1st December 2023 > > Travel & the UK.

tl;dr

As expected, our search for suitable premises for the second Curious Cryptos Ltd. overseas office has been extended from Thailand to Australia. The UK might be making tentative steps towards clarifying personal crypto taxes.

Market Snap

Market Wrap

With a CC focus on the UK today crypto-wise, I note that it is good for the UK economy that car exports to the EU are now at all-time highs in terms of both value and quantity, despite the economic downturn in mainland Europe. Popular opinion tends not to recognise that the UK remains an industrial powerhouse.

Occasional Series – The second overseas office for Curious Cryptos

My search in Thailand for our second overseas office was not as fruitful as I wished. Now in Sydney – hosted by GD and Nats – for six weeks or so. Perhaps this is the place. There are many advantages to Sydney.

One disadvantage is that I am currently being pestered to go to the beach for swimming and beers as the sun goes down. Today’s CCC will be short.

Curious Cryptos’ Commentary – UK tax

The CCC’s antipathy towards Chancellor of the Exchequer Jeremy Hunt – I must amend his surname to something more acceptable as this is a family friendly publication – is not only very well-known, but very justified. I am sure many of you agree with me.

We all have our own prejudices, and we should all admit that sometimes we might miss stuff because of them. It turns out that the UK’s 2023’s Spring budget held important information for UK-based crypto investors. And there was me thinking that there is simply nothing that Hunt can ever say that is of interest, relevance, or of import except for killing business and personal aspirations. I was wrong, on the first of those two points. The third remains very firmly intact.

On page 60-something of the 127 page “explanations” that accompanies the budget theatre is this comment:

“Amending the Self Assessment forms for cryptoassets – The government is introducing changes to the Self Assessment tax return forms requiring amounts in respect of cryptoassets to be identified separately. The changes will be introduced on the forms for tax year 2024-25.”

I read somewhere that this change will add as much as £10mm in taxes per year.

Yes, that is millions, not the billions accruing to Ireland and the EU.

…

Full disclosure of one’s personal crypto tax gains – interest and capital gains – is most important.

Ease of doing so will encourage greater compliance.