Is Crypto the new contracting?

[BrilloPad]

Presumably that is capital gains tax?

I am sure there is a scheme that can evade that.....

Who's suggesting not paying tax on it?

Of course one should pay tax on any investment gains whatever the vehicle - no?

I wish there was a CUK function that would put at the end of all my posts. Like the one EO had.

[Jog On]

One thing I would say about HMRC. The correct amount of tax is clearly set out and defined.

It would be funny if certain millionaire posters lost all their crypto holdings in the coming crash. Then made bankrupt by the unbudgeted tax bill.

I remember a trader at Lehman. Bought a really big place with mortgage. Secured on Lehman shares!

Ended up living with his parents.....

I don't recommend this kind of thinking. I see a lot of it on this forum - lots of bitterness and anger toward those of us who are in and helping each other make money.

Plus, envy not only makes you miserable, it also makes it harder to get ahead in your career and reach your goals, according to Forbes’ Glenn Llopis. So how can you step off the envy treadmill and enjoy your success?

https://www.inc.com/jessica-stillman...your-envy.html

Feeling envious of others and wishing them to fail could be holding you back in other areas of your life.

[BrilloPad]

Is a way round tax to use spread betting?

https://www.theguardian.com/technolo...r-bitcoin-boom

[scooterscot]

I am very skeptical about Crypto, I understand the fundamentals of the concept, but looking at the hype it seems all Tulip Mania to me, a lot of paper millionaires who are in for a shock when they come to covert into fiat and then the tax man cometh!

Don't have to. There's this place in Zurich that'll swap BTC for gold bullion.

[TheGreenBastard]

One thing I would say about HMRC. The correct amount of tax is clearly set out and defined.

It would be funny if certain millionaire posters lost all their crypto holdings in the coming crash. Then made bankrupt by the unbudgeted tax bill.

I remember a trader at Lehman. Bought a really big place with mortgage. Secured on Lehman shares!

Ended up living with his parents.....

Exchanges record personal information that makes detection trivial for BZSt (had one mate flagged by these brutes) / HMRC - if you're in the EU (inc UK for now) liquidating and moving substantial sums.

I do substantial trading via a SPV and starting this year a LEI is required - which I believe makes things even easier for these authorities across borders.

[scooterscot]

Who's suggesting not paying tax on it?

Of course one should pay tax on any investment gains whatever the vehicle - no?

Of course you should. Don't know why so many are clearly trying to advocate others are evading.

Have been paying tax in this country a full quarter ahead of earnings, which is crazy.

[Jog On]

Is a way round tax to use spread betting?

https://www.theguardian.com/technolo...r-bitcoin-boom

You can but the spreads are very wide - also you're on a platform where they know where your stops are. Much better to buy and hold the underlying - or trade it on exchanges.

I'm not doing it to avoid tax though I'm doing it to make as much out of the 2018 bubble as possible. Like Robert Kiyosaki says "If I'm paying a lot of tax then that means I'm making a lot of money".

[scooterscot]

One thing I would say about HMRC. The correct amount of tax is clearly set out and defined.

It would be funny if certain millionaire posters lost all their crypto holdings in the coming crash. Then made bankrupt by the unbudgeted tax bill.

I remember a trader at Lehman. Bought a really big place with mortgage. Secured on Lehman shares!

Ended up living with his parents.....

The crash is not until 2019.

[BrilloPad]

I don't recommend this kind of thinking. I see a lot of it on this forum - lots of bitterness and anger toward those of us who are in and helping each other make money.



https://www.inc.com/jessica-stillman...your-envy.html

Feeling envious of others and wishing them to fail could be holding you back in other areas of your life.

I agree. And I don't think that way in real life.

However on CUK I have got sick and tired of the trolls and the poor moderation. And what comes around goes around.

It is a miracle TAA ever got off the ground due to the viscious attacks on those trying to fight retrospective legislation. At least cojak banned AtW for a month recently. I reported similar by NLyUK recently and admin ignored it.

Anyone suggesting equality where it affects men is accused of sexism.

Attacks on my mental health are encouraged. FFS - its not as if I have any personality disorders. Its purely weight of issues - HMRC harrassment, police harrassment, disabled kids and several others I am not going into.

Believe it or not, I have only been divorced once. Mrs BP is incredibly helpful. For some reason the CUK cretins hold me up as a poster boy for divorce!

My ignore list continues to grow.

I would like to meet up with certain posters at a CUK meet up.

[Jog On]

Of course you should. Don't know why so many are clearly trying to advocate others are evading.

Have been paying tax in this country a full quarter ahead of earnings, which is crazy.

i don't recall any single conversation we've had around avoiding tax on crypto... It's just another line of attack the ROMO (regret of missing out) crowd use to make themselves feel better.

If anything we want to make sure we are 100% compliant with all tax and ID requirements to stave off any possible attacks from regulators. Anyone avoiding tax and trying to anonymously shift dodgy money around deserves everything they get IMO. I certainly don't want them making things more difficult for the rest of us.