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2021-02-13 06:42 28617146 Anonymous /britbiz/ general (file.png 1000x1000 1721kB)
still chilly as fuck edition previous thread >>28606563 >Bank of England gives high street banks six months to prepare for negative interest rates https://www.bbc.co.uk/news/business -52772950 >Bozza says lockdown may ease soon, probablly gonna cuck us again https://www.bbc.co.uk/news/uk-56054 637 >Sunak foreshadows next months rugpull https://www.bbc.co.uk/news/business -56039108 >Woman gets years free supply of milk https://www.dailymail.co.uk/news/ar ticle-9256699/Superwoman-pushed-dai ry-lorry-snowy-hill-gets-years-free -supply-milk-reward.html >livebird box cam http://www.dhilton.co.uk/birdcam.ht m

1 min later 28617249 Anonymous (1611989632910.png 464x431 380kB)
>>28617146 anime

1 min later 28617254 Anonymous
How do I become royalty so I don't have to declare my income?

2 min later 28617350 Anonymous (1585657894641.png 1000x1000 237kB)
>>28617146 No burgers in this thread, too many swarmed the last one.

3 min later 28617362 Anonymous
>>28617254 buy gold coins from the royal mint, its capital gains tax free

3 min later 28617388 Anonymous (1597275755746.jpg 992x744 59kB)
What's with all the blatant racisms bruvs? I am English even if my parents weren't always.

3 min later 28617416 Anonymous (1592152187316.jpg 828x1792 233kB)
alri'

4 min later 28617452 Anonymous (1613238365112.png 727x900 170kB)
Fuck CGT

5 min later 28617570 Anonymous
how to get a comfy country gf lads who wants to start a small homestead

7 min later 28617695 Anonymous
>>28617570 go to church

8 min later 28617728 Anonymous
>>28617570 If your interest is getting a smallholding to break from the government. Don't worry they will squeeze your balls.

8 min later 28617754 Anonymous
>>28617695 i live in the country, no young people really go to church

8 min later 28617760 Anonymous
Nice general, was hoping something like this would pop up. Bong bros.. how do i get a comfy high paying civil service job? I've been a NEET for 3 years since graduating.

9 min later 28617823 Anonymous
>>28617728 how :( >>28617760 whats your degree in lad

13 min later 28618097 Anonymous
>>28617823 accounting, got a third and the subject is boring so i have zero interest in pursuing it which is why i've been a NEET for the past 3 years but i probably should have applied for some entry level accounting jobs anyway, they require years of experience or atleast a higher grade degree. Some fellow bongs told me try civil service jobs, they pay decent and are comfy.

14 min later 28618139 Anonymous
>>28617754 in all honesty try tinder then, most women are mentally weak and can be easily moulded into being your country gf

14 min later 28618166 Anonymous
>>28618097 maybe try local council jobs desu

14 min later 28618208 Anonymous
what coins does moni own?

15 min later 28618235 Anonymous
>>28618139 >most women are mentally weak and can be easily moulded into being your country gf kek fucking based, I got hinge but uninstalled it because every woman on it is reprehensibly ugly

15 min later 28618278 Anonymous
>>28618139 This. Fiat 500 girls are starting to want country life after realising how much money farmers make.

16 min later 28618336 Anonymous
>>28618208 Amer owns nothing and will die alone, sorry to break it to you!

18 min later 28618423 Anonymous (1613202593392.png 1197x1010 48kB)
>>28617452 Use Monero.

18 min later 28618474 Anonymous
>>28618423 and how does that get you out of CGT

21 min later 28618656 Anonymous
>>28618097 >the subject is boring Are you thick? You won't stand a year in govt work if you don't love being bored.

22 min later 28618729 Anonymous (received_1899749903533518.jpg 480x419 30kB)
>>28617146 Cheek em

22 min later 28618751 Anonymous
gross

23 min later 28618800 Anonymous
>>28618656 kek

24 min later 28618919 Anonymous
Let's say if I sell in total £250k of Monero in P2P transactions within one tax year, what tax do I have to pay on it? If I ever had to cash out that amount couldn't I just neet it up for a year so I only have to pay 20% CGT?

25 min later 28618947 Anonymous
>>28618423 Until I can buy groceries off the dark net it doesn't help.

27 min later 28619088 Anonymous
fucking /pol/ refoogees

28 min later 28619147 Anonymous
>>28619088 not from pol, we invented capitalism and business so if you dont like britbiz get off our board

29 min later 28619224 Anonymous (C8852A95-C062-4397-BBB7-6CCCBC773285.jpg 400x361 35kB)
anyone from /brit/?

30 min later 28619311 Anonymous
I have a RBS account, barclays account and a santander account Can i realistically not just withdraw like 10k into each and not declare CGT

30 min later 28619329 Anonymous
>>28618656 ok boring is one thing but accounting is not for me i feel, i spend all day every day on the computer, what job is suitable for me and pays decent? i see some civil service jobs like agile delivery manager paying 40-50k, and a few other "digital" jobs i will look into but i have no idea really.

30 min later 28619342 Anonymous (1612454491981.png 480x360 99kB)
>>28619088 pol is a cesspit containment board I'd never dare go there

31 min later 28619389 Anonymous (1612353540973.jpg 499x499 29kB)
>>28619224 me rn

32 min later 28619440 Anonymous (basedblackman.png 764x762 415kB)
>>28619311 kek don't be stupid, you're going to get fucked. If you really don't want to pay much tax, try setting up a company somehow funneling it through there for example money going back into the "business" and then paying yourself or something along those lines, i don't know the specifics but it's possible i think.

32 min later 28619450 Anonymous (3BF13EC9-0E02-4474-83D6-5518C177AA9F.png 266x390 217kB)
A toast, a toast to /britbiz/

33 min later 28619534 Anonymous (60C3522F-1AC9-4F91-ADB6-2855372681B9.jpg 1280x1280 85kB)
>>28619389

34 min later 28619598 Anonymous
anyone here done the network+ security+ etc certs? how easy was it to get a job?

35 min later 28619624 Anonymous
>>28619311 Should clarify this is assuming i make it. Dumped all my student loans and bursery into GRT and ill kill myself if it doesnt get me out of my debts by the time i graduate next summer. Probably kill myself anyway eventually since nothing in life appeals to me but at least if i make money from my GRT i can experience what its like to not be in negative net worth. Getting cucked by the taxman might tick me over the edge though

36 min later 28619714 Anonymous
>>28618919 depends on your gain every crypto-to-crypto transfer is taxable

37 min later 28619802 Anonymous
>>28617146 Why be British if you could be I don’t know American?

38 min later 28619861 Anonymous (4722EFA4-0D0D-49E2-9322-01B3E4B0FFF7.png 485x319 194kB)
any monero chad man in? keep spending them (on minecraft) what am i like aha

39 min later 28619880 Anonymous
>>28619802 get out ye bastid

39 min later 28619915 Anonymous
>>28619802 FOY

40 min later 28619953 Anonymous
i see we have expanded our influence to other boards the sun does not set on the british realm

40 min later 28619966 Anonymous
>>28619861 used to hold it, was bleeding, then my old friend doge popped up, went all in, and got my 10x been too afraid of losing my doge gain to put it back into monero where I thought I'd end up watching it continue to bleed

40 min later 28619996 Anonymous
>>28619311 Cash out to gaypal

41 min later 28620062 Anonymous
>>28619802 FOY

42 min later 28620106 Anonymous
Posted this in the other thread - thoughts? As far as i can see if you invest £1000 and end up with £12500, you can take that all out - reinvest it and then if the following year you take out £25k it's still all tax free as now £12.5 is the initial investment and £12.5k the tax free profit. So it seems to me to make sense to 'bank' the maximum allowance each year.

42 min later 28620136 Anonymous
>>28619714 I'd be fine with paying 20% and I probably won't be earning above £24k/year in the foreseeable future. Will I only have to pay 20% if my income is that low, even if I cash out six figures?

42 min later 28620150 Anonymous
>>28620106 i really don't see why not but im not an expert

43 min later 28620172 Anonymous
>>28619953 there is no stopping us https://www.youtube.com/watch?v=CAV txO96ESY

43 min later 28620205 Anonymous
doing a poo

45 min later 28620311 Anonymous
>>28620106 yeah but there's no point CGT is on anything you earn above a £12500 gain. If you gained £13000 in a tax year, you only pay 20% tax on the £500 above £12500, i.e. £100

45 min later 28620335 Anonymous
>>28620106 no it doesn't work like that mate, 12.5k is what you're allowed for free yearly, just because you "reinvested" 12.5k and lets say you profited 50k, you can't just have that 50k as excempt. You can't go over the 12.5k taxfree, don't bother trying to game the system using these kindergarden tactics. If you really want a tax deduction, input your losses and try balance it out.

45 min later 28620349 Anonymous
is now a good time to buy a house?

47 min later 28620440 Anonymous
>>28620349 of course not

47 min later 28620444 Anonymous
Since we're all fellow bong bros here, i'll let you guys in on some actual undervalued 50x projects in the near future. Obviously do some research yourself and you'll come to the same conclusion. ryi, ryip, and qlc chain.

47 min later 28620475 Anonymous
>>28620440 why not m8?

48 min later 28620530 Anonymous
>>28620335 But say i take out 50k on the second year - can't i say well 12.5k is just the base input and the second 12.5k is the free profit im realizing?

49 min later 28620603 Anonymous
>>28620530 no it's 12.5k yearly, anything above gets taxed, simple as that. Don't try and overcomplicate it.

49 min later 28620618 Anonymous
>>28620311 Yes but say i have a million - one day i want to cash it all out but 10 years from now. If i keep taking out 12.5k a year i now have 125k i don't need to pay CGT on.

50 min later 28620689 Anonymous
>>28618729 My parents recieved a Victoria coin as a return gift for attending an arranged marriage

50 min later 28620710 Anonymous
>>28620618 yeah but if you got £1 million worth on trades, that's taxable, whether it's on the exchange or not

51 min later 28620768 Anonymous
>>28619624 >using cash to pay off student finance 'loan' ngmi

52 min later 28620792 Anonymous
>>28620618 https://www.gov.uk/guidance/check-i f-you-need-to-pay-tax-when-you-sell -cryptoassets You might need to pay Capital Gains Tax when you: sell your tokens exchange your tokens for a different type of cryptoasset use your tokens to pay for goods or services give away your tokens to another person (unless it’s a gift to your spouse or civil partner)

52 min later 28620804 Anonymous
>>28620335 I guess a better way of phrasing it would be if you invested 30k and didn't make any money, so took out 30k, you're not going to get taxed on it. None is profit. So i don't really get why i can't 'bank' the free 12.5k yearly to increase that amount. It's not to game the system, i know it's obvious but it's perfectly legal as i understand it. I should also say i don't really understand claiming losses.

53 min later 28620868 Anonymous
>>28620618 technically yes but it's not worth only taking 12.5k a year, if you just took for example 33500 and only paid 20% tax on that minus 12500 ofcourse, you could double your money or triple if you're in crypto but youi won't because you don't want to pay 4200 in tax. You won't be taxed if yo uhave a company/business nad you're reinvesting into that since you're technically not realizing any profit and then you can apy yourself a wage or just use your "company" card to buy whatever you want.

53 min later 28620926 Anonymous
>>28620792 This isn't my question - aside from "when selling your tokens".

54 min later 28620968 Anonymous
>>28620618 correct

54 min later 28620972 Anonymous
>>28620804 you do get to 'bank' it though you literally don't have to pay tax on the first £12500 of gains every year as I explained

55 min later 28621041 Anonymous
>>28620926 how do you intend to 'have 1 million'? As a gain? If so, it's going to get taxed

55 min later 28621056 Anonymous
>>28620972 Ok so each year take 12.5k out of my crypto and reinvest it? I really don't get why this is such a contested situation - it seems like it must be a pretty common question.

57 min later 28621134 Anonymous
>>28621056 you don't need to take it out of anywhere, you can leave it in. You don't have to have it sit in your bank account in order to declare it on the CGT form

57 min later 28621146 Anonymous
Any fraud lads here? Banged an iphone 12 pro last month

57 min later 28621149 Anonymous
>>28621041 That was hypothetical but I bought crypto with fiat, it went up x1000. You don't get taxed for just having assets - you get taxed when you realize it.

57 min later 28621188 Anonymous
>>28620475 I'd be waiting until chinkflu restrictions end before looking at the housing market, there's a massive demand right now but God knows what'll happen in the meantime

58 min later 28621208 Anonymous
>>28621056 So you either pay no tax and get 12500 or you pay £4200 tax and get 33500, which is the better option? obviously the latter since 4200 is nothing when you can double the 30k easily within a month playing it safe with stocks or crypto. It's only after the 33500 threshold where they start charging you 40% tax on every penny that is earned after the 33500 which is ridiculous. You're only playing yourself by only taking 12.5k

58 min later 28621230 Anonymous
>>28621134 I've been told consistently you do need to take it out, it's not taxable and therefore 'bankable' until you take it into your bank account.

58 min later 28621250 Anonymous
>>28620792 Or just go work in Portugal for a year

59 min later 28621332 Anonymous
>>28621208 But you can just leave the rest all in crypto. Why pay any tax at all if you want to let it ride. By taking some out you secure an increasing amount tax free for the year you do cash out.

1 hours later 28621416 Anonymous
>>28620792 Gift my crypto to my gf She gifts me the cash ???? Loop hole?

1 hours later 28621425 Anonymous
Reminder that crypto to crypto trades are also a taxable event. Don't think because you moved 20k of shitcoin gains from Coin A to BTC that HMRC are going to let you away with just because it never left Binance.

1 hours later 28621441 Anonymous
>>28621149 so you're saying you've put some cash on the exchange, bought some doge, it's mooned 1000x, you're not going to sell? Then you want to reinvest your gains without tax? Then yeah, convert £12500 worth every year, bit of a strange strategy though

1 hours later 28621488 Anonymous
>>28621425 only if you do it so frequently it counts as your job

1 hours later 28621510 Anonymous
>>28619880 >>28619915 >>28620062 I’m not even American. Being Australian is preferable to being British too! Or kiwi. But not Canadian, too much cuckoldry.

1 hours later 28621514 Anonymous
>>28621416 you see the crucial flaw in that plan?

1 hours later 28621565 Anonymous
https://www.bitrefill.com/?hl=en You can also use this site to buy vouchers to buy day to day things like food, amazon etc

1 hours later 28621620 Anonymous
>>28621514 I trust her and if she snaked me she would be homeless

1 hours later 28621623 Anonymous
>>28621230 clearly not true, or else at the end of every tax year everyone would be cashing out and it would be a major headache

1 hours later 28621642 Anonymous
>>28621441 Yeah exactly i just bought loads of link under $1. At some point i'll want to take a lot out but in a few years. So for now just take out £12.5k and reinvest it? Would i need to make the draw out and the reinvest fall in the different tax years?

1 hours later 28621658 Anonymous
>>28621488 Nope. Every crypto-to-crypto trade is taxable, anon.

1 hours later 28621717 Anonymous
>>28621623 But people do do a tonne of reworking their finances at the end of the tax year.

1 hours later 28621750 Anonymous
>>28620768 wdym im in scotland, its free. my debts are in my credut cards and bank loans because i was financially retarded when i turned 18 and racked up £6500 on an aqua card, and £3000 on a bank loan. Both are talying up to about £500 a month in payments. I NEED out of this hell.

1 hours later 28621853 Anonymous
>>28621658 Not that this applies to me because i don't bother with it that much but i know someone who's had hundreds of thousands in exchanges flying around since 2015 and he's never been taxed.

1 hours later 28621872 Anonymous
>>28621642 reinvest doesn't have to fall in a different tax year literally sell £125000 worth of link then buy something else. Then that's it for the year, if you don't want to get taxed.

1 hours later 28621878 Anonymous
Can someone explain how “crypto to crypto” being taxable makes sense? If I trade £500 worth of Bitcoin to £500 of ethereum then I havent gained anything. Is it if ethereum then went up to £1k I would be taxed on the gain of £500?

1 hours later 28621934 Anonymous
>>28621717 yes, but they don't convert all of their holdings into cash lmao can you imagine the chaos if that happened on the same day every year

1 hours later 28621944 Anonymous
What do you guys think of Pancake Swap. There has been a bunch of redflags for me recently and frankly, the returns aren't actually that great in this bullmarket right now unless you got in early. Some worries I have >Inflation % often not actually accurate >what the fuck does 40x, 1x, 2x etc mean? It seems to have no bearing on APY and nobody seem to be able to answer this. >What does cake actually do and whats it's utility? >The telegram group is a clusterfuck of retards and scams >The return isn't actually that good compared to even just dumping your money in a scam shitcoin like XRP at the moment. >10%-15% Slippage fees I put a bunch of my holdings in Pancake swap to just have them in a place where I could get some stable inflation before I chose where to put them back to invest, but now I'm kind of getting nervous. The main thing that has stopped me from dumping PCS though is that Binance has heavily promoted it along with big Crytpo "influencers", so if it's a scam, say goodbye to BNB and Binance Smart Chain ambitions and those influencers will take a massive reputation hit.

1 hours later 28621991 Anonymous
>>28621750 student finance england loans aren't real loans because you only pay at a certain income threshold and it's wiped after 30yrs, and the government itself believes 83% of people will never pay them off but still >scottish ngmi

1 hours later 28622010 Anonymous
>>28621878 it's in terms of its GBP value increase realised upon disposal

1 hours later 28622041 Anonymous
>>28621872 Nice ok, thanks for the help. I appreciate the day i take it out i'll have to pay the tax on the majority but 12.5 a year until then is definitely worth banking. Wish i did it last year too.

1 hours later 28622062 Anonymous
>>28621853 Yeah, because he's not declaring it. But if HMRC audited him, he'd be fucked.

1 hours later 28622139 Anonymous
Pertinent, lads: https://www.gov.uk/guidance/check-i f-you-need-to-pay-tax-when-you-sell -cryptoassets

1 hours later 28622160 Anonymous
Dutchfag so I till have access to the EU. Can't I just cash out abroad in one of the more crypto friendly countries like Portugal and come back? Or will I still get taxed on when I come back.

1 hours later 28622168 Anonymous
>>28622062 kek, well let's see how long his party goes for then.

1 hours later 28622191 Anonymous (52F6B5E9-E877-4B7A-B479-013815ECA617.jpg 1486x2048 2148kB)
>>28617146 Bro that coin is fake as fuck. Looks like crappy poured mold. And then there’s that shit by the F, that’s not a hitmark that’s like a bubble pop. All the dots look like they were spilling out of the mold. Fucking terrible

1 hours later 28622217 Anonymous
>>28621878 Yes, is the answer (but it's only applicable if you're over your annual limit). HMRC (the cunts) have some handy examples that outline this exactly. https://www.gov.uk/government/publi cations/tax-on-cryptoassets/cryptoa ssets-for-individuals

1 hours later 28622424 Anonymous
>>28621944 I believe it is just similar to uniswap/sushiswap a token rewarded to people for providing liquidity or whatever to BCS token swaps Seems to be a comfortable hold with staking rewards and as(if) BSC dominance increases the token value will increase

1 hours later 28622534 Anonymous (Screenshot_20210213-185559_Brave.jpg 1074x1589 757kB)
I hope you bongs volunteer like I do and will be helping your fellow bong when lockdown ends.

1 hours later 28622589 Anonymous
>tfw work for HMRC >tfw it’s depressing but easy >tfw know a bunch of tricks about random shite taxes I’ve worked with >tfw just wanna get into the CGT department and find out how they track down crypto gainers and how to avoid it

1 hours later 28622633 Anonymous
>>28622424 Yeah I'm more worried about a rugpull event which seems pretty common in the defi space.

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