The Global Crypto Tax Crackdown (Accountant Explains)

In this video, I talk about the global crackdown on crypto taxes on cryptocurrency such as Bitcoin and Ethereum, as well as on other crypto assets. I will specifically talk about:

- The Crypto Asset Reporting Framework (CARF) led by the UK (HMRC)
- The Common Reporting Standard (CRS)
- What happens if you don't pay tax on crypto assets - nudge letters and HMRC enquiries
- How to pay less tax on crypto - capital gains tax annual exemption, inter spouse transfer and tax havens that don't tax crypto

TIMESTAMPS:
00:00 - Introduction
00:25 - Global taxation of crypto
05:18 - What will HMRC do
06:35 - Minimise your crypto tax

WHO AM I:
I'm Kiran, a qualified Accountant and experienced tax professional living in the UK. I make videos about finance, tax and investing.

MY FILMING GEAR:

DISCLAIMER:
This content, and the ideas presented in it, are for education and entertainment purposes only. Kiran does not provide tax or investment advice. The information presented does not consider the financial circumstances of any investor, and therefore may not be suitable for all investors.
Although Kiran is an Accountant, no Accountant-Client relationship is established with the viewer in any way.

As an Amazon Associate I earn from qualifying purchases. The product links in the description are affiliate links. This means if you choose to buy something through one of these links, I may receive a commission on the sale, but it makes no difference to you as a buyer.

[Hmmm]

This is not about criminals..its about tax…

[satoshiblack]

The most used medium for criminal actuvity is fiat currency which cannot be tracked

[dreamzzz]

If the government wants to tax our cryto gains, then they should reimburse our losses if an Exchange goes bust

[raalaa]

Tax tax tax tax .... Sick of taxation. I wish I could move to Dubai ...

[CelesteMonroe-einc]

What is the best strategy to enter crypto trading now for someone with more or less than $17k

[benonkwesiga]

What if i lose my coins in a boating accident?

[johnzagrzebski]

yeah im not paying tax on my hard work, so sick of the government taking a cut from my work and i end up with nothing to show for it after bills.

[SouthWestCarpHunter]

How about don’t pay tax. Just loan to value. Never lose your crypto and never pay tax. Sorted

[mendozalittlejohn]

you work for 40yrs to have $1m in your retirement, meanwhile some people are putting just $10k into trading from just few months ago and now they are millionaires..,

[TruthSeeker]

Just another pie for the government to get its finger into. Of course they want in. Thank you for your video I have been avoiding this topic knowing I need to know what to do. I'm glad I subbed to your channel as your very informative and current!

[Heathermacdonald]

I will be forever grateful to you, you changed my whole life and I will continue to preach on your behalf for the whole world to hear you saved me from huge financial debt with just a small investment, thank you Elizabeth Wesley.

[rodrigocastillo]

Greatings Kiran. I live in a 3rd world country (502). Here crypto is new and we do not have all the apps available, only those that allow us to use. To invest in crypto you must pay 12% tax and 5% App fees = 17% & to cashout my gains its 12% tax and 7% App fees = 19% and sometimes at crucial moments to sell or buy they block our area code preventing us from buying selling or withdrawing. We are screwed, they will not let us out of this financial hole. it's not fair. :(

[foreverengland]

How can they tax you on crypto when I already paid the tax on my wages to buy the coins? Also they don’t tax you on gambling? Crypto is the same as gambling!

[germtheorydisrespecter]

Crypto can still be purchased and traded via non kyc ( know your customer ) exchanges, this will be the future peer to peer trading exchanges which dont collect your information and dont have a centralized point of failure.

[Alminium]

Excellent video. So what happens if I choose to simply hold my BTC for the long term? I'm guessing I do not need to inform HMRC until I cash out?

[billscott]

Income tax on Crypto is that legal, only think CGT that couid be payed. This is a smoke screen to tax most investor with what money they can save. Then all these MP's are getting away with no TAX at all on any of there deal's and there making millions. It's a utter joke.

[jeffreynolds]

Australia for last couple of years all exchanges advise the Australian taxation office (ATO) all buys qnd sells. At taxation time they already have what you owe for the past 12 months. So you will never escape crypto tax as is same classification as the stock market. An asset all done on KYC

[MEN]

Don’t use centralized KYC crypto exchanges to sell or swap crypto.

[abdulhaitham]

This is great video content Kiran! You should start your own crypto niche tax service.

[nnhb]

This is applicable to gains realised on exchanges, but what about private wallets / cold storage?