Moonday Mornings Bitcoin Isn T Money Says Uk Tax Authority
Let’s take a look. Late last week, the UK’s tax office, Her Majesty’s Revenue and Customs (HMRC), issued an update to its guidelines for how businesses and individuals should pay tax on their cryptocurrency. Bear in mind these guidelines relate only to what HMRC refers to as “exchange tokens,” which include Bitcoin. Guidance on security and utility tokens is coming at a later date. The TL;DR? If you deal in cryptocurrency in the UK you probably owe tax on it, and HMRC doesn’t class the digital tokens as money or currency....