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 £.
Posted Using LeoFinance Beta
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.
Posted Using LeoFinance Beta