Amazines Free Article Archive
www.amazines.com - Monday, June 17, 2024
Read about the most recent changes and happenings at Amazines.com
Log into your account or register as a new author. Start submitting your articles right now!
Search our database for articles.
Subscribe to receive articles emailed straight to your email account. You may choose multiple categories.
View our newest articles submitted by our authors.
View our most top rated articles rated by our visitors.
* Please note that this is NOT the ARTICLE manager
Add a new EZINE, or manage your EZINE submission.
Add fresh, free web content to your site such as newest articles, web tools, and quotes with a single piece of code!
Home What's New? Submit/Manage Articles Latest Posts Top Rated Article Search
Google
Subscriptions Manage Ezines
CATEGORIES
 Article Archive
 Advertising (133573)
 Advice (161671)
 Affiliate Programs (34799)
 Art and Culture (73857)
 Automotive (145712)
 Blogs (75615)
 Boating (9851)
 Books (17223)
 Buddhism (4130)
 Business (1330692)
 Business News (426453)
 Business Opportunities (366518)
 Camping (10973)
 Career (72796)
 Christianity (15848)
 Collecting (11638)
 Communication (115089)
 Computers (241955)
 Construction (38962)
 Consumer (49953)
 Cooking (17080)
 Copywriting (6733)
 Crafts (18203)
 Cuisine (7549)
 Current Affairs (20321)
 Dating (45907)
 EBooks (19703)
 E-Commerce (48258)
 Education (185526)
 Electronics (83524)
 Email (6438)
 Entertainment (159857)
 Environment (28976)
 Ezine (3040)
 Ezine Publishing (5454)
 Ezine Sites (1551)
 Family & Parenting (111009)
 Fashion & Cosmetics (196611)
 Female Entrepreneurs (11853)
 Feng Shui (134)
 Finance & Investment (310616)
 Fitness (106469)
 Food & Beverages (63046)
 Free Web Resources (7941)
 Gambling (30227)
 Gardening (25202)
 Government (10519)
 Health (630145)
 Hinduism (2206)
 Hobbies (44083)
 Home Business (91680)
 Home Improvement (251219)
 Home Repair (46246)
 Humor (4724)
 Import - Export (5459)
 Insurance (45104)
 Interior Design (29616)
 International Property (3488)
 Internet (191032)
 Internet Marketing (146687)
 Investment (22861)
 Islam (1161)
 Judaism (1352)
 Law (80507)
 Link Popularity (4596)
 Manufacturing (20914)
 Marketing (99320)
 MLM (14140)
 Motivation (18233)
 Music (27000)
 New to the Internet (9496)
 Non-Profit Organizations (4048)
 Online Shopping (129734)
 Organizing (7813)
 Party Ideas (11855)
 Pets (38165)
 Poetry (2229)
 Press Release (12689)
 Public Speaking (5643)
 Publishing (7566)
 Quotes (2407)
 Real Estate (126731)
 Recreation & Leisure (95495)
 Relationships (87674)
 Research (16182)
 Sales (80351)
 Science & Technology (110295)
 Search Engines (23514)
 Self Improvement (153300)
 Seniors (6221)
 Sexuality (36011)
 Small Business (49312)
 Software (83041)
 Spiritual (23517)
 Sports (116155)
 Tax (7663)
 Telecommuting (34070)
 Travel & Tourism (308307)
 UK Property Investment (3123)
 Video Games (13382)
 Web Traffic (11791)
 Website Design (56926)
 Website Promotion (36664)
 World News (1000+)
 Writing (35843)
Author Spotlight
NATASHA SEAN

Connect with Ask Assignment Help for urgent assignment help, online exam help, a href="https://www....more
ANDREW WILSON

Training to succeed at internet marketing and other online businesses. ...more
RAM SEWAK

Myself Ram Sewak possessing indepth domain experience of more than 10 years in SEO, SEM, Web Develop...more
CURTIS ENGLAND

I'm a full-time Writer, dreamer and chief executive manager. I write to release my true stories in t...more
ROBERT HOWARD

The Word of God is as, “Sweet as Honey”. God has Taken Me Through a Whole Lot of Things...more


Do You Have to Pay Tax on Cryptocurrency in the UK? by Shalini Mittal





Do You Have to Pay Tax on Cryptocurrency in the UK? by
Article Posted: 03/22/2022
Article Views: 352
Articles Written: 200
Word Count: 557
Article Votes: 0
AddThis Social Bookmark Button

Do You Have to Pay Tax on Cryptocurrency in the UK?


 
Investment
What Do We Understand by the Term Cryptocurrency?

A cryptocurrency is a digitalized and decentralized form of money. It gets handled over the internet and does not rely on central authorities or banks. Furthermore, it can issue new and distinct units and record transactions. 

The latter gets done using distributed ledger technology. It prevents a single unit from getting used twice. It enables and facilitates the global sharing of the data. 

When Does a Person Need to Pay Taxes for Cryptocurrencies in the UK?

Cryptocurrencies can get bought and sold as a form of investment. Hence, they get considered assets by HMRC (Her Majesty's Revenue and Customs). For that reason, any profit on the results needs to pay taxes accordingly. Overall, the tax guidance laws for cryptocurrency under the UK Government remain split between income and capital gains. It implies that whenever a person makes money by selling these assets, they get charged with the appropriate taxes. It is similar to the way taxes get placed on the profits generated via stock trading. 

The UK Government and HMRC have mentioned specific instances. They state when an individual needs to pay taxes on cryptocurrencies, including the following scenarios:

  • Cryptocurrency Purchase and Sale
  • Suppose an individual managed to sell their cryptocurrency for more than the amount they needed to buy it. In such cases, they gain a particular amount of profit. Then, these individuals need to pay taxes on the capital gains. On the other hand, they may also lose some money via trading. Such losses can help minimize the tax bill on capital gains. 

    Moreover, swapping cryptocurrencies can initiate a taxable event over capital gains. It can get owed to the sale of the existing assets to liquidity pools or other investors.  However, the HMRC will impose income tax if a significant amount of cryptocurrency gets traded. It is because they consider the person involved in the transaction a trader. 

  • Cryptocurrency Payment
  • A person must pay national insurance contributions and income tax if they get their respective payments in cryptocurrency. It stands true, irrespective of the type or form of the asset and the individual who pays them. 

  • Validation and Mining
  • Suppose an individual has a minor mining operation, such as a single computer mining bitcoin in their spare time. In such cases, the HMRC considers the person a hobbyist and asks them to pay the appropriate income tax on their gains. However, if it is a proper mining business, they need to pay for their trading profits. 

  • Inherited Cryptocurrencies
  • According to the tax laws in the UK, inherited cryptocurrencies get treated as properties or assets. Hence, individuals owning them must pay the respective taxes. 

  • DeFi Protocols
  • The HMRC may consider the staking or lending of tokens as capital gains disposal. It stands true even if the individual controls it. It remains revenue unless the person knows the return they started lending or staking. On the other hand, it gets considered income if the DeFi protocol remains at the paying end.

    If you require a crypto tax accountant to deal with UK cryptocurrency tax issues, we are perfect for the job. We can solve most problems, minimizing losses. We are the most suitable among all companies dealing with cryptocurrency tax, UK-based. 

    Related Articles - cryptocurrency tax uk, Uk Cryptocurrency tax, Crypto Tax Accountant,

    Email this Article to a Friend!

    Receive Articles like this one direct to your email box!
    Subscribe for free today!

     Rate This Article  
    Completely useless, should be removed from directory.
    Minimal useful information.
    Decent and informative.
    Great article, very informative and helpful.
    A 'Must Read'.

     

    Do you Agree or Disagree? Have a Comment? POST IT!

     Reader Opinions 
    Submit your comments and they will be posted here.
    Make this comment or to the Author only:
    Name:
    Email:
    *Your email will NOT be posted. This is for administrative purposes only.
    Comments: *Your Comments WILL be posted to the AUTHOR ONLY if you select PRIVATE and to this PUBLIC PAGE if you select PUBLIC, so write accordingly.
     
    Please enter the code in the image:



     Author Login 
    LOGIN
    Register for Author Account

     

    Advertiser Login

     

    ADVERTISE HERE NOW!
       Limited Time $60 Offer!
       90  Days-1.5 Million Views  

     

    Great Paranormal Romance


    ADRIAN JOELE

    I have been involved in nutrition and weight management for over 12 years and I like to share my kn...more
    STEVERT MCKENZIE

    Stevert Mckenzie, Travel Enthusiast. ...more
    GENE MYERS

    Author of four books and two screenplays; frequent magazine contributor. I have four other books "in...more
    TIM FAY

    After 60-plus years of living, I am just trying to pass down some of the information that I have lea...more
    LAURA JEEVES

    At LeadGenerators, we specialise in content-led Online Marketing Strategies for our clients in the t...more
    STEPHEN BYE

    Steve Bye is currently a fiction writer, who published his first novel, ‘Looking Forward Through the...more
    ALEX BELSEY

    I am the editor of QUAY Magazine, a B2B publication based in the South West of the UK. I am also the...more
    SUSAN FRIESEN

    Located in the lower mainland of B.C., Susan Friesen is a visionary brand strategist, entrepreneur, ...more
    SHALINI MITTAL

    A postgraduate in Fashion Technology. Shalini is a writer at heart! Writing for her is an expression...more
    JAMES KENNY

    James is a Research Enthusiast that focuses on the understanding of how things work and can be impro...more

    HomeLinksAbout UsContact UsTerms of UsePrivacy PolicyFAQResources
    Copyright © 2024, All rights reserved.
    Some pages may contain portions of text relating to certain topics obtained from wikipedia.org under the GNU FDL license