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Lance
Lance
Godlike
Last Activity: 9 April 2024, 13:07
Joined: 2 September 2013
Location: home
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  • "expenses" means more than one thing.

    There is an expense that you have paid for personally and the company can reimburse you for.
    And there is an expense that is something the company can pay for and it is treated in a specific way. A business expense.
    These are not...
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  • Lance
    replied to Holding crypto in Ltd Company?
    I am of the opinion that a personal wallet is safer than an Exchange. They do get hacked.
    Keep your private key very secure is the trick. You can use a paper wallet, but they are at risk of fire damage.

    In the past I have kept the wallet itself backed up to cloud services (OneDrive)...
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  • Lance
    replied to Holding crypto in Ltd Company?
    good luck with it. I hope it works out.

    <Placemarker> BTC price today, on Bitstamp is £55,328...
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  • Lance
    replied to Holding crypto in Ltd Company?
    no but OP is asking about holding the money launderers/terrorists/people smugglers/drug dealers/delete as appropriate, currency of choice in his LTD for which he has fiduciary obligations. So it's a terrible idea for multiple reasons.

    Another couple of reasons...
    How do you prove...
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  • Lance
    replied to Holding crypto in Ltd Company?
    gold attracts VAT... Except for some circumstances. So stick to bars and coins, as they are the least likely. Note that investment gold was only excluded from VAT to align with EU VAT rules. This may change.

    Bitcoin doesn't attract VAT (HMRC have excluded it after a test case in Denmark...
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  • Lance
    replied to Holding crypto in Ltd Company?
    it won't be taxed when you lose money.
    And if you buy it as an 'asset' won't you have to charge VAT to sell it on later?
    Either way it's a terrible idea. Just get a business savings account as interest > inflation right now.

    HTH...
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  • Why loan it to another company though?
    Why not use it as capital?

    Although you also mention a holding structure. Who owns the contracting LTD? If it's the holding company then you can pay the cash as dividends to the holding company with no personal tax consideration.

    ...
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  • stationery

    I don't think there is much you can claim.
    Working from home. Yes.
    Mileage if they pay you below the 45p / 25p pre mile allowance.
    Professional subscriptions.
    That's about it as far as I'm aware.

    You can't claim any computers, gadgets,...
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