Tech News, Magazine & Review WordPress Theme 2017
  • FEATURES
    • News
    • Bitcoin
    • Ethereum
    • Ripple and XRP
    • Altcoins
    • Trading
    • Blockchain
    • Futuremash
    • Regulators
    • Scams
    • Crypto 101
  • HODLX
    • Latest Stories
    • FAQ
    • Submit Your Guest Blog
  • CRYPTO LIVEWIRE
    • Latest
    • Press Releases
    • Sponsored Posts
    • Submit Your Content
  • BEGINNERS
    • What Is Bitcoin?
    • What Is Blockchain?
    • What Does Hodl Mean?
    • How to Pay Your Bills with Bitcoin
    • Best Bitcoin FAQs
    • Example of Bitcoin’s Purpose
    • Cryptocurrency Has Multiple Meanings
    • Authenticator Alert – Securing Your Crypto
  • SUBMIT
    • Guest Blog
    • Press release
    • Sponsored post
  • EXPLORE
    • eToro
No Result
View All Result
  • FEATURES
    • News
    • Bitcoin
    • Ethereum
    • Ripple and XRP
    • Altcoins
    • Trading
    • Blockchain
    • Futuremash
    • Regulators
    • Scams
    • Crypto 101
  • HODLX
    • Latest Stories
    • FAQ
    • Submit Your Guest Blog
  • CRYPTO LIVEWIRE
    • Latest
    • Press Releases
    • Sponsored Posts
    • Submit Your Content
  • BEGINNERS
    • What Is Bitcoin?
    • What Is Blockchain?
    • What Does Hodl Mean?
    • How to Pay Your Bills with Bitcoin
    • Best Bitcoin FAQs
    • Example of Bitcoin’s Purpose
    • Cryptocurrency Has Multiple Meanings
    • Authenticator Alert – Securing Your Crypto
  • SUBMIT
    • Guest Blog
    • Press release
    • Sponsored post
  • EXPLORE
    • eToro
No Result
View All Result
The Daily Hodl
No Result
View All Result

When Buying Bitcoin Turns You Into a Trader

by Powered by eToro
September 2, 2019
in Explore
‏‏‎ ‏‏‎ ‏‏‎ ‏‏‎

OUR STORY                 DISCOVER CRYPTOCURRENCIES                  NEWS AND UPDATES

For most of us, the image of a trader is someone sitting in a busy stock exchange, looking stressed out and sweaty or with their head in their hands as the market crashes.

Or, they could be pacing up and down your high street bellowing “Buy! Buy!” or “Sell! Sell!” into a mobile phone, making sure everyone hears them.

But have you considered that you could also be a trader? If you have been buying Bitcoin, Litecoin or any of the others with the specific intent of selling when it rises, only to buy it again when it falls, in the eyes of some fairly important people, you might be classed as a trader.

Use eToro’s Crypto Tax Calculator

These fairly important people are Her Majesty’s Revenue and Customs, and if they suspect you are trading cryptoassets, there might be taxes to pay (if you are a UK resident).

Unlike long-term investments, which the government actually likes as it ties in capital into supporting companies, currencies and other projects it doesn’t want to spend the money to do, trading is treated differently.

Find Out If You Owe Crypto Tax

Trading attracts Income Tax, which is additional to what you pay on your regular earnings. HMRC doesn’t like people earning extra cash – digital, traditional or otherwise – and not telling it, so it could be worth checking up before you file your tax return. Just like your regular income tax though, you are able to offset it against some losses.

Read eToro’s Cryptoasset Tax Report

The good news is that HMRC has set the bar quite high. You would have to make lots of trades every day for the authorities to think you’re setting up shop as the next Barclays or Goldman Sachs.

However, if HMRC deems you to not be a trader, you don’t get off the hook for your dues. Applicable to UK taxpayers, Capital Gains Tax is due on all profit made from investments and assets that grow in value, is still due to be paid… and no, the Exchequer does not accept Bitcoin.

As cryptos are fairly new – to the powers that be, at least – there are few rules and regulations so far set in place. But it is important to note that these will be tightened up over the coming years and months as they become more mainstream, so keep an eye out for updates.

To help you understand how this new tax regime might affect you, eToro has created a crypto tax calculator, infographic and crypto tax guide.

You can also listen to eToro, HMRC and ICAEW explore the cryptoasset landscape, the future of crypto, the tax levy and dispel common misconceptions in our webinar here.

Listen Here

Cryptoassets are volatile instruments which can fluctuate widely in a very short timeframe and therefore are not appropriate for all investors. Other than via CFDs, trading cryptoassets is unregulated and therefore is not supervised by any EU regulatory framework. Your capital is at risk CFDs work, and whether you can afford to take the high risk of losing your money.

Applies to UK taxpayers only.


The information above does not constitute financial advice, always speak to a tax professional to ensure it is right for your specific circumstances.

eToro does not represent any government entity. You should check with a tax professional or HMRC if you are paying the right amount of tax.

This content is sponsored and should be regarded as promotional material. Opinions and statements expressed herein are those of the author and do not reflect the opinions of The Daily Hodl. The Daily Hodl is not a subsidiary of or owned by any ICOs, blockchain startups or companies that advertise on our platform. Investors should do their due diligence before making any high-risk investments in any ICOs, blockchain startups or cryptocurrencies. Please be advised that your investments are at your own risk, and any losses you may incur are your responsibility.




Follow Us on Twitter Facebook Telegram

Check out the Latest Industry Announcements
 

Submit a Press Release

Crypto Livewire – Press Releases

  • Unifi Farms Beta Launches on Unifi Protocol to Pioneer No-Stake Farming
    February 26, 2021
  • Bang Bang: Critical Factors Fueling Rise of the Retail Investor
    February 25, 2021
  • How Traders Make Money in Both Bull and Bear Markets on BigoMex
    February 25, 2021
  • Student Coin Found New Ways to Use Crypto
    February 24, 2021
  • Everest Receives Crypto Custodian Approval
    February 23, 2021
Submit a Guest Post
Bitcoin
$47,104.00
$47,104.00
0.38%
Ethereum
$1,478.70
$1,478.70
0.68%
Binance Coin
$227.85
$227.85
1.71%
Polkadot
$35.24
$35.24
15.02%
Cardano
$1.43
$1.43
26.86%
XRP
$0.436792
$0.436792
1.09%

Spotlight

  • People Underestimating Magnitude of Wave That’s About To Hit Bitcoin and Crypto, Says Binance CEO
    February 20, 2021
  • Top Crypto Analyst Says One Altcoin Will Recover Stronger and Faster Than the Rest
    February 24, 2021
  • Abra CEO Says Bitcoin Could Shatter $250,000 This Year, but Major Crypto Correction May Be Around the Corner
    February 21, 2021
  • This Crypto Sleuth Thinks He’s Uncovered Satoshi Nakamoto’s Secret Twitter Account
    February 25, 2021

DON’T MISS A BEAT

Crypto headlines delivered daily
to your inbox
BTC, ETH, XRP news alert options

By joining The Daily Hodl news list you agree to our
Terms and Conditions and Privacy Policy.

Check your inbox for confirmation email.

Cryptocurrency news and analysis, covering Bitcoin, Ethereum, Ripple, XRP, altcoins and blockchain technology

Categories

Bitcoin • Ethereum • Trading •
Ripple and XRP • Altcoins •
Blockchain • Regulators •
Scams • Crypto101 • HodlX • Explore • Futuremash •
Crypto Livewire

ABOUT US | EDITORIAL POLICY | PRIVACY POLICY
TERMS AND CONDITIONS | CONTACT

JOIN US ON TELEGRAM

JOIN US ON TWITTER

JOIN US ON FACEBOOK

COPYRIGHT © 2017-2021 THE DAILY HODL

No Result
View All Result
  • FEATURES
    • News
    • Bitcoin
    • Ethereum
    • Ripple and XRP
    • Altcoins
    • Trading
    • Blockchain
    • Futuremash
    • Regulators
    • Scams
    • Crypto 101
  • HODLX
    • Latest Stories
    • FAQ
    • Submit Your Guest Blog
  • CRYPTO LIVEWIRE
    • Latest
    • Press Releases
    • Sponsored Posts
    • Submit Your Content
  • BEGINNERS
    • What Is Bitcoin?
    • What Is Blockchain?
    • What Does Hodl Mean?
    • How to Pay Your Bills with Bitcoin
    • Best Bitcoin FAQs
    • Example of Bitcoin’s Purpose
    • Cryptocurrency Has Multiple Meanings
    • Authenticator Alert – Securing Your Crypto
  • SUBMIT
    • Guest Blog
    • Press release
    • Sponsored post
  • EXPLORE
    • eToro

© 2020 The Daily Hodl

We use cookies to give you the best online experience possible. Continue browsing if you are happy with that, or see how to manage cookies.