taxing customer cryptocurrency payments - capital gains?

[ThatDevAaron]

So we accept cгypto payments from customers.

we use, coinpayments.net.

now, we need to pay capital gains right? How do we calculate this?

for each payment, we need to calculate how much their cгypto was worth at that time (in GBP), then calculate how much it was worth at the time of us selling it/spending it?

now here are some questions I have in relation to this:
1. We get charged fees to withdraw from coinpayments (not SELL the cгypto, just withdraw it), how do we deduct this from the capital gains? or does it even get deducted?
Example, over the timespan of 1 month, we gather 130 USD in BTC, when we go to withdraw, we'll only be able to cashout 100 USD, so do we set as our capital gains tax the amount of (CURRENT_WORTH_AFTER_WITHDRAW_FEES minus ORIGINAL_WORTH)? So if the CURRENT_WORTH_AFTER_WITHDRAW_FEES ends up totaling to be a CAPITAL GAINS LOSS, we dont need to tax it?

2. we pay some of our bills in cгypto, does this mean, when we pay each bill in cгypto, we handle capital gains the same way as if we was withdrawing the cгypto?

 

[Paul Kelly ICHYB]

now, we need to pay capital gains right? How do we calculate this?

Are you speaking as a business or individual?

We get charged fees to withdraw from coinpayments (not SELL the cгypto, just withdraw it), how do we deduct this from the capital gains? or does it even get deducted?

That's a business expense which is a cost to your business, accounted like any other cost.


Maybe one of the accountants can explain it better, but I believe that you should treat ****** like any other currency.

 

[ThatDevAaron]

Are you speaking as a business or individual?


That's a business expense which is a cost to your business, accounted like any other cost.


Maybe one of the accountants can explain it better, but I believe that you should treat ****** like any other currency.

business/ltd not individual

i agree. just wanted another opinion

 

[UK Contractor Accountant]

You need to look at the Share Pooling and Section 104 Holdings Rules to work out the Capital Gains when you spend Cryptocurrency or convert to £ especially if acquired Cryptocurrency at different times and at different prices.

 

[ThatDevAaron]

You need to look at the Share Pooling and Section 104 Holdings Rules to work out the Capital Gains when you spend Cryptocurrency or convert to £ especially if acquired Cryptocurrency at different times and at different prices.

yes, we are holding many different cгypto, and getting them at very different times and prices.

do you think we'd be better off only using our ****** to pay bills, that way we aren't selling it/converting to £ - but how would that work since what we're sending is being converted into our provider/merchants websites on-site currency/balance - does this still count as us "selling" the ******?