Supported cryptocurrencies:
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NANO NANO
4 NANO
EnglishDoes anyone know how tax and financial law works for non-profits selling Nano/crypto in the UK?

I'm interested in one day starting a non-profit and was wondering how simple it is to accept Nano as a donation and then sell for fiat to fund the organisation. Crypto taxation in the UK is still in a grey area for private companies but I'm guessing non-profits don't have to worry about this. I see the Nano Foundation are based in London and they are converting to fiat to fund protocol development. I'm a bit of a noob at this stuff so was wondering if anyone could shed some light. Thanks in advance!

Bodes 1 week ago
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blacktower 1 week ago
Companies that buy and sell tokens, do crypto mining, and provide goods and services in exchange for tokens will be obliged to pay one or more different types of taxes. These taxes include income tax, corporate tax, capital gain tax, stamp tax, and national insurance premium.

The tax office has made it clear that none of the existing types of cryptocurrencies are considered money or currency.

HMRC also acknowledged that crypto is a fast-moving industry and therefore will look at the infrastructure of each event individually and apply the relevant tax provisions based on what actually happens, rather than basing it on theory alone.

HMRC previously thought cryptocurrency trading was the same as gambling. However, the latest tax guideline update shows that the agency does not consider trading cryptocurrencies that way.

HMRC requested user data from crypto exchanges in August. The agency aimed to address the problem of tax evasion seen in digital asset trading platforms. At the time, sources familiar with the matter stated that HMRC only requested registration in the last two to three years, meaning that older investors in the cryptocurrency space would not be affected.
Miss Mike 1 week ago
Based on the presumption of British statute and common law, as an American, as long as the blockchain bitcoin coinage event is not downloaded out of the 'cloud' into fiat usage per the British pound system it should not be liable for taxation, at this time. As per trust/non-profits I don't think it should be advocated until you have found a solicitor in London to enter negotiations with. Look up a list of them through a British website, first. Then make an exploratory trip to London to a prepared office.
Miss Mike 1 week ago
Also, FCA, Financial Conduct Authority has not allowed retail trader, only professional traders to deal this kind of finance in the UK... 6 January 2021.
thewelat7 1 week ago Correct
UK's tax, payments and customs administration, Her Majesty's Revenue and Customs (HMRC), updated the cryptocurrency tax guidelines for businesses and individuals On 1 November, the UK tax authority, which governs taxes, among other financial policies, is included in the cryptocurrency. It has released tax guidance updates that further clarify its stance on how to tax businesses and individuals who are in business, revealing HMRC's views on what to tax on cryptocurrency transactions, how to refund tax, accounting, and more. He also states that while considering the taxation of exchange tokens, rules will also be added for security tokens in the future.
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Nurlan Ahmadov 1 week ago
Indeed. Nonprofits are required to submit their financial statements and other information -- including the salaries of directors, officers, and key employees -- to the IRS. (For information on who is considered a key employee, see IRS Form 990 and its instructions.)

The IRS and nonprofits themselves are required to disclose the information on Form 990 to anyone who asks. Nonprofits must allow public inspection of these records during regular business hours at their principal offices. However, many people won't even need to ask -- a number of websites make Forms 990 available for the searching, including the Foundation Center at http://fdncenter.org and GuideStar at www.guidestar.org.

In addition, people can request information from the IRS by writing a letter, including the name of the organization, the year, and the type of tax return requested, and send it to:

Commissioner of Internal Revenue
Attn: Freedom of Information Reading Room
1111 Constitution Avenue, NW
Washington, DC 20224

Learn more about IRS regulations with Nolo's book, Every Nonprofit's Tax Guide.
kingkartal 1 week ago
Learn more about IRS regulations with Nolo's book
Serhat 1 week ago
In the UK, cryptocurrencies are seen as "property". If you are not actively trading, your profit is subject to a 10% capital gains tax. If you are a trader, ie you trade frequently, your profit or loss is covered by income tax. If your total income is less than £ 12,500, you don't pay anything. Otherwise, you have to pay tax rates ranging from 20% to 45% depending on your tax bracket.
Dhanush 1 week ago
When you dispose of cryptoasset exchange tokens (known as cryptocurrency), you may need to pay Capital Gains Tax. You pay Capital Gains Tax when your gains from selling certain assets go over the tax-free allowance. You might need to pay other taxes if you receive cryptoassets
Liam 1 week ago
Idk, But I Do Know How To Avoid Paying taxes in the UK
1. Make use of your annual CGT allowance. Capital gains tax only has to be paid if you made over £12,000 (increased to £12,300 for tax year 2020-2021) in profits (source). ...
2. Offset your crypto losses. ...
3. Claiming losses for defunct coins / crapcoins. ...
4. Leveraging Deductible Costs.
Random Rock 1 week ago
Hope this link helps you
https://github.com/BittyTax/BittyTax
Random Rock 1 week ago
this should work
https://github.com/alexprengere/currencyconverter
Zwe Htet Lin 1 week ago
Cryptoassets are a relatively new type of asset that have become more prevalent in recent years. New technology has led to cryptoassets being created in a wide range of forms and for various different uses.

This paper sets out HMRC’s view - based on the law as it stands at the date of publication – about how individuals who have cryptoassets are taxed. It does not explicitly consider the tax treatment of cryptoassets held for the purposes of a business carried on by an individual.

The cryptoassets sector is fast-moving and developing all the time. The terminology, types of coins, tokens and transactions can vary. The tax treatment of cryptoassets continues to develop due to the evolving nature of the underlying technology and the areas in which cryptoassets are used. As such, HMRC will look at the facts of each case and apply the relevant tax provisions according to what has actually taken place (rather than by reference to terminology). Our views may evolve further as the sector develops.

Where HMRC considers that there is, or may have been, avoidance of tax, the analysis presented will not necessarily apply.

Find out abo
muhamad abdul naif 5 days ago
Applications based on distributed ledger technologies like blockchain, pose challenges for policymakers in
a wide range of areas, including in tax policy. The use, trade, and level of market capitalisation of these
assets has been increasing and their technological features are rapidly evolving, posing challenges for tax
administrations and policymakers.
Some countries have started to respond to these challenges by issuing guidance on the treatment of
crypto-assets. However, in most countries, and in the emerging academic literature, there is often a lack
of comprehensive guidance or a framework for the treatment of these assets for tax purposes, with any
guidance generally being partial or incomplete. This lack of guidance may be driven in part by the
complexity of defining the tax treatment for these assets in a way that covers their different facets, as well
as their rapidly changing nature.
Key tax questions raised by crypto-assets to be considered by governments may include:
• How should the income created by crypto-assets be treated for direct and indirect tax purposes?
• If considered to be property, should the stock of crypto-assets be included in countries’ net wealth
taxes (where they exist) or other capital taxes? If so, how should they be valued?
• How should VAT systems treat the creation, acquiring, holding and transfer of these assets?
• What are the policy implications of the different tax treatments available?
• How can governments effectively detect and address the risks of tax evasion and other financial
crimes posed by crypto-assets, including what are the existing legal frameworks and tools that tax
administrations can use?
• How to improve tax transparency, including what information tax administrations need to know
about transactions for purposes of compliance and enforcement? In addition, the OECD is
addressing the need for greater tax transparency in this area, in particular in light of the tax
compliance risks posed by crypto-assets. In this respect, the OECD is currently developing
technical proposals in order to ensure an adequate and effective level of reporting and exchange
of information with respect to crypto-assets.
iangnet 5 days ago
crypto is considered an asset
Deny Abdilah 4 days ago
Immediately starting something good, don't delay too long, I think this nano project is pretty good, with a fairly stable price for the payment process, especially a non-profit business that people will definitely be interested in starting something related to social impact, do it.
Münir 4 days ago
Kripto varlık takas jetonlarını (kripto para birimi olarak bilinir) elden çıkardığınızda, Sermaye Kazanç Vergisi ödemeniz gerekebilir. Belirli varlıkların satışından elde ettiğiniz kazanç vergisiz ödeneği aştığında Sermaye Kazanç Vergisi ödersiniz. Kripto varlıklar alırsanız başka vergiler ödemeniz gereke
Münir 4 days ago
Kripto varlık takas jetonlarını (kripto para birimi olarak bilinir) elden çıkardığınızda, Sermaye Kazanç Vergisi ödemeniz gerekebilir. Belirli varlıkların satışından elde ettiğiniz kazanç vergisiz ödeneği aştığında Sermaye Kazanç Vergisi ödersiniz. Kripto varlıklar alırsanız başka vergiler ödemeniz gereke
Münir 4 days ago
Kripto varlık takas jetonlarını (kripto para birimi olarak bilinir) elden çıkardığınızda, Sermaye Kazanç Vergisi ödemeniz gerekebilir. Belirli varlıkların satışından elde ettiğiniz kazanç vergisiz ödeneği aştığında Sermaye Kazanç Vergisi ödersiniz. Kripto varlıklar alırsanız başka vergiler ödemeniz gereke
Donizette Grillo Junior 4 days ago
O mais interessante de toda essa história é como o mercado é volátil e ao mesmo tempo constante, estudo a meros 3 anos sobre mercado financeiro mas já entendi como grande e pequenas empresas especulam valores, impostos e notícias para que os valores sejam manipulados por benefício próprio, função que deveria ser simplesmente das transações comerciais. Dito isso, convenhamos que as criptomoedas vieram para mudar esse paradigma, quando menos esperamos, os valores ultrapassam qualquer manipulação de governo ou grandes empresas, o próprio público já movimenta e faz com que cada ativo valorize de acordo com suas necessidades... poder ao povo! Hahaha