Comment by cherryteastain
2 years ago
This is one area where cryptocurrencies are useful. Don't need anything other than a wallet address.
2 years ago
This is one area where cryptocurrencies are useful. Don't need anything other than a wallet address.
You don't need cryptocurrencies to commit tax fraud. The problem isn't being technically unable to get the money.
I guess then everyone accepting 50 quid from a mate for fixing up their car or something is also commiting tax fraud. Immaterial amounts like this are not on tax authorities' radar. And if you are making a material amount, nothing is stopping you from doing the right thing and reporting your side income anyway.
Crypto just reduces the hassle.
Until a couple of years ago, Yes(officially). Then HMRC codified what they had effectively been doing already which is to look away for small amounts. There is now officially a £1000 buffer for you to legally earn on the side. You don't need to report it, in fact there isn't even a place to put it on the self assessment forms (unless it's changed this tax year where they've started to be more active on side hustle money - I'll find out when I get round to filling in the SA form - probably mid Jan...)
ORLY? That's your plan? Tax evasion?
And what about when you want to spend that money? At some point you have to declare that income and be taxed and the government doesn't care if you were paid in euros, bitcoin or seashells.