Need help with tax questions please

Tax Questions
#1

I just have a few questions please help. I don’t fully understand…

1.I have been trading crypto since 2018 but have only made a lot of gains this year. I am trying to gather all my wallets and exchanges but some I can’t such as BKEX as they don’t have api or csv files to export so I have some transactions missing. Will some transactions missing be a problem when I send my tax report of ?

2.Also when is the deadline this year to report taxes and what if I miss this deadline ?

  1. Lets say I trade all my crypto currencies to eth and send eth to coinbase then generate a tax report. I haven’t actually sold for GBP yet so do I still send off the tax report even if I haven’t sold my eth for fiat yet ?
    Then once I have sold Do I not need to do nothing else if I sent my tax report before I sold for fiat ?

  2. Once I’ve paid for my tax report on Koinly can I just send that straight to HMRC or do I have to fill something out?

  3. What happens if I send a large amount of money from coinbase to my bank? Can my bank freeze or close my account even if I have my tax report as proof.

  4. What happens after I’ve sent my tax report? Can I just withdraw money to the bank then, will I receive a letter ??

Thanks peeps :pray:

#2

my bank HSBS hasnt blocked my account for now…I have withdrawn decent change at the end of october/ early november.

you can withdraw profits already but dont spend all the money as you will have to file and pay taxes after March 2021…i think we have something like 10 months to file self assesment form. End of January 2022 is the deadline usually.

After you submit your tax report you should get the tax bill. hopefully they dont ask too many questions. but if they question your gains then you can give them koinly report i guess…first time for me too.

basically as Coinbase will be sending info to the taxman as well, they are likely to cross reference that with what you have declared. so if you declare 50k profits while you have withdrawn 100k from coinbase obviously they wont like that (unless you have invested a lot of capital initially ), but if you declared 100k and withdrawn say 60k it should be ok.

re missing exchanges…i think in the end you jsut pay more tax than you would have if the money from that exchange ends up on coinbase. e.g if you put 10k to the exchange and then withdraw 40k the software will assume that 40k arrived at zero cost so you pay tax on full 40k rather than (40-10).

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