Paying Tax And Wasting Tax Payer Money
Today is tax day for me. I will be on the phone pretty much all day speaking to people. A good portion of it will probably be spent on hold, listening to elevator music. I always wait till the last minute to file tax returns. Not because I'm getting any benefits from it, but because I'm a massive procrastinator.
I have to report my crypto taxes by the end of this month I think. Maybe I'm already late, who knows. I forget the rules every year and I have to read up on it again haha. I mean, taxes are sure as death in this country but who want's to remember that constantly eh?
Talking of crypto taxes.. like most people, I have no taxes due this year because the tax hear for which I'm reporting was deep in the bear market. I will be reporting it though since I want to register the losses. The government is breathing down our necks this year so I have to be as accurate as possible. I know they've hired more staff to sift through all our transactions to find the slightest errors so they can chase us down. I have no issues with this since I use software for this purpose. The software is free, but if I wan't to file reports, I have to pay. It spits out all the PDF files with everything tabulated and listed with the correct names HMRC recognises etc etc. All I have to do is click "upload" and that's that.
I also didn't sell anything new on eBay or anywhere else during that tax year so, even though I did make a fair bit of extra cash, it was from liquidating things I owned already, and at a loss. eBay will be sending all that data to HMRC this year and someone is going to spend their day sifting through it and sending me a letter asking me why I didn't file taxes, and I'm going to be wasting precious hours letting them know that I was selling old stuff at a loss. They will they spend more hours an tax payers money sending me letters asking for proof. I will then waste another bunch of hours printing out my sold items on eBay and pointing out that selling my 4 year old iPhone wasn't doing business and, in fact, I lost £560 in the process, having sold it for that much less than I bought it. In actuality, I really gained, since I released the remaining equity which means I paid less for the phone overall. But, never mind.
Peace & Love,
Adé