Hey,
Does anyone here have any experience relating to bitcoin gambling and taxation in the UK? Have just received a letter saying that I'm being investigated for supposedly 'running an online business'. All the money being moved in and out of my bank account has been done through bitcoin gambling, no significant trading or anything of the sort but I'm not sure how I can prove all of this to HMRC as effectively all I have is my bitcoin wallet's transactions.
Anyone who can help would be greatly appreciated.
Thanks.
There is nothing to worry if your on line gambling and earnings is not illegal that you are paying the right taxes. Maybe there is just misunderstanding of your documents or transactions that needs clarifications so i suggest you should face the authorities to show your good intention with your lawyer and explain your transactions which i think a huge amount is involved that is why the government is questioning you now.