20 - Capital Gains Tax
06:29 - How to pay less tax
WHO AM I:
I'm Kiran, a qualified Accountant and experienced tax professional living in the UK. I make videos about finance, tax and investing.
MY FILMING GEAR:
Camera - amzn.to/3FxPlad
Microphone - amzn.to/3RP1GOu
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DISCLAIMER:
This content, and the ideas presented in it, are for education and entertainment purposes only. Kiran does not provide tax or investment advice. The information presented does not consider the financial circumstances of any investor, and therefore may not be suitable for all investors.
Although Kiran is an Accountant, no Accountant-Client relationship is established with the viewer in any way.
As an Amazon Associate I earn from qualifying purchases. The product links in the description are affiliate links. This means if you choose to buy something through one of these links, I may receive a commission on the sale, but it makes no difference to you as a buyer.
What is the best strategy to enter crypto trading now for someone with more or less than $5k
You need a pro or very goodTrader. Someone like Stephany Reuben
Almost gave up due to constant losses, but Steph turned my luck around
I went from 20k to 195k with Steph. Thanks to that i paid off my debts
Leveraging market changes is a remarkable talent Stephany has
know how to reach her?
I value your perspective and content.Bitcoin is on its way to breaking records, getting closer to hitting new high prices, showing that it's gaining more value and could go even higher than we've seen before. This could mean great things for people looking to invest, suggesting now might be a good time to get involved before it jumps even higher. It's an exciting moment that could change the game in general...managed to grow a decent 11.4Biitcoin. At the heart of this evolution is Whitney Eston , whose deep understanding of both cryptocurrency and traditional trading has been instrumental. Her holistic approach to investment and commitment to staying abreast of market trends make her an invaluable ally in navigating this new era in cryptocurrency investment..
She's mostly interacts on Telegrams, using the user-name...
@WhitneyEston
I agree that there are strategies that could be put in place for solid gains regardless of economy or market condition, but such executions are usually carried out by investment experts or advisors with experience…
Building a good investment portfolio is more complex so I would recommend you seek Whitney support. This way you can get strategies designed to address your unique long/short-term goals and financial dreams.
The market's top signal provider. Highly knowledgeable and level-headed..
Absolutely sick to the back of my teeth with the taxes and rules / regs in this country. It really is time to pack my bags, i've been avoiding the decision for far too long.
Get out of the UK. The biggest joke is inheritance tax
Just keep paying taxes after taxes even on air pollution and gas which is nothing to do with small car owners. Modern days slavery we are living in
Next taxes would be on certain numbers of farts 💨 allowed or you have to pay tax for air pollution to hmrc
@@knowledgeseeker5499 don't give them ideas!
@@knowledgeseeker5499 don't give them ideas!
Investing in cryptocurrency offers the potential for high returns and diversification in a rapidly evolving financial landscape.
The rapid innovation and growth in the crypto space make it an exciting area for investment. Just be sure to stay informed and manage risks, as the market can be highly volatile.
While the potential for high returns is appealing, it's crucial to do thorough research and stay updated on market trends. Working with an adviser while Balancing risk with informed decision-making can help navigate the volatility of the crypto market effectively.
how can I participate in this? I sincerely aspire to establish a secure financlal future and am eager to participate. Who is the driving force behind your success??
Angela Lynn Schilling is the licensed fiduciary I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment..
I just googled her and I'm really impressed with her credentials; I reached out to her since l need all the assistance l can get. I just scheduled a caII.
As always we take on all the risk, but HMRC wants a chunk of any profits 😂
They don't deserve a penny.
@@brubakerman8717 they deserve jail for theft
Exactly and if we were banks/a bank, we'd get bailed out if we failed but instead, as individual taxpayers, we pay for the bailout. Great isn't it.
sadly the people are still slaves to this scam system that makes the rich richer and the poor poorer, hopefully they will wake up and speak about their damn life
Blame the lockdowns everyone so willingly supported back in 2020/21. Government paid out huge amounts and now it wants it's money back. Use to get £12,500 tax free a year and now down to £3000. This is because of the lockdowns.
Income tax, national insurance, council tax, value added tax (VAT) on everything we buy, road tax, fuel duty, inheritance tax. Sick to the bone of this country's taxation 🤮 we give more than half of what we earn in taxes. Disgusting!
Absolutely.
Most people loose money on crypto, so HMRC will actually loose money on crypto taxation.
@@hpopov How HMRC loose money on crypto taxation? You taking all the risk when investing in crypto. If you lose money, HMRC don't care, but if you will make profit, then you need to pay sick taxes.
Yet they print amd debase our money whenever they see fit! Absolute extortion! We need a revolution
I think I will need to move to Dubai to many tax’s rules
I am not paying TAX on my crypto. My money ,my risk. I rather go to prison.
De register from the gov , get rid of birth certificate and remove yourself from it. Not lawful its legal two completely different things
Good luck to you.
Same here
@@rollerballrico joker government wants to ban crypto but wants the share of profit from it what an irony.
You would rather lose your liberty than pay 20% tax on your gains? Bit extreme in my opinion. Time is worth more than any money.
You can swerve the tax if you hold bitcoin until such a time you’re able to spend it without first converting it to fiat. There is zero chance I’m paying any tax on bitcoin. The whole idea of bitcoin is to circumvent the corrupt money system.
You can easily spend it without converting it. There are multiple accounts with apps/ cards etc that do this
Err don't think so, even if you gift it there is Capital Gains tax (CGT) to pay. Directly paying for goods or services with Bitcoin will still trigger CGT ... this is UK tax at present. No escape I'm afraid.
@@ddbb6618 what about cold wallet storage?
@@ddbb6618 P2P agrees paying goods should be okay
@@ddbb6618 CUCK!!
What is the best way for someone with more or less than $8,000 to start trading cryptocurrencies right now?
You need a pro or very goodTrader. Someone like Stephany Reuben
Steph excels at capitalizing on economic shifts and I have confidence in her trades
Almost gave up trading due to constant losses, but Steph turned my luck around
Now they yield about $13000 monthly
any idea on how i can get ahold of her?
Hey, I want to start investing but I don't know where to begin. Any advice or contacts for help??
It is wise to seek professional guidance when building a strong financial portfolio due to its complexity.
Talking to an expert like Maren heule howard to reshape your portfolio is a very smart move.
Certainly!!! I diversified my $30,000 portfolio across different markets.
I made a net profit of around $97k by investing in high dividend yield stocks, ETFs, and equity.
The reality is, you cannot do it without a tried and true trader like Maren
They want to tax people on their investment gains but if you lose your investment they won’t step in and reimburse people! Absolutely bollocks, always on the take!
Can you not offset the loss against another gain elsewhere, same as other investment taxes?
why should the Government reimburse you for your investments that go wrong? Not trying to cause any argument and genuinely curious as to the logic there.
@@user-si7fj5rh5u yes if u declare a loss one year and then have a profit the next year you can offset it
@@TomsPersonalFinance because it does this when banks fail and covers customers up to 50 grand of losses. In crypto it offers zero protection.
So why would anyone pay tax for a service that doesn't exist?
@jamescrosby3431 If I invest in a stock and it goes to zero, I would never expect a penny back from the Government - that is on me.
Protection for cash is different and ensures faith in the banking system. Completely different thing.
Excellent video, but at the same time it angers the hell out of me at how evil the UK tax system is 😠!! The economy is crashing at an alarming rate, and the rising cost of living is going through the roof, yet HMRC is squeezing more and more from us regular people trying to make a living!! Absolutely sickening!
welcome in the club, cry in slience or move to dubai tax free i guess😂or use untrasable wallet😉
Thieves eh
@@prodes1249 That's a good idea.
Could try a Palau digital residency too and bank off shore but I’d honestly start thinking about emigrating or becoming a digital nomad. The UK won’t quit, not even once they’ve got you homeless, they’ll not even then be happy. It’s a criminal state but most are in denial.
@@flyhi2773 I could not agree with you more. The establishment are servants to the WEF's agenda, the population will own nothing and be happy!
I often hear people talking about the profits they make from investing in Bitcoin and Forex. As someone new to this, how can I begin?
Engaging in trading without a thorough grasp of the market is precarious and could result in depleting your account.
I will recommend Expert Rosie to you
Rosie's strategy stands out as the most effective among other experts. Many others are not dependable.
It's quite a coincidence. Rosie has also been overseeing my trades, and her strategies are truly remarkable.
Please how can i reach Rosie directly?
Even HMRC don't know much about Crypto and how to work out gains and there aren't many crypto accountants about because crypto has never been advertised in the UK, my friends no nothing about it....
*Know
Thats why they are leaving it up to you to work it out for them then they charge you for the privilege
hmrc are scum your capital your risk your return .. then they want the profits ...
I had problem comprehending trading in general. I tried watching other YT trading channels, but they made the concepts more complicated. I was almost giving up until when I discovered your channel. I love the way you break down the content and explain everything in detail. The videos are easy to follow
I've been making a lot of losses trying to make profit trading. I thought trading on a demo account is just like trading the real market. Can anyone help me out or at least advise me on what to do?
Trading on a demo account can definitely feel similar to the real market, but there are some differences. It's important to remember that trading involves risks and it's normal to face losses sometimes. One piece of advice is to start small and gradually increase your investments as you gain more experience and confidence. It might also be helpful to seek guidance from experienced traders or do some research on different trading strategies.
I will advice you should stop trading on your own if you keep losing.
If you can, then get a professional to trade for you I think that way your assets are more secure.
I'd recommend Sina Ano Bubb, her profit is great even when there's a dip
I frequently hear people discussing the returns they earn from investing in Bitcoin and Forex. As a beginner, how can I get started with it?
Investing without a strong understanding of the market is not prudent. I suggest consulting Expert Rosie for guidance and advice.
Sounds familiar, i have heard her name on several occasions.. and both her success stories in the wall street journal!!
My friend has been mentioning this woman Rosie to me. I'm considering giving her a try to see what she can achieve in the market.
Rosie has certainly established a strong reputation. Thanks to her strategies, I managed to purchase a comfortable apartment in the USA.
This is my second year trading bitcoin and all i can say is Rosie Harley strategy changed my life completely.
I usually look up your videos for updates! Our government has no idea how people are suffering these days. I feel for people with disabilities not getting the help they deserve.
Crypto Bull run is making waves everywhere and I have no idea on how it works. What is the best step to get started please?
Wow, that's more than a mouthful of profits you're making. How do you achieve this feat consistently? You must be a genius in trading.
Have you not heard of Mrs. Lauren Hopkins?
She has this skill of making complex crypto concepts easy to understand and is truly commendable.
Thank you mrs Lauren Hopkins, imagine investing $12,000 and received $305,500.
Never pay crypto tax
"Patterns in financial markets tend to repeat themselves over time. Artur Grandi's book offers valuable insights into stabilizing investments and highlights potential investment opportunities, including within the cryptocurrency market
Thank you for your videos mate.. . Crypto education is what the world needs the most right now. I don’t think that buy and hold is a valid investment strategy anymore. Not too diluted and to a degree, follows Whitney’s trading ideas and signal tips for your portfolio growth and aggressiveness. He is a man who has not only taught me what the cryptocurrency trading world looks like but a secret to uplift my finance. Buying crypto and waiting for the price to shoot up is not the best way to invest in the market but buying and trading is. Craig Reeder trade signal does the heavy lifting, generating competitive returns for crypto traders and investors in the form of money and peace of mind. Time in the market vs. timing the market. If you keep that mentality as an investor, you will stay calm during the storm! Within some months I was making a lot more money and have continued on that same path...
He's mostly on Telegrams, using the user name.
CraigReeder
Thanks for keeping it light and real at the same time. hodlers like us really need him in times like these
The internet is filled with so many useful information about Craig Reeder...
Best signal provider in the market. Knowledgeable, level headed (no loss like some other traders who recently jumped on the bandwagon).
As the price of Bitcoin and other crypto is unstable and likely to decrease more I think the best investment one can do is investing on Forex trading and crypto trading, I’m saying this because ever since I started trading I have seen a significant difference.
Best way is to diversify your investments and a good trading system would yield massive profits.
@Albertoforsure I have been thinking of moving into crypto and Forex tradin can you please help me trade?
Investing in crypto is the best way to make money in the market. Avoid hodl crypto!Invest with a pro-trader instead
Smith jones is a key trading strategist with one of the best copy trading portfolios and also very active in Forex trading space.
Smith jones trade
Financial planning is like navigation. If you know where you are and where you want to go, navigation isn't such a great problem. It's when you don't know the two points that it's difficult
People dont understand that the prices of things are never going back down. This inflation is deeper than we think. Those buying groceries are well aware that the real inflation is much over 10%. The increments dont match our income, yet certain investors still earn over $365,000 in stocks and assets. Wish I could accomplish that.
Very possible! especially at this moment. Profits can be made in many different ways, but such intricate transactions should only be handled by seasoned market professionals.
Some persons think inves'tin is all about buying stocks; I think going into the stock market without a good experience is a big risk, that's why I'm lucky to have seen someone like mr Brian.
Finding yourself a good broker is as same as finding a good wife, which you go less stress, you get just enough with so much little effort at things
Brian demonstrates an excellent understanding of market trends, making well informed decisions that leads to consistent profit
Thank you 🙏, I’ve been looking for ages for info about this ❤️
Glad it was helpful!
I found the video interesting. Can you provide tips on achieving profitability in Bitcoin or Forex investments? I've been facing ongoing losses in my account.
Investing without a thorough understanding of the market is not recommended. I suggest consulting with Expert Rosie for guidance.
Rosie's strategy stands out as the most effective among other experts. Many others are not dependable.
It's quite a coincidence. Rosie has also been overseeing my trades, and her strategies are truly remarkable.
When someone is direct and proficient in their work, others will always advocate for them. In my opinion, I would recommend giving expert Rosie Harley a chance, and you'll be glad you did.
Rosie has certainly established a strong reputation. Thanks to her strategies, I managed to purchase a comfortable apartment in the USA.
As it is now I think the best investment one can do is investing on Forex trading and crypto trading, I’m saying this because ever since I started trading I have seen a significant difference.
Best way is to diversify your investments and a good trading system would yield massive profits.
@Albertoforsure I have been thinking of moving into crypto and Forex tradin can you please help me trade?
As a beginner, is essential you seek guidance of a well experienced broker to monitor your trades
I first heard about Smith Jones' excellent trading experience on CNBC news.
The first time we tried it, we invested $3500 and after a week we received $19650. That really helped us a lot to pay our bills.
Awesome job you've done with this video. Simple and easy to understand. Thank you.
Appreciate this. Thanks so much!
Very well explained! Awesome
Glad it was helpful!
I watch your videos and they are really helpful for day to day, finance Management.
Glad you like them!
Taxes are only payable when the crypto has been transferred back to hard currency. Also, if taxes are paid on profits, then losses should also be included in working out profit & loss accounts. You can also claim for equipment costs used for trading. Electricity fees, phone costs etc.
Wrong wrong wrong. Say u buy btc with fiat gbp and later convert to usdt. That becomes a taxable event. Even swapping some btc say for Solana, u calculate the gbp equivalent of the trade, work out your profit or loss and then start a new "pool" for the solana. Despite what she said in the video u can only offset realised losses against realised profits. If u bought btc at 40k and at tax tear end it's 30k you can't use that loss unless u sell.
@ineedtowin If I do that on a dex... how they tracking it?
While I knew a majority of what you covered, it was small nuggets of info I found dotted about or picked up here and there. I have never found a full comprehensive video like this so cudo's to you! I'll be passing this on to friends when they start quizzing me on the new Safemoon ha.
I’ve been making a lot of losses trying to make profit trading. I thought trading on a demo account is just like trading the real market. Can anyone help me out or at least advise me on what to do?
I will advice you should stop trading on your own if you keep losing.
If you can, then get a professional to trade for you I think that way your assets are more secure.
I’d recommend Trisha Davis, her profit is great even when there’s a dip
you dont need to be shocked haha because i'm also a huge beneficiary of her
I've seen a lot of positive reviews about this professional, she must be exceptional for people to talk about her goodness
Thanks Kiran. I assume its ok to offset cost of hardware wallets etc and also cost of your purchase fees as well as selling fees?
Excellent video. Very clearly explained
The UK government doesn't deserve our hard earned money... 🤷
Very helpful and in line with what I have seen elsewhere. Thank you
Glad it was helpful!
great breakdown, thank you!
Thank you Kiran, i am new to Crypto world, therefore this video is really useful. Just subscribed to your channel. Looking forward for the next one. Thank you again.
Glad it was helpful!
Lately i got interested in crypto but has no idea on how to go about it. How does it work please..
As a beginner, it's essential for you to have a mentor to keep you accountable. I'm guided by Stacey Macken a widely known crypto consultant
I am surprised that this name is being mentioned here, I stumbled upon some of her clients testimonies on CNBC news last week..
What impresses me most about Stacey Macken is how well she explains basic concept of winning before actually letting you use her trade signals. This goes a long way to ensure winning trades.
Her technical analysis is excellent and hid interpretation/projections of the market is so accurate I sometimes ask myself if she is human haha. Point is, Stacey is the perfect trader to follow for advise and daily signals.
Her stop calls have saved me from potential losses more times than I can count. Macken's risk management strategies are truly effective
Another Excellent Video !!! Thank you !!!
Thank you, I'm glad it was useful
Useful, thank you Kiran.
Interesting and topical video!
Glad you think so!
What about tax on swapping tokens etc?
Ive been holding for years and have been rekt in crypto cycles...cant pay tax if you dont make profit
Wait till they introduce unrealised capital gains, IE if your asset goes up, they want you to pay on the increase in value, irrespective of whether you sold it or not.
Question: firstly, thank you for a great video. My question is probably out the norm. I had a rather nasty car accident that has left me with life changing injuries. I am currently been paid by means of disability as I'm physically unable to work. The crypto I purchased when I received my payout will eventually be sold , does this put me in the 10% cgt bracket? Of something else?
Excellent video.
Just plain theft.
Never sell your BTC, no TAX event if you don't sell it. Use it as collateral to borrow against, a la Michael Saylor?
Who in the UK will let you borrow against BTC? Genuine question? I cant see Nationwide for example giving you a mortgage because you hold 10 ETH.
@@robertgemmell1485 Maybe it's not possible at the moment but as Bitcoin becomes more mainstream and legititimised by tradfi, perhaps soon? Or perhaps I've been listening to Michael Saylor too much.
@@robertgemmell1485will happen pretty soon. They will put this into motion.
Only applies to big dogs, who own millions worth of dollars / pounds.
very good to learn the currency future
Great video Kiran, are yhere any systems or digital tools that work it all out for you? I buy coins on a monthly basis, havent sold any yet, but would be great to plug and play a tax tool that does it all for you
Nice video, trading comes with a lot of benefits And I have just bought my first house through it
As a beginner I was scared of loosing my savings but I’m glad I took the bold step that is now favoring me.
Inspiring! do you think you can give me some advice on how to invest in a healthy way as you are doing?
Okay but is not luck, is all about having good investment plans most of all trading with a trust worthy expert, watching professional trading videos and most especially connecting with the right person
The digital world is full of unreal people, I met some of them during my success journey. I felt same way when I started especially when you use demo account you might be winning but when you put in real money you start losing, I understand and I pass through it all. I’m very happy I’m profiting now.
I can relate to all you said because I am facing similar thing right now. Congratulations I wish you more success.
Hey how good are your earnings I will like to get some insights into trading thank you.
Currently i can attest to the fact that I make $19,600 weekly through trading which is more better then my monthly salary job. trading becomes my passive income.
It's not about being educated but it's about seeking for the help of a professional broker
Totally had enough of this country. It taxes us into oblivion. I’m setting up a free zone Crypto trading company in Dubai and staying outside of the UK for the required 6 months. Gets you an Emirates ID and bank account to trade from. Transfer your tax residency to Dubai. 0% Personal Income tax/Capital gains tax. Minimum 90 day stay there to be legal. Renting an Airbnb for the duration in Dubai then 3 months in the Philippines. HMRC can stick it where the sun don’t shine.
If you come back to UK within 5 years with the profit the CGT still needs to be paid.
@@anthb3377 I should have mentioned I won’t be coming back other than short visits to family. Appreciate the point made cheers
@@anthb3377 lol why would you return to this shit pit
@@user-ch8ku6qe3x good question haha
Portugal is also tax free for crypto and a bit closer to home. And you don't risk getting beheaded for puffing on a blunt.
I will listen to your advice tomorrow
Great video thankyou. If you are a lower rate tax payer is it always 10% upto any amount? Even if your gains are say 100k? Or does it go up?
a question , i'v been in crypto since 2017 hmrc only took an interest in this market in 2021 so do i assume correctly i would be liable for back taxes and maybe penalties reaching back to 2017,i have prepared my self assessment and shall be honest with hmrc .... but yet again it's the rich and the powers that be that don't won't the working class to become wealthy as they will lose a section of society who won't wipe there backsides anymore.
You will potentially owe taxes for any crypto to crypto transactions that resulted in a gain. You do have 12k CGT annual allowance from 2017 to 2023. 6k allowance from 23/24 and 3k allowance from 2024 onwards. You may not owe anything if it falls under your allowance
thanks for the reply i know all of the above i just felt the need to make a statement , you forgot to mention that btc is now classed as an asset the same as stock and shares and it's conception was never intended for that purpose only peer to peer to cut out the greedy middle man/woman . sorry if i have offended you anyone else on this stream.
@@jstubbs8016 all good bro, no offence taken and no need to apologise..from what I remember HMRC published their first crypto tax guidelines in Jan 2018 and expect everyone to comply regardless of date you first got involved. They currently have a reporting amnesty where they will reduce penalties for people who self report anything owed
@@jstubbs8016Exactly. The philosophy behind bitcoin means that it’s morally exempt from taxation
@jstubbs8016 - I agree with you 100%. Since the pandemic, the wealthy is on a mission to destroy the middle class and amass ridiculous amount of wealth from the masses for which they have achieved record profits! Remember one of their absolute goals by 2030 is for the population to own nothing and be happy!
dont trade dont swap just hold, and ledger in the future easy money. no tax at all
hey your comment caught my eye...what do you mean by "ledger in the future"?
Great video - thank you!
Thanks for watching!
Great video, clear and concise just subbed. quick question, if I've held these tokens for "over" a year does this reduce the amount of cgt I pay? or is that a U,S rule?
Thanks for subbing! I'm not aware of this rule in the UK
@@KiranKaurFinance ok thank you for the reply.
I'm favoured, $35k every week! I can now give back to the locals in my community and also support God's work and the church. God bless America..
That's awesome, which source/platform did you use to earn such huge sum of money?
As I know it's possible, I'd appreciate it if you showed me how to do it.
Mrs Annabelle Hartfield service made me who I am today and God is the master planner
I know I’m blessed if not I wouldn't have met someone who is as spectacular as Mrs Annabelle Hartfield
So you guys know her too?...
She made my husband and I have our own house and car.
She’s very good! 👌
I will be forever grateful to you, you changed my entire life and I will continue to preach on your behalf for the whole world to hear you saved me from huge financial debt with just a small investment, thank you Kimberly Smith.
Wow. I'm a bit perplexed seeing her been mentioned here also Didn’t know she has been good to so many people too this is wonderful, I'm in my fifth trade with her and it has been super.
I'm new at this, please how can I reach her?
she's mostly on Telegrams, with the user name.
Ksmith6 💯
Mrs Kimberly Smith was my hope during the 'bear summer' last year. I did so many mistakes but also learned so much from it, and of course from Kimberly Smith.
Thanks kiran kaur for the info, QUESTION, If your basic rate tax payer and your gains take you above that to the higher tax bracket would the CGT rate increase too? Many thanks
Very good informational video 👍🏼
Good luck on getting the tax from all those miners years ago when it was profitable and people had multiple graphics cards running in a mini rigs. I know some people made a LOT.
They will owe income tax and NI so worse off than paying CGT
Could they do any crypto mining or just for their coins?
Get it into a decentralized wallet while they are low and leave them there until you open an account in a tax haven stay out the country just over 6 months and your not classed as tax resident
Great Video Kiran, lots of useful information in this one!
Thought you were in the trenches with us until you used Litecoin as the example!
Hi Kiran, good video but the only question I need answered is if the transaction of staking and unstaking is a taxable event ? I'm not talking about the rewards as I know that they are deemed income so income tax not CGT. When you stake and unstake you dispose and receive your tokens back but they are still yours so it's a grey area. Anyone with major funds in crypto could come very unstuck if they go the wrong way. I'd appreciate your advice please. I use koinly tax accounting software for crypto and also get them to do an expert review which was extensive but I recommend this 100% as there are so many TX that need tweaking. My total amount of TX per year is in the region of 2-3000, sounds alot but with crypto swapping bridging , trading etc these things really mount up hence the expert review. Koinly left it to me to decide if it was taxable as they can't decide for you as they may have some liability
Depending on this administration is a total loss. Investing is the only way to secure your family future, grow wealth and reach your financial goals. I truly value Velma Bryson and her helpful guides.
Woah for real? I'm so excited. Velma strategy has normalised winning trades for me also. and it's a huge milestone for me looking back to how it all started.
My husband and I started so little with just $4,500 because I was skeptical about investing,but fortunately now I regret not starting big.
"She's mostly on the telegrams with her ID name Below"
*EVBFX*
that's It.
I'm excited to see the testimonies of Velma, seriously I was hoping my family and I were the only one on her service platform.
Great video, the best thing for people to do when it's time to take profit, is to speak with a reputable tax advisor cause there's not avoiding this. You have to pay taxes unless you're never gonna take profit from your investment or face prosecution, pick one.
Mr taxman? Is that you?
So many ways to avoid if you wish too.
Best thing for you to do is not give advice.
Says the taxman
Well said! @@sidonio123
Hi Kiran, is crypto assets are regulated, if so or not is it safe to invest in crypto? As usual you are great informer. Thank you🤝
What is the best way to make money from crypto investment as crypto is turning around massively.?
I think all you need is an expert assigned by a brokerage company that will trade for you and handle your capital professionally and give you weekly returns of investment without any extra fees attached
I personally employ Ms. Evelyn Turner as my t'rader. Her ability to t'rade and produce big pro:fits, in my opinion, is excellent.
Yeah that's right I think the best way is to invest with a professional, at least it saves the trauma of too much losses.
Seeing a remark regarding my manager Evelyn Turner is quite energizing. It was just like this when I first met her a few weeks ago. Having started with just 4k about 2-3 weeks ago, I have already made it to 21 k. She is very remarkable!
Goodness gracious I'm so excited seeing Ms.Evelyn Turner been mentioned here also. Didn't know she has been good to other people too, this is wonderful because I also started with a CZcams referral like this
Imagine to have a government imposing laws and regulations to take your crypto away and still hiding Satoshi Nakamoto’s real identity… That would be bonkers 😂😂
They are calling crypto a scam while collecting money on it
@@tf2368 exactly, passing laws and regulations but zero transparency to retail. Wouldn’t they need to be transparent and reveal BTC creator/s before making the tech and market participation lawful and taxable? 🤔
@@tf2368 which is the same as their central banking cartel and fiat
Thank you Kiran for the video!
You have mentioned tax on token exchange but not elaborated the subject later. Can you do it? How does it work? Thanks
Kiran, can you carry the loss forward for an indefinite period, or is it restricted to 3 years?.
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great video, thank you
Glad you liked it!
Great video and i have now subscribed. I am living outside of the UK in the EU but i am using my UK bank account for Crypto.
Do i submit the tax return in the UK or the country i am living? i guess the UK as if do make any gains i will be withdrawing them back to my UK bank account. Thanks
Nice video, explains it really well. A lot better than the HMRC website!
How does it work with carrying forward losses. If I already have some from the 23/24 tax year do I have to account for them in that year or can I use them to reduce taxable amount in the 24/25 tax year tax return instead?
Very useful information as always
Thanks for watching!
@@KiranKaurFinance you always reply will you still reply when your a millionaire
You are absolutely a pleasure to watch & listen too KAREN !!
My question is: do I need to worry if I continue staking with investments ranging from £800 to £900 and occasionally trading smaller amounts, around $50 to $200, in lower-value coins valued between $3,000 to $6,000 an anually? It's unlikely that my trades would exceed £1,700 per year. i got long game plan but I never done big trades, I'm I forced to report my trades and stakes if I'm lower the limits? i also took little pause from staking because I'm not sure atm
Very helpful thank you
Glad it was helpful!
Hello very helpful video. I have a query re CGT I wonder if you could help with :
In matching disposals to purchases using the share identification rules do earlier disposals always take precedence over later ones? Or should a later disposal be processed first in the case where a same day match applies to it? For example if we had :
25th June : Section 104 pool brought forward - 20 shares of ABC Ltd
1st July : Sell 10 shares of ABC Ltd
7th July : Buy 10 shares of ABC Ltd
7th July : Sell 10 shares of ABC Ltd
Should the 1st July disposal of 10 shares be matched against the 7th July purchase of 10 shares using the 30 day rule?
Or should the 7th July disposal of 10 shares take precedence over that (even though the 1st July disposal was earlier) and be matched against the 7th July purchase of 10 shares using the same day rule, and then the 1st July disposal of 10 shares would be matched against the Section 104 pool of 20 shares?
Many thanks
Thanks for your advice. How about if someone gives some crypto to their children aged over 18. Would the children also get the £3k tax free ?
Hey Kiran, I trade BTC/USDT Futures contracts, would this be classed as gambling as it is highly speculative in nature or is it income?
Thank you very good info.
Thank you for watching!
Thanks for the info. I made a 90k loss back in 2021, this was reported in my self assessment. Can I put that and offset my crypto gains in next years self assessment? Or has it been too long?
Hi Kiran, I have a question. When I’m selling my crypto assets for fiat currency on the exchanges am I able to claim back the fees that the exchanges charge me when I’m transferring my fiat to my UK bank account ?
Do you have to report a loss to hmrc or can you do it at a later date when you take profits
What isvthe period this covers ? 2024/2025 tax year or does this cover all the years you traded? And all the trades in all these years ? Can anyone answer this please?
Great vid, thanks!
What a bloody mess though 😳
Thanks for watching!
Brill video - this confirms what I thought previously. Great to know you can carry losses over. Thank you.
Glad it was helpful!
Good advice, 🎉
They don’t want the average person like myself and many people to make money , the system is set to keep us down, I'm so tempted to make a channel myself and unite with people like me
paid mining income tax. after year, when sold the crypto pay captions gain tax ??
If you transfer 3k to your spouse and because it's not over the annual allowance limit, they do not need to complete a tax return, is this correct?
Does this apply to selling coin A to a stable coin or is it purely when you sell the coin back to fiat and it’s in your bank account.
What about losses? Do I get refunded?
If you gain £1k by selling Coin A
But you invested in Coin B and lost £1k, would this level off the total if transacted on the same exchange?
Or do the Gov let you lose with one and its on you, but want to tax you elsewhere?
Also if it does level off, im guessing you would have to actually sell at a loss rather than it be worth the loss?
Love your explanation. Many thanks. What if you bought 100 crypto tokens (same one) at £100 (say 2 years ago), 100 at £200 and 100 at £300 at different times. Then you sell 50 of those when they are at £400? do you pay tax on the £300, £200 or £100 profit on each token?
Thank you for watching! The pooling rules would most likely apply in this scenario - see CRYPTO22200 - Cryptoassets for individuals: Capital Gains Tax: pooling
@@KiranKaurFinance Thanks again! I've never had anything worth claiming before and been PAYE so all this is new to me lol.