🔒 Locked

Help with cryptocurrency?

Started by FrankH Mar 28, 2018 at 12:56 PM 5 replies 3k views

Original Post

Mar 28, 2018 at 12:56 PM

Hey all. Hope you're doing good Going through some old documents I finally found an old crypto wallet when I dug into mining mid 2013 (sorry... ) I'm thinking of just forgetting about the exchange rate rn and cashing out as I could really use the money (worth about £150 - less than 0.03BTC) however I was wondering if it was counted as income in the UK, as I'm going to be earning only just under the personal allowance amount here in the UK according to this tax calculator. Anyone have experience with cryptocurrencies and know what they're classed as tax-wise? Thanks!

Kylotan

Mar 28, 2018 at 1:18 PM

Yes, you are liable for Capital Gains Tax on the profit you made.

Martin_Burke

Jun 10, 2018 at 7:03 PM

As I understand it, there is no special regulation for crypto currency

Noel_Clarke

Jun 10, 2018 at 7:30 PM

Well, yes, I agree. If there are no specific limits for trading crypto-currencies and they are not prohibited, then this case will be governed solely by the profit tax. This is what I used to connect with when I was withdrawing money

RivieraKid

Jun 10, 2018 at 9:00 PM

do you self assess?

if not check https://www.gov.uk/check-if-you-need-a-tax-return/y

and the capitol gains tax free allowance is £11,700 so if you are under that then you don't have to report it, i think.

Katie

Jun 11, 2018 at 12:56 PM

My understanding is also that capgains under the personal threshold does not need to be reported if one is not doing Self Assessment. You can write to them and tell them if you want to, but in my experience any conversation with HMRC they're not expecting just confuses them more.

If you're doing SA, it needs reporting, but won't be taxed under that threshold. If you're just under the personal allowance then you won't be doing SA.

Topic Locked

This topic has been locked by a moderator. New replies are not allowed.