Cryptocurrency in the UK increasingly popular in the UK. In fact, the number of people owning cryptocurrency has increased significantly over recent years and many businesses are starting to accept it as payment. But what does this mean for business owners?

Cryptocurrencies are considered taxable assets in the UK and their tax implications depend on how they’re used. For example, if you sell or exchange your crypto, any profit will be subject to Capital Gains Tax. Similarly, if you receive cryptocurrency as income, such as from lending/staking or mining, it will be taxed as ordinary income.

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In the case of crypto investments, it’s important to keep track of your profits and losses. This will help you minimise your tax liability and ensure that you’re paying the correct amount of tax. Keeping detailed records will also make it easier to claim crypto investment expenses.

It’s also worth remembering that cryptocurrencies are highly speculative and can be very volatile. This means that you could lose some or all of your investment if the price falls. As a result, it’s vital that you research the market and carefully consider your options before investing.

If you’re thinking of buying crypto, it’s essential to compare fees across a range of reputable exchanges before making a decision. Look for low transaction fees, secure storage options and a good customer support team. You should also consider whether the exchange supports your preferred payment methods and if they have any promotions or discounts available.…