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My name is Lyanne and I’m the managing director of Wilds. Welcome to our website we’re so glad you found us. There’s lots to take in on here but if you have any questions just fill in the contact form and we’ll get back to you.

Here at Wilds we’re all about helping you to achieve your ambitions. The Wilds team have already achieved some of theirs: completing a 6 marathon challenge, being able to do the school run and getting more involved in charity work. But enough about us we’d like to get to know you so if you would like to come in for a coffee and a chat to see if we could help you please get in touch.

 

Cyrptocurrency for Individuals

While there are no specific rules for cryptocurrency regarding taxes, here are some procedures to follow.
You do not have to pay tax when purchasing cryptocurrency or when it increases in value. In addition to that there is no tax to pay if you trade one cryptocurrency for another. However, you must pay tax on the ‘profit’ made when you sell your cryptocurrency back to GBP.
Buying and selling of cryptocurrency can be recognised as trading activity or a hobby. If it is classed as trading, any profits from selling cryptocurrency will be subject to income tax.
HMRC have 9 ‘badges of trade’ which can help deciding if you’re doing it as a hobby or trading activity, however it is important to note that HMRC urge not to use them as a checklist.
1. profit-seeking motive;
2. the number of transactions;
3. the nature of the asset;
4. existence of similar trading transactions or interests;
5. changes to the asset;
6. the way the sale was carried out;
7. the source of finance;
8. interval of time between purchase and sale; and
9. method of acquisition.

If you are buying and selling of cryptocurrency and it is considered a hobby, you may be liable to capital gains tax (also known as CGT) on the profit made.