But then you'll have to stop posting on LEO.finance and we'll miss you
That's very kind of you to say!
That will only work if you sell though won't it? And if you're going to do that you better get a move on because of the Bed and Breakfasting rules which prevent you from selling in the last 30 days of the tax year and buying back in
Yeah if I'm selling then I'll have to worry about it but as I wasn't intending to until the price picked up by quite a lot more then I probably don't need to worry about it for the moment. Might as well use the time before to update those spreadsheets!
I'm just doing a little bit each day until it's done and then I'll have a much clearer view of how much work it will be to keep the required records going forward.
That's a good plan and something I'll probably have to be doing with STEEM/HIVE although I bought and sold STEEM after the fork. I've updated my records for everything and STEEM, which is my biggest "gain", is barely 4 figures after I disposed of them so I don't even need to report that according to HMRC. Think I should be safe!
Changing our strategy purely because the record keeping is so onerous is a totally nuts situation to be in as far as I'm concerned. It's probably going to get a lot worse before it gets better too. As more and more situations are created that HMRC has no clue about.
You're right on all fronts there. Sadly I've reduced my purchasing of crypto due to the "taxable" event nature but ultimately, trimming down and consolidating is probably not a bad shout given the amount of arduous paperwork that's needed!
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