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In this video, I explore how is crypto taxed in the UK, can you avoid crypto UK tax and how does bitcoin tax work? Understanding how crypto tax and capital gains is essential to making sure you aren't fined or worse, put in prison. There's no magic software out there so it's up to reading whitepapers and using a professional accountant.

Crypto mining tax in the UK is also something you need to consider as well as day trading. I'm not a tax expert so don't take my word for it, always consult a professional. The sale and profit of cryptoassets are subject to what is known as Capital Gain Tax. If you're new to the world of finance, Capital Gains are when you have an asset which appreciates in value, because when you 'realise' that profit or gain by selling it you have additional income that you didn't have before.

Of course, you can't have nice things these days and this additional income is subject to tax which is reported on your self assessment tax return of which you MUST register with HRMC in time to avoid any penalties, fees or imprisonment.

And beware... you need to be extremely careful when calculating your gains from the sale of cryptoassets because HMRC recieves information from large crypto exchanges like Coinbase and many others if you have holdings over £5000 so they will pursue you if you fail to report profits correctly.

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Timestamps
00:00 Introduction to UK Crypto Tax
00:55 HMRC Crypto Rules
01:35 Crypto Capital Gains Tax
03:00 Tax Allowances
03:30 What is Crypto Disposal?
04:50 HMRC Definition of Crypto
05:30 Capital Gains Tax Rates
05:45 Carrying Forward Losses
06:14 Crypto Mining Tax
07:01 Conclusion & Next Videos

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I'm Matt, a product owner and property investor working in London, UK. I make videos about money, finance and property investing to help people lead a more financially savvy life. In my spare time, I’m documenting what it takes to diversify my income and build a business.

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#cryptotaxuk #bitcointaxuk #avoidcryptotax #ukcryptotaxrules #cryptotaxes #ukcryptotax

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