amelia_harrison_architect
Sat Mar 30 2024
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8 answers
1460
What triggers an HMRC audit?
I'm somewhat curious about the workings of the HMRC audit process. Could you enlighten me on what typically prompts an HMRC audit? Is it a random selection, or are there specific factors that increase the likelihood of being audited? For instance, does the size of one's tax return, the complexity of their financial affairs, or past audits play a role? Also, are there any common red flags that HMRC looks out for during an audit? I'm trying to gain a better understanding of the audit process and how it works to ensure my own tax affairs are in order.
CoinPrince
Sat Mar 30 2024
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7 answers
1166
What is the 1% rule in crypto?
Excuse me, could you possibly enlighten me about the so-called '1% rule' in the realm of cryptocurrencies? I've heard it mentioned in various forums and discussions but have yet to come across a clear, concise explanation. Could you please elaborate on what this rule entails, its significance in the crypto world, and how it might impact investors and traders? Thank you in advance for your time and expertise.
Andrea
Sat Mar 30 2024
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7 answers
1695
Are you OK with being paid in crypto?
I understand that cryptocurrency is a volatile asset, but it also has the potential for high returns. Given your expertise in this field, are you comfortable with being paid in crypto? What are the advantages and disadvantages of being paid in crypto for you personally? And how do you ensure the security of crypto payments?
KabukiPassion
Sat Mar 30 2024
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7 answers
1827
Do you only pay tax on crypto when you sell?
So, I've been hearing a lot about cryptocurrencies lately, and I'm starting to get interested. But one thing that's been confusing me is taxes. Do you only pay tax on crypto when you sell it? Or do you have to pay taxes on it every year, like with other investments? And how does the government even know how much crypto you have? I've heard about people using crypto to avoid taxes, is that true? And if so, how does that work? I'm just trying to wrap my head around all this new and complex stuff. Could you explain it to me like I'm five?
Valentina
Sat Mar 30 2024
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8 answers
1683
Which crypto exchanges report to HMRC?
I'm quite curious about the crypto industry and its regulations in the UK. I understand that HMRC, the Her Majesty's Revenue and Customs, is responsible for tax regulations in the country. Given that, I'm wondering which crypto exchanges are required to report to HMRC? Are there specific criteria or thresholds that exchanges need to meet in order to be subject to these reporting requirements? Could you please elaborate on the reporting process and the information that these exchanges are required to provide to HMRC? Thank you for your time and assistance.
