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I definitely want bongcoins and spliffcoins, to go with my $cunt and $ass.
I mean, I'm not even sure if the govt can track my activity. Binance is Chinese, and Bitmart have offices in China, Hong Kong, Seoul, and New York. It would be a lot of effort to take a look at my affairs, especially if I'm paying CGT, when you consider there needs to be bilateral cooperation, plus I'm as small a fish to fry as it gets. Why bother for what must be at most £1k or so in tax evasion?
Better start keeping records is my advice.
I don't actually need to, the exchanges keep records which I have access to. However, I have 20 pages, with 30 transactions per page, in two days alone. This is an insane amount of work to calculate a small amount of tax. I mean, I'm nowhere near the tax threshold yet anyway, by the time I get there I'll have thousands of pages of transactions. I obviously can't be going through 50k+ transactions, and if I hire an accountant it will cost a fortune, which incidentally would be tax deductible and result in me paying less or even no tax. I might even be legally justified in deducting a reasonable sum for my time calculating my tax obligations, and it'll be a lot more than minimum wage. So it's a right fucking mess, frankly.
What keith just posted suggests my daily profits, or monthly profits, are relevant here. But again, I can only accurately calculate this by factoring in every single transaction, so it's not cutting out the work. And we're still ignoring one important factor... that each individual transaction is a zero profit transaction in isolation. I need a pair of transactions to show a profit (or loss).
I'm just going to pay CGT on my withdrawals. Or maybe income tax. I'll take advice on this when the time comes. I'm not going to process every transaction though, nor am I going to hire someone else to do it for me.
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