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Uk bitcoin trading accountantHow is Bitcoin taxed in the UK? | Accounts & Legal
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Our Partners and Associations Working in partnership with and featured in If tcryptocurrency has been purchased through an exchange, HMRC see the buyer as being liable to capital gains tax.
The tax will only crystallise when the bitcoins are converted into another currency or cryptocurrency. Therefore, the Bitcoin buyer is liable to capital gains tax on their gain. Given the rise in popularity of cryptocurrency, it is quite likely that HMRC will be clamping down on earnings stemming from the virtual currencies. However, for now, the above guidelines are how your earnings, whether they are made through mining or buying, will be taxed for the foreseeable future.
If you would like to speak to us about how your bitcoin or cryptocurrency earnings are taxed, do not hesitate to get in touch with our accountants in London. Originally graduating with a degree in geography from Edinburgh University, Keir claims that he was then tricked into becoming an accountant by one of the UK's top 5 accountancy practices. The deception extended to the usual training in audit and associated activities.
Keir subsequently worked in a number of advisory roles with clients including in the energy trading, pharmaceuticals and financial services sectors. Keir's primary role is to ensure that new clients with complex businesses or needs are on-boarded in the best way and he is a "trouble shooter" both for clients and where complex issues arise internally.
He also helps the accounting teams strive to improve what we do for clients, whether processes or services. When not debiting or crediting, Keir has a penchant for fixing old buildings, skiing, surfing and cycling. We are full-service accountants offering tax and accounting support from bookkeeping to business plans, and payroll to tax-efficient investment advice. Toggle navigation info accountsandlegal. Instant Quote. Client log-in. Tax on cryptocurrency Despite its volatility, Bitcoin is far and beyond the most popular and well-known crytpocurrency in circulation.
Keir Wright-Whyte Managing Director k. About the author Originally graduating with a degree in geography from Edinburgh University, Keir claims that he was then tricked into becoming an accountant by one of the UK's top 5 accountancy practices.