Fwd: Cryptocurrency ...

Cryptocurrency is becoming an increasingly popular way to transact and invest.

As a result the values of some cryptocurrencies, such as Bitcoin and Ethereum, have risen significantly over the last five years. Many people have become millionaires purely as a result of a relatively modest outlay in a cryptocurrency several years ago.

However, not many people understand these currencies and even fewer understand the tax implications. For instance, which profits and gains are taxable? Does it matter that I am mining? What happens if the blockchain forks? Can I roll my gain from one cryptocurrency into another?

If you're a cryptocurrency user who has made large gains, you may decide to transfer the monies back into a 'fiat currency' at some time. At that point they will become visible to HMRC.

With so much misinformation about the taxability of virtual currencies online, it is highly risky to believe everything you read, and safer to seek specialist guidance.

Interested in cryptocurrencies, get the facts and seek the appropriate advice.

Until later 

Knarf