New to Crypto - What to do if you make a lot of profit?

Bostonerimus1

You should not buy any "investment" without understanding the tax implications.

CaptainRock

(Removed by Forum Team)

This is the sort of advice I was after.  Thank you.

I most probably won't make much profit, if any, £200,000 was just a figure that came to mind.

But you never know, and I asked the question just to give me an idea what to do, just in case......

Bostonerimus1

CaptainRock said:

(Removed by Forum Team)

This is the sort of advice I was after.  Thank you.

I most probably won't make much profit, if any, £200,000 was just a figure that came to mind.

But you never know, and I asked the question just to give me an idea what to do, just in case......

You should also know what to do when you have losses.

wmb194

Make sure to keep really good records of all your transactions, even the tiny ones.

ydrol2

There are some sites that can make a stab at estimating your tax liability - eg Koinly (https://app.koinly.io/login/)

Then if your realised gains for any tax year exceeds Capital Gains Exemption (£3k) - you can pay for a more detailed report.

As others have said - "there be dragons". pump-and-dump / rug-pulls  are almost the norm now.

Esp watch out for swaping big gains from one (meme)coin to another and then losing it all. You might end up with a tax bill and nothing to pay it with.