The company's main activity is buying and selling Bitcoins. I presure it won't affect Turnover at all so no VAT registration required.
What about Income Tax or Capital Gain Tax? Would I treat the difference as Currency Exchage difference and pay Income Tax on Profit? Alternativelly would I treat it as buying and selling stock and pay Capital Gain Tax on Profit?
Are any other complications involved?
Many Thanks
Replies (6)
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I highly recommend google and a quick search. Took me 10 seconds to find articles at HMRC considering the position of bitcoin.
Seriously?
Either (a) you had 6 pints for lunchtime
or (b) this is a wind up
Edited to add: typing too slow!
My comments where not directed at your English its about comprehension of how tax works in the UK.
This is a site for tax professionals, if you are not even at a basic level of understanding of what the taxes are even called, then quite frankly what are you doing preparing accounts and tax returns?