Crypto taxes in the uk
Crypto taxes in the uk
Ive been in crypto since around 2019 on and off, not yet made a sale and only have around 1000 invested, I’m just wondering about how you go about paying taxes, also I understand there is a 3000£ tax free allowance on gains if I have not made a profit up to this do I still need to fill out a tax form?
Also are there any ways to reduce tax or pay less in tax when it comes to it?
Andrew Peters Answered question November 27, 2024
You would pay tax on your capital gain, being your sale proceeds less your cost for those units. Tax free allowance means £0 payable for that part of the gain. So to reduce your tax you would utilise the allowance in full each year. If you realise a gain of the allowance amount each year, then you won’t have tax to pay.
Andrew Peters Answered question November 27, 2024