/biz/ - Business & Finance

[Anonymous No.30230600]

Dear /biz/, I'm a filthy no coiner in the UK who would like to buy some Bitcoin as an investment.
I'm worried that HMRC (UK's IRS for non-bongs) will fuck me in the ass if I don't pay taxes correctly on my bitcoin when and if I decide to sell some of it.
How do fellow bongs manage their crypto in the UK?
What is the best way of doing things?
I'm considering Coinbase btw.
I really appreciate any help bros.

[Anonymous No.30230783]

post wallet

[Anonymous No.30230790]

You pay CGT on any profits you make within the year.
Coinbase will rip you off for fees, you want to use Binance.
If you make enough money that taxes become an issue, and you don't actually mind paying them, any accountant will do you a basic return for a few hundred quid.

[Anonymous No.30230969]

To add, for my large, long term holdings of BTC, I use the Bitcoin Core wallet on a desktop PC.
For other coins that I trade with, I keep them in the Binance wallet for ease of trading, sending some BTC out to my desktop wallet occasionally.

[Anonymous No.30231165]

>>30230790
Thanks bro. It might become an issue since I want to put low 5 figures on it, and it might grow. I also saw that it's 20 percent capital gains tax? I would be very happy paying as close as possible to zero (without breaking any laws) if possible, even if I could use another country. People who I trust completely live in South America, and I have also access to an account in USA without living there. Maybe it could be of some use?

[Anonymous No.30231265]

>>30230600
you only pay cgt when you cash out and the threshold is 13k

[Anonymous No.30231636]

>>30230969
Thanks mate. Can I ask, when using hardware wallets on PC, aren't they very liable to malware, viruses, etc? Seems unsafe from my complete ignorance on the matter. Also if the hard drive croaks, aren't you screwed?
>>30231265
Thank you brother.

[Anonymous No.30231805]

>>30230969
based purple aki poster.

[Anonymous No.30231938]

>>30230600
'ate hermarsey
'ate taxes
'ate souf
'ate pajeets. not raysiss just dun like em
luv binance
luv trust wallet
luv me missus an kids
luv greggs

SIMPLE AS.

[Anonymous No.30231987]

>>30231636
The blockchain is huge, but the wallet file itself is just a few megabytes. You should copy it to a bunch of USB drives or secondary hard drives. Or make different copies and delete the original: you can't hack what isn't connected to the internet.

You might also consider running Linux; malware is nearly non-existent there.

[Anonymous No.30231994]

>>30231165
Your big issue is that as soon as any substantial sums of GBP or USD start tp hit any of your bank accounts, your bank is going to notify all manner of authorities, and likely put a hold on your account to force you to make contact with them to explain why £93,487.82 has just hit your Halifax Savings account.
It might be best to speak with an actual financial advisor at the stage where you think you might be liable for tax, they'll know the tax code inside out and will help you minimise it as best they can.

>>30231636
>Can I ask, when using hardware wallets on PC, aren't they very liable to malware, viruses, etc? Seems unsafe from my complete ignorance on the matter. Also if the hard drive croaks, aren't you screwed?

It's just a bit of software, although you need about 350GB to store the blockchain.

I save my 'wallet' to a file, which I can later use to restore the wallet. You could keep copies wherever you can store files. I have mine on 5 separate external; hard drives. I've heard people say that these days you can use a 'seed phrase' or something. I've no idea tho, I made my wallet back in 2013.

[Anonymous No.30232007]

>>30230969
fucking hell its purple aki innit

[Anonymous No.30232041]

>>30230600
https:// discord gg/sSZf8aMAfk

[Anonymous No.30232289]

>>30230600
For day to day management, binance to buy and trade, trust wallet on an android device to hold short term / trade on pancake or uniswap. Substantial amounts onto cold wallet (e.g trezor).
All seed phrases stored on paper, multiple copies. 1 at home, 1 away

[Anonymous No.30232446]

>>30231994
Thank you brother.
About the fact that, receiving large almost unexplainable sums of money on a bank account will bring attention to it, I wonder how people who are bitcoin rich manage?
I mean people who might have millions in crypto. How do they then buy the Lambo and mansion?

[Anonymous No.30232515]

>>30232289
I'm saving all these. Thank you bro.

[Anonymous No.30233051]

>>30232446
There are tremendously few people who are Bitcoin rich. Even back in 2009, it crashed from $0.12 and people were panic selling BTC at $0.04.
Basically no-one has held it since then continously, everyone would have exited and maybe bought back in at certain times.

If your gains are in the 10s of millions of £££ bracket, then you're going to seek serious financial advice from some old guy in a grey suit.

I mean, worst case scenario is that your £10m becomes £8m if you just hit the 'transfer' button to your bank account and send HMRC the money. You're still not going to be down Aldi deciding between Heinz or Aldi baked beans.

[Anonymous No.30233136]

>>30232515
good luck bro. essentially one of the things I learned from mistakes early on is to keep as much as possible to do with crypto off windows machines. I lost a lot of crypto a while back as I was a drunken idiot, kept my private keys on my PC, downloaded pirate software and had my private keys stolen.

[Anonymous No.30233363]

>>30233051
great advice. Yeah if you have more than 1 million its time to call in the professionals. I think the most you'll pay in CGT is 20% and an accountant will have many imaginative ways to mitigate that. My original exit plan was to just withdraw approx £500 a day, every day from my gains to my bank account. Maybe a more experienced anon will know whether that would be a good or bad move?

[Anonymous No.30233884]

>>30233051
Sounds reasonable.
Thank you bro.
I'm want to get a portfolio started and want to add some crypto.
I also want as much protection as possible from the predicted financial collapse.
It's low 5 figures, but It seems that if I just leave that money sit it could evaporate.
Plus I want to become more financially educated and invest it because it's dumb not to.

[Anonymous No.30234285]

>>30233136
I'm sorry to hear you lost some of your crypto.
But don't sweat it. The ultimate reward is to keep learning, keep improving, keep growing and keep winning. No point regretting the past.
Good luck to you too and thanks for the advice.

[Anonymous No.30234492]

>>30233363
I think there is a maximum amount you can put deposit monthly in an account and the bank can't do shit. After that threshold, the alarms go off and your account may get flagged or even frozen.
I don't know the exact figures.

[Anonymous No.30234530]

No-one will believe me, but this is the sort of thread you used to get on /b/ prior to 2009-ish.
Very cosy, thanks lads.

[Anonymous No.30235794]

Pay your taxes Bong. I never fuck with the tax man, like I never fuck with the criminal gangs in Australia. Very dangerous.

Interesting that tax man is now all over crypto though. They would tax anything. I expect a bachelor tax within 10 years, and I wish I was kidding. I mean a formal one, not the informal one we have now.

I hate wagie-slaving. It's like a double-robbery.

[Anonymous No.30236247]

>>30233136
As someone who has all his shit on metamask, is it easy to migrate my long term holds onto a physical wallet like a ledger? Considering getting one.

[Anonymous No.30237606]

Anyone have a list of countries in Europe with 0 or very low capital gains tax?