LOL I don't think the tax peeps that came up with these laws understand how crypto works, it's not like stocks its constantly moving around and changing, it seems pretty silly to me. thats why I don't even bother to cash out I just put my profits in DAI and BTC and leave it there, and I keep buying BTC so it offsets any gains I get so if I do have to sell I already have a massive amount to offset
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Yeah it's BS here mate ever since they changed their approach from "crypto is gambling so anything you get is winnings and non-taxable" to "tax EVERYTHING", it's been a minefield!
Even just moving from one crypto to another (even if it's a stable coin) is a taxable event and you need to work everything out in £.
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So is there like a special software they can provide you with because fuck me I am not going to do that, that's way too much work. For me it's easy as long as I don't take out more Rands than I put in, I don't have to worry because I've cashed out a loss for that financial year.
There probably is a program you can use but I haven't stumbled across one yet and it's not on the HMRC site. Pulling data off of 10 exchanges and condensing in to one spreadsheet was a pain in the balls! I don't know how they will monitor all the change addresses that Ledger throws up when you send stuff out from exchanges to the Ledger but I'm operating at a loss in almost all my alts anyway.
It used to be like that in the UK in the in-between gambling and tax-to-death stages - you only got taxed on what you took out to GBP from what you put in.
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