This Is One Of 15 Ways To Reduce Your Tax
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Risk is inherent in cryptocurrency activity, but one area where uncertainty should be mitigated is the tax treatment of your crypto transactions.
The challenge for individuals and businesses engaged in cryptocurrency activity is making sense of this emerging area of taxation.
The duty is on the tax payer to take a responsible and compliant approach to tax.
Under prevailing HMRC guidance, it’s the activity in question that will determine the tax treatment, and not the underlying asset or type of cryptocurrency, providing a degree of clarity on how to proceed with effective tax planning.
Whether you are looking to set up a cryptocurrency fund or you’re already actively engaging in cryptocurrency activity such as buying, selling, holding or mining, you need to establish if your activity falls under the classification for personal, speculative, trade, or investment.
The activity in question determines the cryptocurrency tax treatment and whether you have a liability to Capital Gains Tax, Income Tax or Corporation Tax, which in turn could impact on how you complete your tax return in order to remain compliant.
Speak With A Tax Expert Now To Reduce Your Tax
Working alongside your professional advisers, it’s no surprise that specialist tax advisers can often identify extra opportunities for you to save tax, across a variety of personal and business areas. After all, they're experts in their field.
To discover how much additional tax you might be able to save, please complete the form below and we’ll introduce you to a specialist tax adviser to discuss your requirements.
Your initial conversation will be without charge and without any commitment to go ahead.
The Financial Conduct Authority does not regulate taxation advice.
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AJ Bell Is Often The Best Value SIPP For Stockmarket Assets
Over time, charges can wipe out a huge part of your fund. We like AJ Bell because there are no set-up costs. If you hold passive funds, which is our preference, or shares, investment trusts, EFTs, gilts or bonds, you pay one small fixed fee no matter how large your fund. And when you come to draw your benefits either as occasional drawdown or UFPLS payments, there's a small charge for the whole year no matter how many times you access your money (many SIPP and SSAS providers charge more than this for each payment). However, you should always compare charges in detail, because AJ Bell could be more expensive than other providers, depending on the type of stockmarket assets you hold.
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