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Crypto Liquidation.

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coins4939

New member
Sep 17, 2020
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#1
Let's say I made a fair amount of profit from crypto and would like to liquidate to fiat... however CGT is ridiculous here in the UK which is just off putting, I have been living off these profits as well as "hodling" my crypto and just cashing it out p2p into my bank account which has been fine, however now I would like to cash out into the 6 figures to purchase a property, I have had various ideas for example; setting up an IT business and invoicing buyers and have them pay to my company bank, I have looked to go offshore as well but all the things with CRS and tax treaties has me at wit's end, if anyone has any ideas or is knowledgable please reply.
 
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#5
You can sit down in the office of the buyer or even at the bank of the buyer. They send the money and give you a receipt. You send the coins, wait till they hit the wallet they confirm and off you go.
Or they can be your sponsor to the bank and open an account for you there.

The banks don't care, you just cant buy any goods or services with crypto but as an asset it can be bought and sold.
 
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#7
CaptK said:
You can sit down in the office of the buyer or even at the bank of the buyer. They send the money and give you a receipt. You send the coins, wait till they hit the wallet they confirm and off you go.
Or they can be your sponsor to the bank and open an account for you there.

The banks don't care, you just cant buy any goods or services with crypto but as an asset it can be bought and sold.
Click to expand...

Would I be liable to paying tax back in the UK if I conducted my business activities in Dubai or remotely in Dubai?
 
#9
coins4939 said:
Would I be liable to paying tax back in the UK if I conducted my business activities in Dubai or remotely in Dubai?
Click to expand...

Depends on your residency but if your not a UK residents and use an LLP then you are not liable for any tax.
Alternatively if you are a UK resident, leave it in Dubai in a local bank account and remit as and when. Then you can use various instruments to mitigate tax.
 
#10
CaptK said:
Alternatively if you are a UK resident, leave it in Dubai in a local bank account and remit as and when. Then you can use various instruments to mitigate tax.
Click to expand...
That's very risky to advice anyone just to fool him into your business!

Now you need to listen to OP, you need to contact a tax advisor if you do not want to end up in serious trouble. Both on the public forum but also inside the mentor group you can read about quite a few who have had serious problems because they have listened to an amateur!
 
#12
sonato said:
That's very risky to advice anyone just to fool him into your business!

Now you need to listen to OP, you need to contact a tax advisor if you do not want to end up in serious trouble. Both on the public forum but also inside the mentor group you can read about quite a few who have had serious problems because they have listened to an amateur!
Click to expand...

READ THE ANSWER!!
Amatuer I'm not, there are ways to mitigate your liability which any one new here can read about and anyone who knows what there doing can tell you about. LLP "IF HE IS NOT A UK CITIZEN". Anyone who has contacted me can vouch that I give free advice and if they decide I can help I can give them the set up to make it work.
 
#14
Like I need your validation lol, there are people in this thread who can attest to it but I don't need to prove anything to you!!
I'm doing OK thanks :p
 
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