Matt Lutch 
Want me to give you some help in Crypto? No problem, book a call with me and I’ll share more info on how I might able to help you:- https://mattlutch.com/training
WHAT I USE
MEXC to buy/sell crypto:- https://www.mexc.com/register?inviteCode=mexc-2Wwgu
KOINLY for crypto tax:- https://koinly.io/?via=53AC5545&utm_source=affiliate
Free crypto tax consultation (worth £250) via tax experts MYNA:- https://nephos.typeform.com/mattlutch
The information contained herein is for informational & educational purposes only. Nothing herein shall be construed to be financial legal or tax advice. The content of this video is solely the opinions of the speaker who is not a licensed financial advisor or registered investment advisor. Trading cryptocurrencies poses considerable risk of loss. The speaker does not guarantee any particular outcome.
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About The Author
But with income tax you only pay 40% on any income above a certain threshold. Its not 40% on all income so this is not inline with income tax rules. E.g. if i earn £55271, i only pay 40% on the £5000 above £50271. The rest from £12571 – 50271 is taxed at 20%. Before that is tax free.
With CGT £3000 is the allowance. The rest is whatever tax they are deciding within reason. This is no way in line with income tax.
If you haven’t already, you could load up on your pension, in my company we can put up to 80% of salary into our Defined Benefit Plan, I currently put 12%, but as I learning to trade crypto this would be a good possibility for me.
If you earnings drags you into 40% bracket you should have already be dong this.
If the tax percentage and allowance change in the coming budget will this only apply to 25/26. meaning we have till the end of march to take profits at the current rates eg £3000 allowance and 10% for us peasants.
UK crypto holders should definitely brace themselves if the tax hikes mirror what happened in Italy. With profits being taxed harder, it’s essential to plan ahead and explore options to minimize impact. Stay informed and strategize now to avoid getting caught off guard!
Thanks for your updates Matt – much appreciated my friend.
Starmer won’t let people have fun. He will stop it at all means.
Do you are anyone you know when any Tax changes will actually commence? ie if they make changes to CGT surely they wouldnt be able to apply immediately? If bullrun does a good run in Q1 before any proposed date for increase we might get away with significant gains at existing rates?
Portugal baby 🎉💥💥💥💥
How can they tax you if you have a cold wallet what's not registered??
of couse they are stood there, do you have permission to take video or photos in public, lol
it will be 25% max
Cant you say "i sold all my crypto for a loss that i stored on a hardware wallet, and i've lost the seed phrase to this wallet that had whatever holdings i had left"
Just transfer it to a stable coin or buy tokenised gold or change to btc when it drops in bear.
The idea is hold a stable or appreciative asset until you can cash out in favourable circumstances. What's in your wallet is nothing to do with the Gov.
That's the whole point of crypto, I'll pay tax if it's reasonable but I'm not paying high rates to funds migrants and net zero, I'll just wait.
UK is acting like it wants every entrepreneurial individual to leave lol
Super helpful video! You’ve explained the upcoming event in the crypto world really well. For those wanting more insights, check out my bio. Looking forward to your next video!
Portugal , Greece , Cyprus, Spain, Singapore, Bangkok , Dubai, Thailand all capital gains tax free for crypto as far as I know.. why would you stay in the Uk ……
I’m pretty certain it’s going to 39% , my wife doesn’t work so I’ll be gifting her some ! If I can get out this country I’m gone
Don’t forget. Taxed from work. Taxed VAT at the register. It’s like 70+%. Fk that noise.
Wish I could get out. With Brexit now am trapped as need a heap of money to move elsewhere now
There is no point in any of these speculation videos until we know the actual budget
So how does crypto being classed as property affect the tax? Im guessing it doesnt. If i sell my car, i dont pay tax, so presumably i dont pay tax on crypto either.
The governments skint theyll come after anything to save their arses.
Portugal seems the best option.
Self storage and don’t register
If it goes to 30 % I am going, 30 on a such a risky thing like crypto is a joke
Thank you so much for this amazing video! I need some advice: I have a SafePal wallet with USDT, and I have the seed phrase. (alarm fetch churn bridge exercise tape speak race clerk couch crater letter). How can I transfer them to Binance?
What’s the point of talking about tax – bitcoin heading down to 30k
Alemio Network's presale got the crypto community buzzing – because cool projects deserve all the attention!
Just watched the video about Alemio Network. Research mode activated!
Alemio Network is attracting serious attention from big investors. Are you ready to be part of the next big thing in DeFi?
As a crypto enthusiast, Alemio Network's concept really resonates with me. Investing in the presale for sure!
One of the top new project is definitely Alemio Network. E-commerce narrative will do great in the following year.
There's a buzz around Alemio Network, and rightfully so.
I’ve been watching Alemio Network since the beginning of the presale, and it’s looking more solid every day. Might be one of the better DeFi plays this year.
Rumor has it that Kucoin and Binance will list Alemio token shortly after the launch. Great time to ape in
What a great time to be in crypto! Projects like Alemio Network will make millionaires in the bull run.
Do you have to prove if your tax is capital or income if you never staked?
If it goes up to 39% and I take my crypto profits out in March will I be OK??
Can someone explain the penalties for making a mistake on your filing? Is it 5% on top of the tax due for non deliberate mistake?