UK Tax Office Updates Guidance on Bitcoin and Crypto

shutterstock 625109069 640x400

Nearly a year after publishing updated bitcoin and crypto tax requirements for individuals, the UK tax body has released similar guidelines for businesses. The tax authority also declared that it didn’t consider cryptos like BTC to be currency or securities. HMRC Publishes Updated Bitcoin Tax Guidelines for Businesses In its updated guidance published last week, Her Majesty’s Revenue and Customs (HMRC) — the UK’s tax body, outlined the new crypto tax requirements for businesses. The revised set of guidelines follows a similar publication for individuals released in December 2018. The document contains information about how the various tax categories — corporate, capital gains, VAT, etc., apply to bitcoin and cryptocurrency transactions. According to updated guidelines, all crypto exchange activities (even crypto-to-crypto trading pairs) and mining will likely incur some form of tax payment or the other. An excerpt from the document reads: The amount of tax a business must pay…

Read the original article here