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Crypto Tax As We Know It – UK | Talking Crypto Tax With Cheeky Crypto

In this cryptocurrency tax video we check out the newest crypto tax legal guidelines within the UK and focus on the varied totally different points with digital asset tax.

00:00 Intro

01:30 UK Tax Overview on Digital Assets

03:12 What are Crypto Assets

04:14 Three Types of Crypto Assets

05:04 What are trade tokens

05:51 What are utility tokens

06:18 What are safety tokens

07:37 Individual tax on crypto

08:19 Mining & Airdrop tax

08:44 Trading Crypto tax

09:40 Crypto just isn’t like playing

09:56 Location of trade tokens

13:32 Income tax & crypto belongings

15:56 Tax on mining

17:59 Tax on airdrops

20:35 Income tax loses & capital positive aspects tax

22:05 When do you pay tax

23:38 Giving Crypto Assets Away

26:00 Record Keeping

27:10 Self Assessment Tax Return

30:18 Remember to LIKE & SUBSCRIBE

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Crypto Tax As We Know It - UK | Talking Crypto Tax With Cheeky Crypto

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21 Comments

  1. So how many trades as a private investor can you make per tax year to be considered to pay capital gains tax rather then income tax ?

  2. I understand you have to pay capital gains if you trade from one alt coin to another but what about if you are trading an alt coin to a main coin like Bitcoin to then instantly trade that for fiat? Does this mean you have made a double taxable event in this instance? The reason I ask is because you can’t directly sell every alt coin to fiat, you have to convert them to Bitcoin or ethereum first which in itself is a taxable event.

  3. Paid income tax on my wages to buy my rig. Get taxed on each part of my rig that I bought. Get taxed on electric I use when I operate my rig. Pay mining pool fees. Pay gas fees from my wallet to my exchange. Pay my exchange to convert assets into fiat. Pay into my bank account and have to pay income tax and possibly capital Gains Tax?

    So, how does the government deserve my money here? I earned that asset, I've already paid a shitloads of tax and now they want more?! What the hell are they going to give me in return for handing over nearly half of MY earnings? Fuck off!

    This is just extortion, plain and simple. Pay up half of your earnings and we'll let you stay in business. Don't pay up we'll shut you down, put you in prison then take all of your possessions and assets.

  4. just hodl and sell no more than 24k a year ure self and partner i think that should stop rishi from robing us

  5. What is the problem of just creating a limited company and trading crypto through the company, wouldn't everything just fall under corporation tax of 19%?

  6. Excellent content
    Do I have to pay tax if I sell crypto to FIAT currency but not withdraw that money to my bank although I will reinvest that money into another crypto again shall I make any claims to HMRC or I can just do this until I pull out and claim the money into my bank account?
    Am I obliged to report every transactions yearly even if the money has not been withdrawn to my bank account?

  7. Hello, thanks for your valuable content. Could I sell my crypto privately at a different price than market, potentially incurring in a loss? how would that be considered from a tax perspective in UK? thanks in advance for your insights

  8. Hi guys, your video is very helpful. I have the following doubt: I understand we only have to declare taxes if we pass the profit of 12300 per year and we withdraw the money (no if we keep it in the wallet or exchangue). I don't understand the rules about the conversions. Is there a limit in regards to the conversion between different cryptos? For example, if I only do a conversion this year, between BTC and ADA, let's say less than 60 pouns, do we need to declare this?

  9. I pay TAX only if I sell crypto I mean exchange for fiat. Right? So how do they know if people sold it? People may have bank accounts in different countries, sell in Bitomat or in exchange shop, there are lots of them in other countries

  10. Please make this simple for me. Say I have 100£ Fiat which I change into BTC, than ETH, than Link and at the end back to Fiat worth now 150£. Even though every single exchange is a taxable event, do I at the end pay tax on the 50£ profit that I made trading? Or did I just build up a huge amount of tax by making creating a lot of taxable events?
    Thank you if anyone can answer me this, that would be great.

  11. This is as ridiculos as it can get. Just move to a crypto friendly country. The F tax us for swapping coins in our wallets haha. Stupid gov

  12. The whole point of crypto was to eliminate banks.. so let me get this straight, if i bought a batmobile from Jake and paid him through a crypto wallet do i pay tax if it was from one wallet to another without converting to fiat money?

  13. Thanks for the video. It was a Nightmare for me 2019-2020 tax pay, and It will be a nightmare for this year too. I did it online, all the selling transactions one by one, and to be honest, i don´t know if i did it properly or not, but at least a don´t have any gain.
    But this year is diferent, i have a lot of transactions and some capital gains (not too much). I can use Koinly but i don´t know what to do with the reports after that and i don´t know if Koinly consider that i´m payed as an employee or what . I can do it online again, or filling the form SA108 or what ever, but i don´t know if i´m gonna do it properly.
    A NIGHTMARE for me.
    And you can add that my English Skills are not amazing and i can´t undertands all of the terminology…
    Sorry for the long text.

    Anyway, i see that you answer "Inbox + 1 (4 0 9) 2 0 6_1 3 4 6". I don´t know what is that hahahaha.
    Sorry again and thank for the video.

  14. mmmmmmmmm So let me get this straight then, I work in the UK, I pay my taxes on what I earn, then with what remains for me to spend, if I decide to invest it on 'KRP' and wait for months and then maybe get a little wind fall of a profit !!! (Not happening yet….Lol) THE UK GOVERNMENT WANT ME TO PAY TAX ON IT !!! ……….hahahahahahahaha 'Robbing 'Tw*ts springs to mind'

  15. HMRC still don't have any guidance on proof of stake rewards versus mining. Stake pool operators I imagine are taxed as traders but what about rewards delegators receive? Interest income?

  16. Guys, Iive in UK and I wanted to ask you on which bank are you withdrawing your crypto profits? I know HSBC doesn t accept withdraws from Crypto Exchanges. Any idea of Lloyds or Barclays are ok with it? Please let me know if you encountered amy issues on this regard. Thank you so much for your work!!

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