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New Tax Rules in the United Kingdom Are Coming
Finally, BeInCrypto would like to remind its readers in the United Kingdom that HMRC is changing its tax policies on cryptocurrencies for the upcoming year. Murphy, the general manager at The Accountancy Partnership, provided some tax advice on cryptocurrencies earlier this week.
Murphy claimed that "If you earn cryptocurrencies as part of your business, you will be under income tax rather than [capital gains]. If you are mining or holding cryptocurrencies as a reward, HMRC will also consider this part of your income, so it will be taxed like any other income."
He mainly warned that HMRC has become stricter in cooperating with exchanges and analyzing blockchain data. British readers should find loopholes they can use to avoid the worst liabilities, but outright tax evasion has become riskier than ever. If discovered, tax evaders may face serious penalties.
These are just some of the biggest events that have happened in the cryptocurrency space this week. As always, BeInCrypto is here to keep you informed about the latest trends
$BTC
New Tax Rules in the United Kingdom Are Coming
Finally, BeInCrypto would like to remind its readers in the United Kingdom that HMRC is changing its tax policies on cryptocurrencies for the upcoming year. Murphy, the general manager at The Accountancy Partnership, provided some tax advice on cryptocurrencies earlier this week.
Murphy claimed that "If you earn cryptocurrencies as part of your business, you will be under income tax rather than [capital gains]. If you are mining or holding cryptocurrencies as a reward, HMRC will also consider this part of your income, so it will be taxed like any other income."
He mainly warned that HMRC has become stricter in cooperating with exchanges and analyzing blockchain data. British readers should find loopholes they can use to avoid the worst liabilities, but outright tax evasion has become riskier than ever. If discovered, tax evaders may face serious penalties.
These are just some of the biggest events that have happened in the cryptocurrency space this week. As always, BeInCrypto is here to keep you informed about the latest trends
$BTC
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