🇬🇧 UK Crypto Taxes: The Ultimate Guide. (really!)

We will cover:
1. Crypto Tax Basics
2. Taxation of Different Types of Crypto Transactions
3. Optimising Taxes
4. Automating Your Tax Report

Remember to bookmark this tweet for later reference! 🔖

A (biiiiiig) thread 🧵👇 HMRC Crypto Tax Deadlines ⏳

In the UK, the tax year is from 6th April to 5th April of the following year. Key deadlines:

- Paper returns: 31st Oct post-tax-year-end
- Online returns: 31st Jan post-tax-year-end

That means you have only a few days left to hand in your online tax return. But don’t worry! In this thread, we cover the most efficient ways of calculating your crypto taxes.

1/ With a potential @FTX_Official insolvency becoming very likely, some people already accepted their holdings on FTX to be lost. Sadly writing them off mentally will not count as a #tax offset - but there is a way... 🧵 2/ To harvest losses and lower potential taxable gains, they first have to be realized. This means those assets with pending losses need to be disposed of, either by selling them for FIAT or swapping them into another asset.