So when etn price moons ( tax tax tax )


#1

What happens next , you buy stuff pay your mortgage off , pay off debt etc…

Mr taxman drops a letter through the Letter box how did you pay this off we want to know , p.s you owe us 30% and can be fined for not telling us your earnings what you do next. ??

So for the newbies in etn who are waiting to finally have some money , what can you do . Is this gambling , is this speculation.
Or if I made 100k pounds I would have to declare it and give the gov. 30% of my winnings.

So for all the whales and UK crypto experts out there …

How and what is the action to be taken in the future , newbies need this information
I need this information as I really don’t want the British government hanging about with their lawyers demanding my winnings.
How does this work for the free mining app that gives free money on a device I pay tax on…

Any ideas …

Cheers chris

Edit to add this bookmark…

In short , u buy , u sell , u trade , u do anything u PAY…
We have a threshold of 11300£ after that u pay . 20-45%… and to top it off you have to contact them and tell them of any gains or losses every year !! If you don’t the fines get bigger , this includes any trades ie. For different coins , ico’s cars planes bog roll , Tampax ( oh wait they taxed that already )

So in all just pay them saves the hassle .

:rage:


#2

This is investing so yes you will need to pay tax on it if you want to relax…
If you make 100k on crypto my advice is pay the 30k and enjoy the 70k…


#3

Electroneum team needs to give us a csv report like coinbase and Cryptopia offer so we can declare our investments and prove it.


#4

That’s like pulling teeth without injections , I’d rather crawl over broken glass butt naked hahahhahaha

So I pax a tax of sorts to send to the exchange , I then pay a percentage to the exchange when I withdraw this pays the tax for that company and profits and then I pay tax again …

Born free taxed to death …

F&_k that


#5

Maybe if you want to be left alone, you can pay a small fee, but not 30%, let’s be fair to us as a person. I don’t think, actually I hope, that ETN team won’t disclose the amount of ETN in each wallet and the wallet’s owner to the government. Hopefully…


#6

Move to Portugal, no tax on crypto! Or move your coin stash to a tax free haven


#7

I believe the best will be to transfer the ETN to an exchange and trade it for BTC.
And then you can do whatever you want, as there are a lot of BTC ATMs.


#8

They know everything!


#9

The btc ATM’s have fees think about 17%


#10

Then if you move to a tax free haven, the ETN account will be on your name still. With your normal address.


#11

Yes, but it is the best option. And maybe in the future these fees will drop.


#12

Tax evasion is a serious crime either payup or move to Portugal


#13

I hope thats not what kyc and the registrations are … There’s a conspiracy afoot lol


#14

This strikes me as a very annoying thing. What did the government do for me so that I have to pay 30% tax on something I invested myself? Did they tell me to invest in a certain asset and assured me it will be 100% profitable? Until that happens, they have no right over my money. End of story! What is the main purpose of cryptos? Did the governments show that they can maintain a stable economy throughout the decades? No, they didn’t. They are actually rubbish at this.


#15

Who knows…we’'ll see. Let’s make some money first and then worry about paying taxes or not.


#16

Portugal it is then hahahaha , I wouldn’t evade paying I just think it’s a complete and utter rip off , especially when they blow it on bombs and bullets and give it to other countries rather than do good with it.


#17

Thanks for that , nice to know I am not alone on this.

Same here ain’t happening as far as I’m concerned it’s all a gamble or speculation as I could be rich one day and broke the next …


#18

I’m not sure of this so check it yourself but I think in the UK any Etn over a certain amount…(I think 40k,) is subject to capitol gains tax which is less than income tax. Better to check and pay if it applies than get your ass handed to you by HMRC.


#19

Which I’ve just learned is wrong. Ignore.


#20

I’m good at playing hide and seek hahahaha