Receiving payments in crypto

[ram1244]

Hi,

I'm planning to work/contracting for crypto companies doing, I haven't done any contracting before, I have been going through how contracting works at the moment.
More often the crypto outfits do not have any address or location and I would be paid in crypto (USDC) I would have to get that into GBP myself.

I guess there will not be any umbrells company option as I do not them handling crypto side of things.

But would like to know if anyone has experience doing something like this.

If I have to do it my self I would have to do the follwoing,
- Contracting through Ltd company
- Company does the crypto handling by having business crypto account
Does this make sense?

For someone whol only got paid till now through PAYE this looks very complex.

Would greatly appreciate if someone can point me in right direction.

Cheers

[cojak]

Do you currently have a solid contract offer from a company, or is this ‘I would like to work for a crypto company’ type question?

[ram1244]

Nothing concrete at the moment, but close.

[GregRickshaw]

Hi,

I'm planning to work/contracting for crypto companies doing, I haven't done any contracting before, I have been going through how contracting works at the moment.
More often the crypto outfits do not have any address or location and I would be paid in crypto (USDC) I would have to get that into GBP myself.

I guess there will not be any umbrells company option as I do not them handling crypto side of things.

But would like to know if anyone has experience doing something like this.

If I have to do it my self I would have to do the follwoing,
- Contracting through Ltd company
- Company does the crypto handling by having business crypto account
Does this make sense?

For someone whol only got paid till now through PAYE this looks very complex.

Would greatly appreciate if someone can point me in right direction.

Cheers

Have you actually read what you have written?!

[cojak]

Please read the rules of this forum Greg…

[jamesbrown]

Can't help you on the mechanics, but it sounds pretty risky to me. Perhaps treat it as pocket money and don't expect to get paid in extremis. None of these crypto platforms is infallible, you have none of the protections of an FSCS-registered bank and crypto mainly behaves like 17th century tulip bulbs.

[hobnob]

I'm planning to work/contracting for crypto companies doing, I haven't done any contracting before, I have been going through how contracting works at the moment.
More often the crypto outfits do not have any address or location and I would be paid in crypto (USDC) I would have to get that into GBP myself.

I guess there will not be any umbrells company option as I do not them handling crypto side of things.

A couple of things to consider, especially since you're new to contracting:

* Although the crypto company might not have an office, they'll still have a registered address somewhere. Is that in the UK or overseas?
* If they're in the US (with no UK presence), you'll need to look at W-8BEN or W-8BEN-E forms.
* If they're in the UK, someone will need to look at IR35. (Potentially you, if they're a small company.) Do you know what type of work you'll be doing?
* Do you have to be paid in crypto? Presumably the company pays other bills using traditional currency (e.g. their web hosting). If I had McDonalds as a client, I wouldn't want to be paid in burgers.

[TheGreenBastard]

Hmm interesting thread...

USDC is pegged to the dollar, so why wouldn't they just pay you in dollars? Maybe they're hardcore blockchain guys, but it doesn't seem a big ask if they're a legit company, which brings me onto the other thought, is it "washed" proceeds, hence the USDC.