WHAT TAXES DO I PAY ON CRYPTO GAINS ? Normally, for the majority of people who make money from buying and selling crypto currencies such as bitcoins or Ethereum, the gains on same are subject to capital gains tax. It is best explained by an example below: For example: On 27th May 2022, Jim Smith…
CAN I USE A LOSS ON MY TRADE AGAINST OTHER INCOME ? Yes, it’s called S.381 loss tax relief If you are self-employed or part of a partnership and you make a loss in a tax year, you can offset that loss against your other income such as P60 or rental income. This could generate…
Qualifying disclosure If you have a tax problem, that has not been reported to revenue, the best way to deal with it, is to do a qualifying disclosure to revenue. The benefits of a qualifying disclosure are reduced penalties, non-publication and most importantly stopping the revenue interest clock which is up to 8% or 10%…
