What does HMRC (UK Tax Authority), think of Crypto Currency?
At the moment, their position is very neutral. As you can see from their most recent published guidance in 2014. (Yes, that is the most recent published guidance!)
In summary, HMRC expect traders and businesses to follow existing rules and will look at each case on its own merits
There is good news for miners as their income from mining will be outside the scope of VAT. However, for traders, there are potential capital gains taxes which need to be considered.
hi, delighted to find other accounting practices here on steemit. I am an accountant my self, from ireland. I'm also an accounting CPD provider.
irish tax on crypto is rather the same as yours.
I am running an experiment here on steemit with the aim of improving retention and the steemit experience and after looking at your account I think it is something you might enjoy. come on over and join in on the discussion
https://steemit.com/steemit/@paulag/let-s-grow-steemit-together-direct-engagement-experiment-week-1
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You're very forward thinking. We haven't come across any other UK accountants yet. But when the next rally comes, there will be a tonne of tax questions.
We've been getting ready for it
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great stuff. I will follow you. Steemit is a great place for Accountants to get information and understand the crypto world. Blockchain audit will also be a big thing when the revenue do decide to do a crack down. Have you done much of that?
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We haven't done any Crypto audits, but we are not an audit firm.
The tax side we have come across and is a fast growing market in London
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well I know there are many here interested in how the tax pans out so i believe your posts on this topic will be received well. Dont be afraid to ping me and I can resteem
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