In the news: Bitcoin – a contractor’s guide for tax purposes
Interest in Bitcoin has shot up since the virtual currency’s inception in 2009, and many a contractor is considering how it could play a part in their business.
While Bitcoin only exists in a virtual electronic form, this does not mean your Bitcoin transactions are immune to business taxes.
James Poyser, co-founder of online contractor accountancy firm inniAccounts, explores how you must treat Bitcoin transactions for tax purposes.