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Posted
Posted (edited)

Hi all, 

So I've been talking to quite a good few on here from the UK via messages so I thought I would start a UK based club so we can ask questions and share answers on things that would be relevant to our borders such as taxes and other related items to XRP.

Because we're such a smaller group of hodlers our posts/questions seem to get rushed along without getting noticed so I thought I would start here.

All those who are x-pats also please feel free to come over and join in.

B.

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nomad_z
nomad_z

Good Afternoon Gents, Add another Brit to the list. I'm glad I stumbled across this as I had all my assumptions wrong.  I had assumed the first £11,300 profit is tax free and also that you can us

PaulyS
PaulyS

hello from Kent  - i look forward to having a £400k tax bill....

rainbowhunter
rainbowhunter

Hi guys x-pat living in Spain. Couple of points on CGT. There are a number of good places (currently) to reduce/mitigate UK CGT. If you like the sun look at Portugal. If you want to remain i

McCull

McCull

Posted
Posted
43 minutes ago, brettmgs said:

Hi all, 

So I've been talking to quite a good few on here from the UK via messages so I thought I would start a UK based club so we can ask questions and share answers on things that would be relevant to our borders such as taxes and other related items to XRP.

Because we're such a smaller group of hodlers our posts/questions seem to get rushed along workout getting noticed so I thought I would start here.

All those who are x-pats also please feel free to come over and join in.

B.

I’m the other Wanderer, so to connect with other XRP brits works for me !! 

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5 minutes ago, xrp_joker said:

Hi,

Good call creating this club.  One question I have after reading the US guys comments on taxation per transaction.  Do we have to pay tax in the same way or do we only pay tax when we withdraw the fiat to bank account?

 

I'm no accountant,

But my accountant has had plenty of dealings with people making good money from crypto/assets and I spoke to him several months ago about tax for us here in the UK.

From what I can gather it's something  like this.

First £11,500 is tax free

Then the up to £48,000 is taxed @ 10% excluding the £11.5k making a total of £63.5k 

Then the remaining ballance of anything over that is taxed @ 20%

So say you cashed out at £2mil you would pay just under £400k in tax 

Any UK based accountants in xrpchat? If so please chime in to correct if I'm wrong.

I will ask my accountant to draft something up and if he will I will post it here for us.

 

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RipplePiercing

RipplePiercing

Posted
Posted
5 minutes ago, brettmgs said:

I'm no accountant,

But my accountant has had plenty of dealings with people making good money from crypto/assets and I spoke to him several months ago about tax for us here in the UK.

From what I can gather it's something  like this.

First £11,500 is tax free

Then the up to £48,000 is taxed @ 10% excluding the £11.5k making a total of £63.5k 

Then the remaining ballance of anything over that is taxed @ 20%

So say you cashed out at £2mil you would pay just under £400k in tax 

Any UK based accountants in xrpchat? If so please chime in to correct if I'm wrong.

I will ask my accountant to draft something up and if he will I will post it here for us.

 

I think a lot of this depends on the way in which you withdraw and attribute the profits?

I am a SME and in this instance, I would potentially look to withdraw and invest in ISA's, property etc... through another company (of which I'm a director) to avoid paying taxes on "profits"

Again, I'm not an accountant but I know people who have utilised profits from investments in this fashion and essentially held the assets in the business until such time they wish to liquidate...

Just my 0.00000289XRP's worth...

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Guest

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Posted

@HenryHole

Thanks.

I had drawn the figures of the above as a full one time cash out based on a conversation with him and no investments just walk away with a big bag ?

I own my own construction company and was also thinking along the same lines but hadn't looked into this with regards to taxes so thanks for that ? it is something definitely not to be ignored 

 

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Guest

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Posted
40 minutes ago, brettmgs said:

I'm no accountant,

But my accountant has had plenty of dealings with people making good money from crypto/assets and I spoke to him several months ago about tax for us here in the UK.

From what I can gather it's something  like this.

First £11,500 is tax free

Then the up to £48,000 is taxed @ 10% excluding the £11.5k making a total of £63.5k 

Then the remaining ballance of anything over that is taxed @ 20%

So say you cashed out at £2mil you would pay just under £400k in tax 

Any UK based accountants in xrpchat? If so please chime in to correct if I'm wrong.

I will ask my accountant to draft something up and if he will I will post it here for us.

 

Im an ACCA qualified accountant and I can confirm that is correct. 

At present it is seen as a capital gains tax, but there are loop holes....

as @HenryHole stated that is one of the most common.

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Guest

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Posted (edited)

I'm in Wales. 

Deleted content. @Brettmgs is way ahead of the game. Thanks for the info, sir! :)

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I know nothing...
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Guest

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Posted
10 minutes ago, mariusthegreat said:

Im an ACCA qualified accountant and I can confirm that is correct. 

At present it is seen as a capital gains tax, but there are loop holes....

as @HenryHole stated that is one of the most common.

You might be getting plenty of work in the near future from the UK people on here lol 

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SamK

SamK

Posted
Posted
Just now, brettmgs said:

You might be getting plenty of work in the near future from the UK people on here lol 

Sign me up :)

Though just to complicate matters, I'm living in Italy but paying UK PAYE as I'm employed by a UK company and UK tax is actually cheaper.

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Guest

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Posted
1 minute ago, brettmgs said:

You might be getting plenty of work in the near future from the UK people on here lol 

Haha, yeah I was thinking that, - questions may begin to role in!

umm actually i'm a butcher please forget i'm an accountant haha

This is meant to be my quiet place lol

 

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