Tax returns & Bitcoin

eskbanker

Bemr said:

Seems the moral of the story is that Bitcoin trading is more hassle than it’s worth.

At the risk of taking a flippant remark too seriously, it's perhaps worth pointing out that the apparent issue here is with the 'trading' rather than the 'Bitcoin', so the moral of the story is really that anyone minded to trade any taxable assets needs to keep adequate records of all transactions in order to satisfy HMRC reporting requirements:

https://www.gov.uk/capital-gains-tax/records

To be fair, the simple spreadsheet that OP posted (before removing again) went most of the way to capturing what's needed, so it's not quite as intimidating as it may sound....

Type_45

I'm not too fussed about the 'carrying over losses' side of things. 

I just wanted to make sure that I'm giving the tax man everything he needs to see.


I only wish I had made any money from crypto to pay tax on! 

Type_45

Bemr said:

Seems the moral of the story is that Bitcoin trading is more hassle than it’s worth.  Especially as you don’t seem to be very good at making money from it 

Tell me about it. In 2017 there was a point when I was £5k up on paper. And in 2020 I was £3k up on paper.

There's also been a time when I was £8k down on paper...


I enjoy owning bitcoin, but I've never been in danger of actually making money from it!