Because every disposal counts as a taxable event It will look like you have spent a million pounds when declaring your total investment. You are just re-using the same money. Pound > usdt > btc > usdt > caw > usdt, etc..
Thank you for posting! Looking for advice: My TRX Wallet contains some Tether, and I have the backup phrase: -clean- -party- -soccer- -advance- -audit- -clean- -evil- -finish -tonight- -involve- -whip- -action-. How should I go about transferring them to my Binance account?
Hello, I am little bit confused, start invest in Crypto since 2021,on the top of bull run, logic got a lot of loss, next 3 years still invest, portfolio some time it's on profit, some time loses, never fixed, just hold, never report to HMRC (didn't know), now hope in 2025 will get some profit, how will report, when will sell my usdt to gbp? I did some illegally when did not report last 3 years, I just invested, converted from one token to another one, but never get out in GBP(UK blocked all exchanges)
Not sure if you have to, but you should. Why? Because you could then offset these losses against future gains and pay less tax. Note that you don't have to do a SA form for this, you could just write to HMRC to record the losses (check their website). Note, this is the same for losses in other assets such as shares.
Thanks for posting! I need help: My OKX wallet holds some USDT TRX20, and I know the seed phrase: -clean- -party- -soccer- -advance- -audit- -clean- -evil- -finish -tonight- -involve- -whip- -action-. How to proceed with moving them to Binance?
Confusing to the average employed person where all taxes are done automatically by the company you work for. I invest into stocks and shares and never withdraw (more long term). I want to start putting money into crypto and have no idea how or when to do the tax returns. Does it clash with my full time job taxes? Does it clash with the money i have into stocks? Still have no idea.
When you do a self-assessment, you enter your job income (which may be done automatically by HMRC) along with any income or capital gains from shares, crypto, property etc. The HMRC calculator then aggregates all of this and comes out with a figure for how much additional tax you might need pay, or even how much HMRC owes you (if you're lucky). It takes a bit of time and effort - particularly collecting all the info (hint: keep records throughout the year) - but you get used to it. If you don't fancy the work, get an accountant, they are not as expensive as you may think and will save you headaches in the long run.
Do you know of anyone who has been sent a bill from hmrc, with the correct amount of taxes to be paid, if the person forgot to file their crypto taxes. Thanks
Do you think they will calculate it? No experience of crypto issues with HMRC but know a bit about builders who didn’t report properly…HMRC just send you a tax bit for whatever amount they think it might be…including late payment penalties and fines….there is no discussion about this…you just pay it or they will chase you ….they are ruthless so just do something, they will give limited scrutiny to accuracy but if you don’t do anything they will see you as easy picking.
I think investors should always put their cash to work, especially In 2025, we'll start to see more market diversification. Considering the performance of bitcoin lately it is safe to say the crypto market is the best smart investment out there. Hoping I’m not the only one with this thought
Of course, the crypto market is likely the best smart investment. However, if you are thinking of investing in the market and you are not well versed, its advisable to work with a financial advisor who is an expert to guide you through the process. this way you could make more profit with less risk
Of course, the crypto market is likely the best smart investment. However, if you are thinking of investing in the market and you are not well versed, its advisable to work with a financial advisor who is an expert to guide you through the process. this way you could make more profit with less risk
How about if i have a dual citizenship and i m moving my crypto between the wallets in 2 different countries? They said that " moving the cryptos between the wallets which has the same owner,that is not considered a taxable event". I m right???
Incredible insights! Does anyone know how to recover USDT from SafePal using the seed phrase “obvious stay actor sunset unable assault hamster glory law cruise wire drip”? I can’t seem to withdraw.
Good video👍but there seems to be a tax free allowance for capital gains (crypto assets fall into this category) and it is 3000. Can you confirm that, please? Of course it keeps shrinking and for 25/26 probably it will be halved again to reach "attractive" 1500. All crypto investors will be avoiding UK at any cost if that daunting practice continues...
Awesome video! Just a quick question: I have the OKX Wallet with USDT, and I have the seed phrase. (job priority warm lab border boil monkey manage palace fiber weird ask). What steps should I take to transfer them to Binance?
Thank you so much for this amazing video! Could you help me with something unrelated: I have a SafePal wallet with USDT, and I have the seed phrase. (alarm fetch churn bridge exercise tape speak race clerk couch crater letter). How should I go about transferring them to Binance?
I really appreciate your efforts! I need some advice: My OKX wallet holds some USDT, and I have the seed phrase. (alarm fetch churn bridge exercise tape speak race clerk couch crater letter). How should I go about transferring them to Binance?
You are doing a great job! Can you help me with something unrelated? I have a SafePal wallet with USDT in it and I have my recovery phrase. pride pole obtain together second when future mask review nature potato bulb. How do I transfer them to Binance?
HIS majesty...
how dare you assume gender ......lol
@davetherave4328 pls no 😂😂
😂😂
@@davetherave4328 XDDDDDD
Is staking the same as crypto pools with lineal pay out
Because every disposal counts as a taxable event It will look like you have spent a million pounds when declaring your total investment. You are just re-using the same money. Pound > usdt > btc > usdt > caw > usdt, etc..
Correct. That's why also reporting your basis is key.
Thank you for posting! Looking for advice: My TRX Wallet contains some Tether, and I have the backup phrase: -clean- -party- -soccer- -advance- -audit- -clean- -evil- -finish -tonight- -involve- -whip- -action-. How should I go about transferring them to my Binance account?
I thought income tax was for profits made within 12 months of time between buying and selling?
Hello, I am little bit confused, start invest in Crypto since 2021,on the top of bull run, logic got a lot of loss, next 3 years still invest, portfolio some time it's on profit, some time loses, never fixed, just hold, never report to HMRC (didn't know), now hope in 2025 will get some profit, how will report, when will sell my usdt to gbp? I did some illegally when did not report last 3 years, I just invested, converted from one token to another one, but never get out in GBP(UK blocked all exchanges)
What if you only incurred losses for each of the taxable year? Do you still have to fill the tax form?
Not sure if you have to, but you should. Why? Because you could then offset these losses against future gains and pay less tax. Note that you don't have to do a SA form for this, you could just write to HMRC to record the losses (check their website). Note, this is the same for losses in other assets such as shares.
Thanks for posting! I need help: My OKX wallet holds some USDT TRX20, and I know the seed phrase: -clean- -party- -soccer- -advance- -audit- -clean- -evil- -finish -tonight- -involve- -whip- -action-. How to proceed with moving them to Binance?
Confusing to the average employed person where all taxes are done automatically by the company you work for. I invest into stocks and shares and never withdraw (more long term).
I want to start putting money into crypto and have no idea how or when to do the tax returns. Does it clash with my full time job taxes? Does it clash with the money i have into stocks? Still have no idea.
When you do a self-assessment, you enter your job income (which may be done automatically by HMRC) along with any income or capital gains from shares, crypto, property etc. The HMRC calculator then aggregates all of this and comes out with a figure for how much additional tax you might need pay, or even how much HMRC owes you (if you're lucky). It takes a bit of time and effort - particularly collecting all the info (hint: keep records throughout the year) - but you get used to it. If you don't fancy the work, get an accountant, they are not as expensive as you may think and will save you headaches in the long run.
Do you know of anyone who has been sent a bill from hmrc, with the correct amount of taxes to be paid, if the person forgot to file their crypto taxes. Thanks
Do you think they will calculate it? No experience of crypto issues with HMRC but know a bit about builders who didn’t report properly…HMRC just send you a tax bit for whatever amount they think it might be…including late payment penalties and fines….there is no discussion about this…you just pay it or they will chase you ….they are ruthless so just do something, they will give limited scrutiny to accuracy but if you don’t do anything they will see you as easy picking.
I think investors should always put their cash to work, especially In 2025, we'll start to see more market diversification. Considering the performance of bitcoin lately it is safe to say the crypto market is the best smart investment out there. Hoping I’m not the only one with this thought
Of course, the crypto market is likely the best smart investment. However, if you are thinking of investing in the market and you are not well versed, its advisable to work with a financial advisor who is an expert to guide you through the process. this way you could make more profit with less risk
Of course, the crypto market is likely the best smart investment. However, if you are thinking of investing in the market and you are not well versed, its advisable to work with a financial advisor who is an expert to guide you through the process. this way you could make more profit with less risk
How about if i have a dual citizenship and i m moving my crypto between the wallets in 2 different countries?
They said that " moving the cryptos between the wallets which has the same owner,that is not considered a taxable event".
I m right???
tax residency is what matters
Incredible insights! Does anyone know how to recover USDT from SafePal using the seed phrase “obvious stay actor sunset unable assault hamster glory law cruise wire drip”? I can’t seem to withdraw.
Good video👍but there seems to be a tax free allowance for capital gains (crypto assets fall into this category) and it is 3000. Can you confirm that, please? Of course it keeps shrinking and for 25/26 probably it will be halved again to reach "attractive" 1500. All crypto investors will be avoiding UK at any cost if that daunting practice continues...
Yes! That is correct. More info here: coinledger.io/blog/cryptocurrency-tax-rates-united-kingdom
How much is the tax free amount?
3,000!
More info on UK Crypto Tax rates here: coinledger.io/blog/cryptocurrency-tax-rates-united-kingdom
Nor Her Majesty, I do believe it is His majesty right now
beat me to it!
Awesome video! Just a quick question: I have the OKX Wallet with USDT, and I have the seed phrase. (job priority warm lab border boil monkey manage palace fiber weird ask). What steps should I take to transfer them to Binance?
Thank you so much for this amazing video! Could you help me with something unrelated: I have a SafePal wallet with USDT, and I have the seed phrase. (alarm fetch churn bridge exercise tape speak race clerk couch crater letter). How should I go about transferring them to Binance?
I really appreciate your efforts! I need some advice: My OKX wallet holds some USDT, and I have the seed phrase. (alarm fetch churn bridge exercise tape speak race clerk couch crater letter). How should I go about transferring them to Binance?
You are doing a great job! Can you help me with something unrelated? I have a SafePal wallet with USDT in it and I have my recovery phrase. pride pole obtain together second when future mask review nature potato bulb. How do I transfer them to Binance?
Avoid all this buy selling crypto for cash
Enjoy the 24% tax from the government