Hello there I hope you had a great day today and if not then tomorrow is always another day to make good and crack on with accomplishing those goal's and gain's.
So, I got home from work today after a full on 11 hour graft on a building site; whilst preparing tomorrow's lunch and dinner for this evening I am scrolling through Coin Base's new's feed, as i like to do most day's. What do I come across but an article reading that the "British Tax Agency are demanding customer information from Crypto currency exchange's such as Coin Base, eToro and CEX.IO".
As I am reading these word's I get completely distracted and almost burn the food, drop my phone in the sink and start sweating profusely. Time to turn the heat off and sit down for a minute...
I originally had the idea of storing away a small amount of my wage's every week in Crypto as the rate's are a much more attractive and fun option (sometime's) to bank's fiat system's, I thoroughly enjoy the up's and down's of the whole process too.
I completely accept the risk's involved, I don't gamble on sport's or casino's at all and I do understand Crypto trading/storing is a bit of a gamble but i truly enjoy the roller coaster ride, also by following the headline's I can sometime's come out on top, sometimes not... We've all been there?? (comment below with your experience's)
I wasn't too shocked about this move because last week I had been reading about the American tax authorities trying to take control on their Crypto currency situation, it was only before long our country followed suit, but it has made me have a proper long hard think about what my next move is going to be and what i am going to do with my side saving's...
Can the authorities really get every one's details and make us pay tax on every penny made from Crypto? What happen's to the people that have lost money through these exchanges? Will they have to rebate any lost income? Maybe it's a scare tactic , maybe not?
I will happily pay my due's if I am made to, but what a sting in the backside that would be. Is it really worth keeping Crypto if we have to pay tax on it? Will it affect the price? All these question's are rushing around my head like a Tasmanian Devil in a china store.
Now even though i was sort of expecting this new's, it has still been a massive shock to my system, one i didn't prepare myself for.
I am a tiny bit concerned as this may affect my end of the year tax return. I am self employed and have always stayed up to date with my tax's and never once tried to get one over on the tax man, I work extremely hard for my living and think surely they should let this one slide as governing the whole Crypto world wide web would be a huge chore, obviously there is a colossal amount of money to be made on there part so it's probably worth it for them, but come on just give us a break aye!?
What are your thought's on this matter and does it affect you in your country? Maybe your from the UK too and you have seen this new's, and maybe have a deeper knowledge and understanding in the matter and can shed some light on the situation. Let us know.
Happy Evening/Morning or Afternoon wherever you be reading this from I hope you are well and enjoying life.
All the best :)