Sell Bitcoin in the UK – Tutorial and Tax Explanation


To sell bitcoin in the UK, we’re going to use Revolut and GDAX again to get the best rates. I got a lot of requests on my previous video, so here it is.

1. On GDAX, click on withdraw funds.
2. Go to SEPA – Add a SEPA bank
3. On Revolut, go into your Euro wallet – Top Up – Bank Transfer – EUR
4. Note down the IBAN and BIC from Revolut, and enter them into Coinbase. Also include the amount you wish to withdraw.
5. Withdraw funds into Revolut (15p charge)
6. Once funds are in Revolut, exchange back to GBP
7. Go to GBP wallet, send funds, and add yourself as a beneficiary.
8. Send the funds!

THIS IS NOT TAX ADVICE

Cryptocurrency profits are taxed as capital gains tax. Your profit is the amount you sold it for minus the amount you bought it for. Most people have a £11,300 annual allowance. So if your profits are less than this, you don’t get taxed. If you do exceed this allowance, you only get taxed on the amount that exceeds the allowance. If your profits were £12,000 – you would only get taxed on £700, not £12,000. The exact percent you pay on the £700 depends on your income.

Further reading on HMRC’s website.

THIS IS NOT TAX ADVICE

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Buy bitcoin, ethereum and litecoin from Coinbase. Coinbase will give you free bitcoin for using this link:
https://www.coinbase.com/join/59fdb27b8cf13000c7e82ad2

The only way to keep your bitcoin safe is with a hardware wallet: https://www.ledgerwallet.com/r/b0c2

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Arcane (adjective)
“Mysterious and known only by a few people.”

Wharf (noun)
“One of the UK’s two financial districts, Canary Wharf hosts the world headquarters of numerous major banks, professional services firms, and media organisations.”

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BTC:
1LjZNkQFBat3doPJkJEAu5GK1Mca3NMrnC

ETH:
0x84accC2F5D743264735aB07dd34a944d0918681C

XMR: 4AWoqv2pPvt8cqQNJgRWTBc94nGiU67CnWjQZj3yG6FTUL2dhfGkenpeBFXnUt9RB2gNUxiC8ryT37h2ZFsmNaLfSA3XTFZ

This is not investment advice.

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