HMRC Is Shite

HMRC Is Shite
Dedicated to the taxpayers of Britain, and the employees of Her Majesty's Revenue and Customs (HMRC), who have to endure the monumental shambles that is HMRC.

Friday, 7 March 2014

HMRC Issues Bitcoin VAT Exemption


HMRC has abandoned plans to charge VAT on Bitcoin trading.

In new guidance, HMRC also said it would not levy the 20% tax on the creation (mining) of the virtual currency.

Bitcoin has been in the headlines over the past few months as it surged upwards, then downwards, in bubbles of speculation. To add to its "media presence" MtGox, a leading Bitcoin exchange, recently collapsed losing $500M in deposits.

Despite the fact that Bitcoin can be used for all manner of illicit transactions, money laundering and evasion HMRC exempted it because (as per the BBC) transactions "are exempt because they fall within the definition of 'transactions, including negotiation, concerning deposit and current accounts, payments, transfers, debts, cheques and other negotiable instruments'".

However, VAT will apply to suppliers of goods and services sold in exchange for Bitcoin, based on the sterling value of the virtual currency at the point of sale.

Tax does have to be taxing.

Professional Cover Against the Threat of Costly TAX and VAT Investigations

Insurance to protect you against the cost of enquiry or dispute with HMRC is available from several sources including Solar Tax Investigation Insurance.

Ken Frost has negotiated a 10% discount on any polices that may suit your needs.

However, neither Ken Frost nor HMRCISSHITE either endorses or recommends their services.

What is Solar Tax Investigation Insurance?

Solar Tax Investigation Insurance is a tax-fee protection service that will pay up to £75,000 towards your accountant's fees in the event of an HM Revenue & Customs full enquiry or dispute.

To find out more, please use this link Solar Tax Investigation Insurance



HMRC Is Shite (www.hmrcisshite.com), also available via the domain www.hmrconline.com, is brought to you by www.kenfrost.com "The Living Brand"

No comments:

Post a Comment