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RE: Update On LEO & HIVE Power Needed Per "Rank" - Feb 17th 2021

in LeoFinance2 months ago

It's mainly just their approach to crypto taxation which meant I had to go back through 3 years of exchanges and declare income/capital gains. Since I use coinbase, HMRC have got all UK customer info from them so had to use Koinly to calculate everything.

When I called them up, they said all they need is a handwritten letter with declaration on, so I busted out the Parker Fountain pen ✒ 😁 However, that's all sorted now and am back in action.

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Do you trade on Coinbase? I keep everything below the thresholds of having to declare. 12,500 income tax and 12 grand CGT. That way i dont have to report. Its not worth being in crypto now tbh the tax headache alone has killed it for me.

I used to buy my BTC there but not done that for a few months and I'm really small fry so not even getting anywhere near those thresholds and I've completely stopped my trading activity on all the exchanges. Still milling around on H-E but as none of those tokens are recognised other than WLEO, it's only when you withdraw from H-E that you need to consider anything. Reducing taxable events is something we have to adapt to in the UK!

What are you going to do regarding your HP stake? I guess if you keep it powered up then there's no need to worry!

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My stake not sure, im not interested in cashing out until it hits 5 dollars but once we break 2 or 3 dollars ill start powering it down. Im going into XMR after that. Ill pay what i owe but i'm trying to just keep everything simple as possible for now and keep below any thresholds. My Hive curation is income as far as im concerned.

Yeah I'm probably going to be in the same boat but I'm not going to be on a mad man mission like I was in 2018. Good plan on keeping things simple, I've been reducing my KYC exchange activity to an absolute minimum - it's just the miscellaneous income that I'll be reporting once it's all powered down.

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@jphamer1 that Is a good decision and an intelligent idea from you....