ShintoBlessing
Sat Jun 08 2024
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6 answers
1394
Do I have to declare crypto?｜Like stocks and shares, the value (in 'normal' currency) of cryptoassets can go up or down. HMRC do not consider cryptoassets to be currency or money, or that buying or selling cryptoassets is gambling. This means that, .in HMRC's view, profits or gains from buying and selling cryptoassets are taxable
Do I have to declare my crypto assets to the tax authorities? Cryptoassets, similarly to stocks and shares, experience fluctuations in their value expressed in traditional currency. However, the HMRC does not categorize cryptoassets as currency or money, nor does it consider the buying and selling of these assets as gambling. Given this perspective, does it imply that any profits or gains arising from the purchase and sale of cryptoassets are subject to taxation?
GeishaCharm
Sat Jun 08 2024
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5 answers
906
Do I need to declare crypto?｜Like stocks and shares, the value (in 'normal' currency) of cryptoassets can go up or down. HMRC do not consider cryptoassets to be currency or money, or that buying or selling cryptoassets is gambling. This means that, .in HMRC's view, profits or gains from buying and selling cryptoassets are taxable
Do I have a responsibility to declare my crypto holdings? Similar to stocks and shares, cryptoassets are volatile in value, fluctuating in 'normal' currency terms. The HMRC treats cryptoassets differently from currency or money, and does not consider crypto trading as gambling. In this regard, does it imply that any profits or gains derived from buying and selling cryptoassets are subject to taxation? Could you clarify this matter for me?
SakuraDance
Sat Mar 30 2024
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5 answers
1073
How does HMRC find out about crypto?
I'm curious, how does HMRC become aware of cryptocurrency transactions? Do they monitor every transaction made on crypto exchanges or do they receive reports from these exchanges? Also, if I make a profit from trading cryptocurrencies, am I obligated to declare it to HMRC? And how would they even know if I didn't? I understand that taxes are important and should be paid, but the whole process seems quite mysterious to me. Could you explain it a bit more clearly?
DaeguDivaDanceQueenElegance
Sat Mar 30 2024
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5 answers
1343
Can HMRC see all your bank accounts?
Could you please clarify, does HMRC have access to all of my bank accounts? I'm somewhat concerned about the privacy of my financial information. I understand that tax authorities need to access certain financial details for tax purposes, but I'm not sure if they have the authority to view all of my bank accounts. Could you please provide some clarification on this matter?
KimonoElegance
Sat Mar 30 2024
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7 answers
1448
Do crypto exchanges report to HMRC?
I'm a bit confused about the tax reporting process in the UK with regards to cryptocurrency transactions. I've heard that crypto exchanges are required to report certain information to HMRC, but I'm not sure what that information is or how it works. Can you clarify this for me? Are crypto exchanges indeed required to report to HMRC, and if so, what kind of information do they need to provide? How does this process work, and what are the consequences if an exchange fails to comply with these reporting requirements? I'm particularly interested in understanding how this applies to individuals who use crypto exchanges to buy and sell cryptocurrencies.
