You may have heard that, starting from January 2024, the taxman in the UK will be going after side hustles. Not only will they clamp down on those hustling in the UK, but they have partnered up with a soon-to-be-global consortium to clam down on international income.
The saddest part of this is it will affect the “little guy” the most. Those already struggling to make ends meet in this country and have taken on a second or third “job” to cover the basics. Some have taken to driving cabs, delivering mail or even selling on eBay, because they need to feed their kids. It is these folks the government want to monitor closely to make sure they’re not making a single dime they’re not being taxed on.
This doesn’t exempt crypto by the way. Centralised exchanges like Coinbase have been reporting all our activity to the government for a few years now. Thy have also been tracking cold wallets and associating them to their owners when they interrupt with CEXs.
It’s not popular here in crypto land, but I’ve been paying my taxes every year. 2020-2021 tax year was especially painful given he amount of tax I had to fork out. It had to be done though, otherwise I could have been blogging from behind bars right now :)
I use software that tracks my wallets via API and generates tax documents for me. It works in most countries like the US, UK, Canada, etc. It’s been pretty handy over the past few years. Here’s an affiliate link to it -> HERE<-. It’s free to sign up and analyse your wallets, but you have to pay to generated tax returns. Some people use it to compare to their manual calculations without paying. By the way, if you ever do pay for the service, I may get a little referral commission.
Well, November has come to an end. This is looking forward to a fruitful December. Tax deadlines are coming.
Peace & Love,
Adé
▶️ 3Speak