Zayden said:
@Vern
What about China, won’t they make dealing with all this easier?
I’m not sure what you’re getting at Can you clarify?
@Vern
Is it still £6,000 until April or something similar?
Dakotah said:
@Vern
Is it still £6,000 until April or something similar?
Nah mate, the UK government made this change for the 2023-2024 tax year It’s massive. They’ve halved the allowance from £12,000 in 2022-2023 to £6,000 in 2023-2024.
Hege just buy Hege and stop worrying about a 9-5 next year lol
Open a foreign bank account Cash out there also seems tax-free
Forget the UK government
Rodriguez said:
Open a foreign bank account Cash out there also seems tax-free
Forget the UK government
That would be a lot harder to pull off if you live in the UK and want to stay here.
Rodriguez said:
Open a foreign bank account Cash out there also seems tax-free
Forget the UK government
Tax residency doesn’t change that easily…
Theoretically could you transfer all your crypto to USDT and just hold it then withdraw £3,000 a year until the balance is gone?
Camden said:
Theoretically could you transfer all your crypto to USDT and just hold it then withdraw £3,000 a year until the balance is gone?
The withdrawal doesn’t matter - it’s the switch to USDT that’s the taxable event
You’ll owe tax on the entire amount when you convert crypto to stablecoin.
You really need to talk to an accountant.
In the USA, if you hold for over a year, you pay less tax like around 20% compared to 40% for short-term capital gains.
Lily said:
You really need to talk to an accountant.
In the USA, if you hold for over a year, you pay less tax like around 20% compared to 40% for short-term capital gains.
It depends on your tax bracket Less than a year of holding is taxed at your regular income rate Over a year gets taxed at 0, 15, or 20% based on income
@Trevor
Yeah, unfortunately, I’m in a high bracket We have an accountant and I rely on them It seems like any little adjustments cost me big.
Lily said:
You really need to talk to an accountant.
In the USA, if you hold for over a year, you pay less tax like around 20% compared to 40% for short-term capital gains.
You might also need to figure this out Too many marginal tax rates as well.
@daniella
I already have an accountant But I have no plans to cash out.
Look into private trusts That’s a way to keep your money safe from government taxes If the trust pays taxes at the end of the year and the government doesn’t meet your criteria, you keep everything They likely won’t meet that criteria, so it’s a win-win.
I plan on doing this myself They think this isn’t gambling, but I have lost way less on horse racing
@Tristan
Trusts can also be a great way to set up inheritances.
Come on, just pay your taxes like the rest of us.
Ares said:
Come on, just pay your taxes like the rest of us.
No thanks, I’m good
Ares said:
Come on, just pay your taxes like the rest of us.
I have done that I pay taxes on everything I earn, the house I purchased, the coffees I buy, the food I buy and so on I’m not looking for loopholes, just trying to start a discussion about it I probably worded my original post poorly
@Dax
It’s 18% or 24% now lol