The Crypto Tax People

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The Crypto Tax People

The Crypto Tax People

@TCTPUK

Cryptoassets are here to stay. Be informed, be educated and be smart in all things UK tax on crypto. Not investment advice https://t.co/BUOQ9otkrE

Katılım Ağustos 2021
399 Takip Edilen411 Takipçiler
The Crypto Tax People
The Crypto Tax People@TCTPUK·
@CryptoSwampbrew Absolutely, but its a great step in the right direction and they are looking to engage with industry to try and effect future change which can only be a good thing. Collaborative approach towards regulatory matters will be key to success.
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The Dark Elf
The Dark Elf@CryptoSwampbrew·
@TCTPUK This is great news for UK defi and crytpo enthusiasts, but I will believe it when I see it, lots of changes required on the tax side to make it simpler for mass adoption.
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The Crypto Tax People
The Crypto Tax People@TCTPUK·
5) Planning for taxes is so important and from a compliance point is complex when dealing in Cryptoassets and more so in a volatile space but using good software/personal tracking/accountants etc is critical to ensure you don't land a large tax bill that you can't pay. #
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The Crypto Tax People
The Crypto Tax People@TCTPUK·
4)There is a negligible value claim to claim losses where assets can't be sold and have little to no value. This is a case by case not blanket position and HMRC can obviously challenge. #HMRC #cryptotax
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The Crypto Tax People
The Crypto Tax People@TCTPUK·
1) Seen few posts for US citizens where gains for 2021 ploughed back in and but now losses 2022. With just over 2 weeks until 5 April if you're looking to utilise CG exemption of £12,300 or planning on realising losses to set off against 2021/22 gains then the window is short.
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The Crypto Tax People
The Crypto Tax People@TCTPUK·
@herod1981 Will depend on whether carrying out trade which is based on facts of each case. HMRC start point is that not a trade.Trading allowances are generally beneficial where gross income under £1k or expenses under £1k as can either deduct expenses or the allowance not both.
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The Crypto Tax People
The Crypto Tax People@TCTPUK·
@0xRektormoon @bruce_pullman @bitty_tax My reading is that HMRC agree that is the position with a disposal in gbp value on way in and disposal on gbp value on exiting on the original stake element. Not been well so going through the guidance properly today.
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The Dark Elf
The Dark Elf@CryptoSwampbrew·
@TCTPUK no idea what this means for being a LP or just staking. sounds to me like nothing has changed, its all income still for any additional rewards received..
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The Crypto Tax People
The Crypto Tax People@TCTPUK·
@CryptoSwampbrew It clarifys HMRC position that CG on way in and way out on the staking/lending amount. There was hope amongst some advisors that this was not the case as practical tracking burden is an extra headache and argument that you haven’t actually ‘disposed’ of the original stake.
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The Crypto Tax People
The Crypto Tax People@TCTPUK·
@crypjo091 I think this is fantastic news! In same way that investment firms provide tax reports to aid preparation of tax returns,Taxbit are doing the same. Doesn’t mean reports are always correct but great basis for investors &accountants to work from.Specialists will always be needed!
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Joe David - The Crypto Specialist
Joe David - The Crypto Specialist@crypjo091·
Amazing to see how TaxBit has now joined forces with huge names to ensure crypto tax becomes easier to manage...however, I still do believe in the power of utilising a recommended crypto accountant. Personal always wins.
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The Crypto Tax People
The Crypto Tax People@TCTPUK·
@MakingTaxSimpl1 The key will be for people to not ignore that and make a payment on account of estimated tax if not tax return not completed. It drags out a crazy December/ January into a crazy February as well 😂
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The Crypto Tax People
The Crypto Tax People@TCTPUK·
HMRC update announced today. Another month to file granted without penalty (have to file by 28 Feb) and no late payment penalties if paid by 1 April(but doesn't apply to interest which will still run from 1 Feb if not paid by 31 Jan)
The Crypto Tax People@TCTPUK

Welcome to January when around 50% of tax returns are due to be filed according to some stats! Tax returns for the year 6 April 2020 - 5 April 2021 are to be submitted by 31 Jan 2022, together with any tax payment due. Late filing/late payment can result in interest & penalties.

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The Crypto Tax People
The Crypto Tax People@TCTPUK·
Welcome to January when around 50% of tax returns are due to be filed according to some stats! Tax returns for the year 6 April 2020 - 5 April 2021 are to be submitted by 31 Jan 2022, together with any tax payment due. Late filing/late payment can result in interest & penalties.
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The Crypto Tax People retweetledi
Joe David - The Crypto Specialist
Joe David - The Crypto Specialist@crypjo091·
Want to learn more about complex crypto tax situations? Great. Myself & CEO of @CryptoTaxHQ will be hosting a webinar this Friday, January 7th 2022 - 11:00 AM (GMT). Check out the thread for more information 👇
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Keşfet

@CryptoSwampbrew @herod1981 @CryptoUKAssoc @0xRektormoon @bruce_pullman @bitty_tax @crypjo091 @elonmusk