The press often includes articles about cryptocurrency and bitcoin’s – perhaps discussing their future, fluctuating values and countless speculation on the types of individual that use the currency.
Therefore most of us by now have some level of understanding of these types of virtual currency, however these articles never mention the UK tax treatment.
Whether the treatment of income and losses made in connection with, activities involving Bitcoin and other similar cryptocurrencies will be subject to UK tax will depend on the activities and the parties involved.
We have specific experience of advising clients on whether any profit or gain is chargeable to tax or any loss is allowable taking into account their individual circumstances.
So regardless of whether you are a Bitcoin miner, trader, exchange, payment processer, service providers or speculative investor. If you require further advice in this area and want to ensure your UK tax affairs are all in order, please contact us.