How do you tax Bitcoin? Are cryptocurrency or cryptoasset gains or profits, taxable? Can you obtain tax relief if you make losses on Bitcoin? Gains on transactions in cryptoassets are potentially taxable in the same way as other investments. 

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Hi Nichola, I'm Finnish however I've been living in the UK for almost 10 years. If I trade crypto and my annual profit is under the annual UK tax threshold of 12k, will I need to pay Finnish tax on the profits?

Guest
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I have the same thorny problem that your Guest of four months ago has in that the trading company
based in Estonia want me to pay the notional tax to them BEFORE they let me withdraw some profit.

Is this legitimate or just a scam?

Guest
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I am sorry to take so long to spot this thread. Estonia's tax regime is not my strong point! Estonia, like several other countries, imposes a withholding tax on certain types of income paid to non-residents. Presumably you will receive a tax...

I am sorry to take so long to spot this thread. Estonia's tax regime is not my strong point! Estonia, like several other countries, imposes a withholding tax on certain types of income paid to non-residents. Presumably you will receive a tax certificate and in some cases be able to offset the tax against a UK tax bill so as to avoid double taxation.

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Guest
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Do you declare bitcoin profits and how do you set up a business where your profits can be calculated for tax purposes as the bank is not clear what l need to do

Guest
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You would need to report your profits presumably as capital gains under self assessment. If you are not within self assessment you are required to notify HMRC. HMRC then send you a notice to file a tax return and then you file. Alternatively you...

You would need to report your profits presumably as capital gains under self assessment. If you are not within self assessment you are required to notify HMRC. HMRC then send you a notice to file a tax return and then you file. Alternatively you submit an unsolicited tax return and this is much quicker, although you might still need to register for self assessment in order to obtain a tax reference from HMTC.

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Guest
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I live in the UK and self employed. I have an investment account with Ethereum-Global.io.

They have generated a large profit and were going to pay me the profit and my investment back.

However I'm now told before they can send the money to me...

I live in the UK and self employed. I have an investment account with Ethereum-Global.io.

They have generated a large profit and were going to pay me the profit and my investment back.

However I'm now told before they can send the money to me via coinbase, I have to pay the tax on the profit through Blackchain. According to them its a legal requirement.

Is this lawful or do you think this might be a scam? I thought I paid the tax on profits, minus the current allowance, when I submit my annual tax return.

Is this normal practice?

Any comments welcome.

Thanks for your support

Alan C

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Guest
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I relied to the later comment above first. I would think that the withholding tax is being held because your crypto exchange is located in a territory that imposes a withholding tax on certain types of income paid to foreigners. They must surely...

I relied to the later comment above first. I would think that the withholding tax is being held because your crypto exchange is located in a territory that imposes a withholding tax on certain types of income paid to foreigners. They must surely provide you with more detail and certificate of tax deducted?

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Comment was last edited about 1 year ago by Nichola Ross Martin Nichola Ross Martin
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Nichola,
I am currently in progress of reclaiming lost funds. Carrying out a bit more research first though before committing to the process put forward. I am interested to know more about hidden ways in your post?
thanks, Jon

Guest
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If you are trading and have lost funds then go back to the broker, as they presumably retain the records of the transaction.

Guest
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Most crypto exchanges such as take advantage with customers funds because they feel these customers don’t know how to get their funds back, But trust me there are hidden ways you can get your lost funds back from the broker.

Comment was last edited about 2 years ago by Nichola Ross Martin Nichola Ross Martin
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