…been thru the crypto thread already. Does anyone have suggestions of a UK bank I can move my ltd co to that will actually allow me to spend my own company money on crypto ? Tried most of the usual suspects including Revolut who all say no and when asked why just say its policy. Not after crazy volumes or edge case coins, BTC on Coinbase would be fine, just want a small hedge just in case, thanks gang.
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I am totally up in crypto but couldn't you get a "company wallet" and transfer funds across and do it that way?Former IPSE member
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No, but if you start investing significantly or regularly, you're at risk of YourCo being classified as a CIHC, which doesn't have a Corporation Tax penalty anymore, but it does mean YourCo is not a trading company and hence you cannot receive a capital distribution on closure etc. The general rule with investments is to do them personally as it's typically more tax advantageous and a lot less hassle.Comment
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I don't use it for business, but Starling is the one I use for moving money into crypto. Might be worth asking. Or just use your own money / account, and repay yourself out of the company account as a directors expense.
You do need to ask yourself what are the tax implications of going this way, say if BTC goes up significantly. As a Ltd you would pay corp tax, not capital gains like an individual would. So no capital gains allowance. Then add any other taxes depending how would you pay yourself. Sound a very expensive way of doing it to me.
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