Crypto Taxes In United Kingdom In 2024 (All You Need To Know)

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Crypto Taxes In United Kingdom In 2024 (All You Need To Know)

In this video we explain everything you need to know about crypto taxes in the United Kingdom in 2024.

we cover the latest regulations and guidelines from HMRC on how cryptocurrencies are taxed.
You'll learn about capital gains tax, income tax, and the reporting requirements for crypto transactions.

By the end of this video, you'll have a clear understanding of how to stay compliant with UK crypto tax laws.

Time Stamps
0:00 - Introduction
0:42 - How are Crypto Transactions Taxed in UK?
1:17 - Dealing with HMRC regarding Crypto Tax
4:01 - Concept of Disposal of Cryptocurrency and Taxable Triggers related to Crypto Transactions
6:50 - Specific Accounting and Record Keeping Requirements
9:54 - Difference between Capital Gains Tax and Income Tax regarding Cryptocurrency Earnings and Determining which one's Applicable to you
12:50 - Is there a Tax on a Cryptocurrency Gift?
15:34 - Taxation on Conversion of Cryptocurrency
18:56 - Can Losses be Used to Offset other Income and Gains in Taxation?
20:26 - Tax Consideration for a Cryptocurrency Miner
21:11 - Tax Consideration and Treatments for NFT's in UK
25:27 - Common Mistakes and Misconceptions by Cryptocurrency Traders with regards to Taxation
31:12 - HMRC Filing Requirements and Deadlines for Cryptocurrency Traders
33:44 - Penalty for Non-Compliance of HMRC Filing Requirements and Deadlines



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DISCLAIMER: The information in this video should not be considered tax, financial, investment, or any kind of professional advice. Only a professional diagnosis of your specific situation can determine which strategies are appropriate for your needs. SetupHero can and does not provide advice unless/until engaged by you