Preparing for Tax
My life will be eternally linked with cryptocurrencies and as we continue gearing towards our move to the UK, I have had to start making the necessary preparations for the move. The financial landscape is a lot different in the UK, so I expect there to be some changes in the way crypto is treated.
When you talk about the UK to most people in Nigeria, they tend to dwell on the fact that you pay tax. They talk about it almost as if it is a completely alien concept because of how our own society is organised.
Tax in Nigeria isn't exactly a big deal for most people. We live in a country with a ridiculously high poverty rate, so people are more concerned about survival than something as trivial as paying taxes.
In Nigeria, we have a minimum wage but you hardly find people that earn up to minimum wage from their basic income. People have to strive for hours on end to even get close to minimum wage.
We still pay tax in other ways in Nigeria. Value added tax and stamp duties are part of the ways the government gets a piece of the pie and what do they do with all the money? They take care of the politicians.
A new way
Anyway, moving to the UK will require adjusting to a new taxing system. Unlike Nigeria where tax is subtly embedded into your everyday life. tax in the UK is an intentional act that requires proper planning.
This is why I have started asking questions about how crypto gets taxed. I want to know what tax bracket I fall under and if I should even bother paying tax at all.
I have also been making enquiries about how I'll get a bank account that enables crypto withdrawals. The way I see it, every little bit will be helpful towards our goal, so I have to ensure I am working smart and hard at adjusting as quickly as possible.
A friend also said that while we will earn on an hourly basis, it might not be ideal to push yourself too much because at the end of the day, you might move into a different tax bracket that could end up hurting your finances. All will be made clearer when I'm finally on ground and I'll be sharing my experience with everyone in the community.
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