Cryptocurrency is a hot topic these days, and it is often the subject on everyone's lips, no matter their experience or interest in financial news. There is no escaping the impact that crypto gains have on the current market, with currencies such as Bitcoin taking over many different sectors.
However, with great power comes great responsibility, and this is something many crypto investors forget at first. Many people want to get into crypto because of the incredible profits they believe they can gain from these investments, and while this may be possible for some, there is more to it than that.
For example, like all other assets, crypto is subject to capital gains tax in the UK. Anything that generates capital gains is subject to this tax, which includes crypto gains, and this may not be something you have considered. Failing to pay the necessary income tax on your crypto gains can get you into a lot of trouble with the authorities and is something that should be handled carefully by all investors.
In this guide, we are sharing what you need to know about your crypto tax bill, as well as the legal ways that you can reduce these costs.
Is Crypto Taxed In The UK?
The first thing to understand when it comes to cryptocurrency is whether it is tax-free. Many crypto traders in the UK have no idea of the taxation of their assets, what the limits on taxable income are, and whether they need to pay these fees on their trading.
This can get you in a lot of trouble with the authorities and may make crypto trading worth less than you thought. (read more)…
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