closed Lancashire meetup-Crypto-Silver 1Kg (£780) and 5Kg (£3850) bars for sale, No dirty fiat please, ONLY Crypto accepted Monero, Bitcoin, Litecoin...

[Solachesis]

Just now, Gordy said:

especially in a Fiat Panda

Ooh someone said Panda?

Where Panda 

[Gordy]

1 minute ago, Solachesis said:

Ooh someone said Panda?

Where Panda 

i've used up all my reactions.... ffs

[Solachesis]

Just now, Gordy said:

i've used up all my reactions.... ffs

Panda for lira? 

[Gordy]

Just now, Solachesis said:

Panda for lira? 

😂

[oddball]

if you swapped 50 cans of baked beans for silver.  would that be a taxable event?.  if so i will give you 55 cans 

[Upsidedown]

1 minute ago, Gordy said:

i've used up all my reactions.... ffs

I wouldn't know what that's like..

[Solachesis]

1 minute ago, Gordy said:

😂

Pm me your address I have a stamp in the cupboard and I said I'd send ya 5 lira 

[Gordy]

3 minutes ago, Upsidedown5318008 said:

I wouldn't know what that's like..

show off

2 minutes ago, Solachesis said:

Pm me your address I have a stamp in the cupboard and I said I'd send ya 5 lira 

👍

[Upsidedown]

3 minutes ago, Solachesis said:

Pm me your address I have a stamp in the cupboard and I said I'd send ya 5 lira 

Excuuuuuse me

Wheres my 5 lira?

[Gordy]

Just now, Upsidedown5318008 said:

Excuuuuuse me

Wheres my 5 lira?

sod orf, its mine

[Solachesis]

Just now, Upsidedown5318008 said:

Excuuuuuse me

Wheres my 5 lira?

Where's my bundle of gold and silver coins? 

[Upsidedown]

1 minute ago, Solachesis said:

Where's my bundle of gold and silver coins? 

Alright fair enough lol

[Squalleonhart]

Definitely clogging up your sales pitch now 🤣. Correct me if im wrong but in the uk you have to provide id to open any crypto account or wallet......so they know we have that also.......how are they going to know i bought x amount of 2nd hand PM and come knocking on my door? I paid 700 for a bar but i bought an oz of cgt gold for 1600 if i want to sell the bar in the future wheres the proof i didnt get ripped off and bought the bar for 1600 and got a steal on the gold for 700?

 

Unless ur liquidating all in 1 go your never going to have an issue, unless ur dealing crypto because theres a record or cbdc for the same reason. 

 

Anyway all this will be removed by tomorrow because its nothing to do with the sale.....your bars are extortionate check other listings and reevaluate.......lay off the weed too 🤣

Edited May 22, 2023 by Squalleonhart
Spelling

[HonestMoneyGoldSilver]

You might wanna have a quick read below, a barrel of laughs so it is.

You want to charge 10% over market price with 0 feedback. You want to meet in person and get crypto so nobody has your name or recourse if anything goes wrong. Then you want to subject both yourself and your counterparty to potential criminal penalties by deliberately obfuscating taxable events. You've done all of this on a public forum plus asked for a currency (MONERO) that is a keyword trigger for SOCA:

Can HMRC track crypto?

Yes - HMRC can track cryptocurrency.

• HMRC has a data-sharing program with all UK exchanges.
• HMRC has crypto transaction data from as far back as 2014.
• HMRC has the KYC information you provided when signing up for any UK exchange or wallet.

HMRC confirmed a couple of years ago that they were working with large crypto exchanges to share customer information provided from Know Your Customer (KYC) identification records. HMRC is using this information to send nudge letters to crypto investors reminding them to report their crypto and pay their taxes.

In January 2022, Coinbase began contacting customers with more than £3,000 in crypto to let them know they were sharing account information with HMRC. In March 2023, Coinbase began sending out emails to UK customers who received payments of more than £5,000 in fiat currency informing them that Coinbase had shared information about their account with HMRC, as required by the Finance Act.

How is crypto taxed in the UK?

There is no specific Bitcoin tax or cryptocurrency tax in the UK. Instead, your crypto will either be subject to Capital Gains Tax or Income Tax.

The crypto tax you'll pay depends on the specific transactions you're making with your crypto. If you're seen to be making an income, you'll pay Income Tax. If you're seen to be making a capital gain, you'll pay Capital Gains Tax.

Crypto Capital Gains Tax UK

Because HMRC sees crypto as a capital asset, when you dispose of a capital asset - you'll pay Capital Gains Tax. Disposals of crypto include:

• Selling crypto for GBP or another fiat currency.
• Trading crypto for crypto, including stablecoins.
• Spending crypto on goods and services.
• Gifting crypto - unless it's to your spouse or civil partner.

So anytime you sell, trade, spend, or gift crypto in the UK - you'll pay Capital Gains Tax as a result.

Don't worry - you won't pay tax on the entire proceeds when you make a disposal. You'll only pay tax on crypto gains, so whenever you've made a profit.

When do you need to report your crypto taxes to HMRC?

The UK financial year runs from the 6th of April to the 5th of April the next year.

So the financial year you'll be reporting on in 2024 is from the 6th of April 2022 to the 5th of April 2023. You need to report your taxes for this financial year by the 31st of January 2024. You'll declare all your crypto taxes in your Self Assessment Tax Return.

Can crypto tax be avoided the UK?

No - you can't outright avoid crypto tax without facing the wrath of HMRC

How to report crypto taxes to HMRC

You file your crypto taxes as part of your Self Assessment Tax Return. You can see our complete guide on reporting crypto to HMRC, but in summary:

Report crypto capital gains and losses on: SA100 and Capital Gains Summary SA108.

Report crypto income on: Box 17 of your Self Assessment Tax Return (SA100).

Tax avoidance vs tax evasion – what’s the difference?

Tax evasion and avoidance schemes are designed to reduce people’s tax bills and are both viewed negatively by HMRC.

The difference between tax avoidance and tax evasion is that tax avoidance schemes operate within the law, but are described by HMRC as not being ‘in the spirit of the law’.

Genuine mistakes on a tax return such as miscalculations and missed deadlines can also be considered tax avoidance.

On the other hand, tax evasion involves deliberately withholding or providing inaccurate information to pay less tax.

Examples of this include:

• providing false documents – creating fake invoices or contracts to reduce payments
• making false expense claims – claiming tax relief for costs you haven’t incurred
• failing to declare goods – or underestimating their value to pay less tax

 

Is tax evasion illegal?

Yes, tax evasion is treated as tax fraud. If you’re found guilty of tax evasion after an HMRC investigation, you could receive a big fine or a prison sentence.

Read our guide on HMRC tax investigations to find out more about what happens during an investigation, what HMRC checks for, and the benefits of business legal protection insurance.

What are the penalties for tax evasion in the UK?

Anyone found guilty of income tax or VAT evasion could receive an unlimited fine or a maximum of seven years in prison.

If you’re convicted of providing false documentation to HMRC, you could receive a six-month prison sentence or a maximum fine of £20,000.

For the most serious cases of tax evasion, known as “cheating the public revenue”, offenders could be sentenced to life in prison and/or an unlimited fine.

[HOLDON]

You don’t need to hand your info over to get a wallet or buy crypto.

I feel like I’m back in 2020 telling people not to wear a mask or get the Vax. (No foil hat required for that one)

So who wants to admit they did both? We’re you wrong? Or do you still think you were right? 

All my posts have been relevant to the questions I have been asked.

 

[HonestMoneyGoldSilver]

4 minutes ago, HOLDON said:

You don’t need to hand your info over to get a wallet or buy crypto.

I feel like I’m back in 2020 telling people not to wear a mask or get the Vax. (No foil hat required for that one)

So who wants to admit they did both? We’re you wrong? Or do you still think you were right? 

All my posts have been relevant to the questions I have been asked.

 

My friend there is only one type of person who uses Monero. Am I right or am I right? Try WHM, Bohemia or Dread

[Solachesis]

17 minutes ago, HOLDON said:

I feel like I’m back in 2020 telling people not to wear a mask or get the Vax. (No foil hat required for that one)

So who wants to admit they did both? We’re you wrong? Or do you still think you were right? 

I did both, and when I got COVID I had quite mild symptoms, probably due to the vaccine. 

Not like it has killed millions or anything.

[NGMD]

Yeah, nah. I could be interested in your bargain silver and wealth of financial tax advice just after I win that £50m inheritance from my long lost cousin in Nigeria.

 

[theman73]

Well, we enter a new era, Captain Picard beam me

[GoldDiggerDave]

6 hours ago, Solachesis said:

I'm pretty sure trading crypto for metals also counts as a taxable event. You are selling your asset to acquire another asset, or in other words: You are using crypto to pay for goods or services, the goods being gold. You will be liable for any relevant taxes

You talking about tax......LOL  The tax man is going to charge you capital gains for every time you have flogged that grotty  Parisian pound.

[GoldDiggerDave]

6 hours ago, GoodAsGold said:

I know very little about crypto, but driving all the way to Lancashire in a fiat is very risky in my opinion.

You drive round Preston in a fiat and the locals think you are loaded! 

[VeracityM]

7 hours ago, HonestMoneyGoldSilver said:

My friend there is only one type of person who uses Monero. Am I right or am I right? Try WHM, Bohemia or Dread

I hold Monero - kindly explain the type ... 😉

[VeracityM]

 

[modofantasma]

3 hours ago, GoldDiggerDave said:

You drive round Preston in a fiat and the locals think you are loaded! 

When I said I drive an exotic Italian car... 

 

Is it a genuine sale listing or some sort of sting? 

Edited May 23, 2023 by modofantasma

[Bogart]

Read all the posts here, then wondered why. I have no idea about crypto this or crypto that just that my chippie only accepts cash.