11-30-2020, 03:06 AM
Uk Tax question
<!-- SC_OFF --><div class="md"><p>Back in 2017 I started putting money into crypto. I transferred from coinbase over to bittrex and I was soon jumping from coin to coin on there. Throughout 2017 I added more money but I wasn’t really making profit at the time.</p> <p>The crash of 2018 came and I’ve been sat on my coins since. Last year I traded a lot of my Alts so that I was only actually in the ones I really wanted to be. I’m just about breaking even now and I’m just wondering about taxes. I’m below the £12k tax bracket which I believe means you don’t have to pay any taxes.</p> <p>My question though is, for simplicity when I eventually cash out am I better off selling my alts now back to cash and then buying back in so that I am on a clean slate in terms of trades? As I’ve not made any profits yet? As I’ve heard you have to pay taxes on trades between coins etc so I don’t want to start making profit only to find that my trades back in 2017 will cost me big time...</p> <p>Tldr: do I cash out now and start again whilst not in profit so that working out taxes is easier?</p> </div><!-- SC_ON --> Kind Regards R
<!-- SC_OFF --><div class="md"><p>Back in 2017 I started putting money into crypto. I transferred from coinbase over to bittrex and I was soon jumping from coin to coin on there. Throughout 2017 I added more money but I wasn’t really making profit at the time.</p> <p>The crash of 2018 came and I’ve been sat on my coins since. Last year I traded a lot of my Alts so that I was only actually in the ones I really wanted to be. I’m just about breaking even now and I’m just wondering about taxes. I’m below the £12k tax bracket which I believe means you don’t have to pay any taxes.</p> <p>My question though is, for simplicity when I eventually cash out am I better off selling my alts now back to cash and then buying back in so that I am on a clean slate in terms of trades? As I’ve not made any profits yet? As I’ve heard you have to pay taxes on trades between coins etc so I don’t want to start making profit only to find that my trades back in 2017 will cost me big time...</p> <p>Tldr: do I cash out now and start again whilst not in profit so that working out taxes is easier?</p> </div><!-- SC_ON --> Kind Regards R