Accountant's Guide: CRYPTO TAXES Explained for Beginners (UK)

In this video I talk about UK crypto taxes on crypto assets, this includes the taxation of crypto currency i.e. Bitcoin and Ethereum. Specifically, I cover:

- Capital gains tax and income tax rules and rates on crypto investing, crypto mining and crypto staking
- Disposal events for capital gains tax
- How a disposal of crypto currency would be taxed
- How to report crypto gains on self assessment tax return
- Pooling rules on fungible tokens
- How to pay less tax on crypto - inter spouse transfer, allowable costs and capital losses

TIMESTAMPS:
00:00 - Intro
01:00 - What are crypto assets
01:20 - Which taxes apply
03:20 - Capital Gains Tax
06:29 - How to pay less 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.

[danieltarran]

What is the best strategy to enter crypto trading now for someone with more or less than $5k

[astasiamyers]

What is the best way for someone with more or less than $8, 000 to start trading cryptocurrencies right now?

[davidburgess]

They want to tax people on their investment gains but if you lose your investment they won’t step in and reimburse people! Absolutely bollocks, always on the take!

[LeahRoberts]

I will be forever grateful to you, you changed my entire 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 Kimberly Smith.

[marcusl]

Additionally with a spouse if you are on a higher tax bracket and your spouse not, then you can transfer them assets for them to sell and only pay 10% CG instead of you selling them and paying 20%. I believe this is up to the normal income tax bracket then your spouse would pay 20% also on any gain over 50k (combined with their income also)

[AG-sogl]

Panama or Dubai 😊, or a Nomad life and dont hit being a tax resident, IE hop countries every 5 months...

[mikewhelan]

Moving to el Salvador 🇸🇻 in the future. I'll spend my bitcoin as i like 👍🏻

[Gilmore-horz]

What is the best way to make money from crypto investment as crypto is turning around massively.?

[dickymapster]

Great vid. Subscribed. Well done liking/ sifting though all the bots too! 😊

[abdulhaitham]

Kiran you are a shining light to this new tax maze and both crypto enthusiasts and HRMC will laud you for this!

[tsango]

So the demonstration calc was incorrect as it left out the disposal of the 10 coins

[mistervrai]

Brill video - this confirms what I thought previously. Great to know you can carry losses over. Thank you.

[GrazynaPfalmer]

Great analysis, thank you! Could you help me with something unrelated: My OKX wallet holds some USDT, and I have the seed phrase. (air carpet target dish off jeans toilet sweet piano spoil fruit essay). What's the best way to send them to Binance?

[Reizermo]

Useful video. Thanks Kiran. And good job on the channel. Piece of advice....the other woman who makes videos like this starts every video by saying "I am a chartered accountant and former investment banker!". In EVERY video. It is so jarring. So I suggest don't over do it on that side of things. Once in every 4 videos is enough. People don't really care that much about qualifications. Anyway...good luck growing it!

[gregorio]

Do you have any guidance on what's the UK tax treatment of crypto distributions from Celsius or FTX where most customers will be losing >50% of their crypto?

[kevinmalbas]

Isn't the tax on realised gains, so when you convert it into real money

[Hannah-jscy]

GOV/HMRC is a firm. A profitable business. We all work for the firm.

[TERRIBLYBRITISH]

Can you please do a video on the a DCA basis most people buy different amounts of Bitcoin over a period of time at different prices.. how is the tax then worked out? If you buy 3 Bitcoin at 15k 20k and 30k respectively is your gain worked out on the average cost in total

[MENSA.lady]

How can a government tax something that doesn't exist.

[raalaa]

Absolutely sick to the back of my teeth with the taxes and rules / regs in this country. It really is time to pack my bags, i've been avoiding the decision for far too long.