Quote from: kurious on December 01, 2017, 01:03:43 PM

Quote from: strawbs on December 01, 2017, 10:26:04 AM

Quote from: HairyMaclairy on December 01, 2017, 10:08:14 AM

Quote from: Karartma1 on December 01, 2017, 09:31:09 AM

Do you know why Bitcoin is doomed to reach one million per coin?
Because that way everybody will probably don't mind paying CG on a single bitcoin.

Cool

On a different note...
considering all the many txs I made and all the different adds I used and all the keys/wallet that I compromised (yes, that happens as well you all know that) I don't even fucking remember how many BTC I touched in my life.
How on Earth am I supposed to pay CG?

[Money out] minus [money in]

Everything else is a wash.

That's my thinking too. There's no way I could provide details of every transaction I've made over the last 4 years, especially bct to alts to btc, etc. And also considering that there's now no way for me to access any records from Mt.Gox. So presumably the tax authorities (HMRC in UK) would reasonably accept the "$out minus $in" figure. That's my hope anyway. But still, paying Capital Gains Tax on crypto profits would grate, a lot.

Just wondering if anyone here has yet made a CGT return to HMRC and how it was dealt with? They're massively under-staffed (up to 45 minute waiting time when phoning them, if you manage to get through at all). My guess is that they would accept pretty much whatever method you decide to use (i.e. a "$out minus $in" figure) as long as it seems justifiable, and they would only rarely investigate further to see if your figures are accurate, in the way that usually just accept at face value most people's regular self-assessed tax returns. I doubt they have the resources to do anything further.

Has anyone here actually dealt with HMRC yet regarding btc profits? It would be interesting to hear about your experiences.

I have been working on it with a lot of advice from my accountant.

Pay the CGT, as if they look and find anything you are sunk.

You'd better hope they accept just CGT - if they consider it 'trading' then it's TAx at your highest rate - up to 45% if it's enough money.

CGT will be 20% max and you get over £11K GBP free of tax before you pay a penny. You can deduct the costs of the coins you bought - so you only pay the difference as a taxable gain.

I very much doubt you will get away with 'gambling' - and yes, I have asked this question. My accountant laughed.

I still don't know if I will just pay CGT - It's difficult to PROVE you are not a trader, and they decide - not you!

That's my thinking to... [Money out] minus [money in]... and pay the 20% CGT minus the £11k allowance to HMRC

You can bet the house they will go hard on crypto once it is a multi trillion market as governments synchronise after ramp in/out records en-mass