So, you’ve sold some crypto. You’ve converted it back to FIAT. You are now wondering what colour do you want your Lambo in?
Jokes aside, before you even think about buying that Lambo, you first need to make sure that the Tax man is paid first.
Although I am a Financial Adviser in the UK, I am not a tax professional or accountant and do not possess the relevant qualifications to provide any advice in this area.
This document is intended only to provide you with basic guidance around the responsibilities you have in paying tax.
The following guide is composed of four sections:
- Personal Tax treatment of Cryptocurrency (UK)
- Tax Calculation Examples
- How to pay Tax
- Taxation Outside of the UK
I have attempted to give a fairly in depth overview of the taxation rules that apply in the UK. I have covered both Income Tax and Capital Gains tax extensively and provided resources, example calculations and instruction and tips on how to ultimately pay the taxes that apply.
I am well aware that the majority of my followers are from outside of the UK. With that in mind I have sourced links to a number of English speaking countries Tax Authorities for you to then establish what rules apply to you if any.
I do consider this a working document and I will aim to update the article as Tax Rules and Guidance within the Crypto-currency sphere evolves.