wolololo34
New Member
- Joined
- Jan 18, 2021
- Messages
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Recently I have seen a few issues/posts around the net concerning accurate £ values as the BTC hits the the nicehash wallet as well as non-static £ values in the ledger. Unlike the US we pay Income Tax & NI (over £1000 in value) on the mined value aka 'work done'. So accurate & verifiable BTC values are paramount.
Surely using the nicehash external wallet function in the case of UK tax would make alot more sense. Even though nicehash still technically pays every 4 hours into a wallet designated for you it is still not in your control (like the behaviour of a normal pool) so you have not been paid yet. You get paid once a week into a wallet that has a accurate ledgering system. I.e the Trezor suite.
Imagine you are working a freelance job at £10 an hour and your boss is collecting the money and putting it aside in an envelope to pay you at the end of the week when you invoice them. Instead of dripfeeding you pound coins every 6 minutes.
Even with higher fees for external wallets it might be worth it for the headache of 2,190 transactions.
BTW I am not an accountant, I do some book keeping for a shop I work at, what I said could be BS.
What are peoples views on this? Has anyone talked to a professional accountant?
Surely using the nicehash external wallet function in the case of UK tax would make alot more sense. Even though nicehash still technically pays every 4 hours into a wallet designated for you it is still not in your control (like the behaviour of a normal pool) so you have not been paid yet. You get paid once a week into a wallet that has a accurate ledgering system. I.e the Trezor suite.
Imagine you are working a freelance job at £10 an hour and your boss is collecting the money and putting it aside in an envelope to pay you at the end of the week when you invoice them. Instead of dripfeeding you pound coins every 6 minutes.
Even with higher fees for external wallets it might be worth it for the headache of 2,190 transactions.
BTW I am not an accountant, I do some book keeping for a shop I work at, what I said could be BS.
What are peoples views on this? Has anyone talked to a professional accountant?
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