quora HMRC Updates Cryptocurrency Guidelines | Finance Brokerage

HMRC Updates Cryptocurrency Guidelines

The HMRC (Her Majesty’s Revenue and Customs) is the tax, payments, and customs authority of the United Kingdom. Recently, it has renewed its cryptocurrency taxation guidelines for businesses and individuals.

In addition to that, the U.K. government tax agency handles taxes alongside other financial policies. On November 1, it issued tax guidelines updates. The government further clarified its stance on the taxing of businesses and individuals involved with cryptocurrencies.

Aside from that, the guidelines set out the view of HMRC on the crypto transaction, where taxes apply, how to file tax returns and accounting practices, among others. Also, it considers the taxation of exchange tokens. At the same time, it stated that they would add regulations for utility or security tokens in the future.

Companies that need to pay for one or more different types of tax are the ones that buy or sell tokens, mine exchange for other assets. Also, they also included firms that offer goods or services in return for tokens. The taxes that they are liable to pay are income tax, corporation tax, capital gains tax, stamp taxes, and National Insurance contributions.

According to HMRC, it does not see any of the current types of cryptocurrency as money or currency.

Bitcoin on October Closing

Meanwhile, Bitcoin (BTC) price failed to impress as October closed. Approximately 194 days remain until the next Bitcoin halving. This might feel like an eternity away for the ones involved in the crypto space.

Then, this week, there were various negative news events such as the Bitmex email leak and the Coinbase flash crash.  Moreover, this resulted in mass liquidations on Deribit. Now, investors are wondering if the Bitcoin price could show astounding gains in the short term.

For the past few days, Bitcoin got stuck in a tight range between $9,100 to $9,400.

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