HMRC was one of the first tax administrations in the world to issue explicit instructions on cryptocurrency taxation in the United Kingdom. In the United Kingdom, cryptocurrency is subject to either Income Tax or Capital Gains Tax, depending on the amount invested. In our complete UK crypto tax guide for 2023, we’ve got everything you need to know about crypto tax in the UK, including crypto capital gains tax, crypto income tax, how UK crypto exchanges function with HMRC, how to avoid paying tax on cryptocurrency in the UK, and more.
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Calculating any profit from crypto assets can be difficult since many crypto assets are traded on exchanges that do not use pound sterling and it is common for one crypto asset to be exchanged for another. This can be complicated further by the volatility of the crypto market and the valuation of your crypto assets upon disposal.
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Are you interested in selling your work as a Non-Fungible Token (NFT)? Or are you ready to begin investing in NFTs? In any case, it is critical to understand the magnitude and timing of your tax exposure, as well as the records you must keep.
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