One of America’s most famous and enduring idioms came from the Founding Father, Benjamin Franklin. Reflecting on the constitution of his new country, he expressed hope that it would be durable. “But, in this world,” he said, “nothing is certain except death and taxes.” Unfortunately, he’s still right.
However, we’re guessing that Franklin probably hasn’t heard of bear markets.
Since the explosion of crypto over the last fourteen or so years, taxes have become a practical necessity. It is not advisable to hide your taxable crypto income from the state. In fact, tax evasion is highly illegal. (However, tax avoidanceWhich includes legal means of reducing your tax bill, right.)
The UK government requires that you file a self-assessment tax return online with Her Majesty’s Revenue and Customs (HMRC) by 31 January 2023. This is the date every year for self-employed income earners or capital earners. profit. (Capital gains are the name given to assets that have increased in value. In tax terms, this increase in value is usually taxed when the asset is sold. This is certainly the case with UK tax. )
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