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Rakhi Vasavada
Rakhi Vasavada, Financial Advisor
Category: Finance
Satisfied Customers: 1810
Experience:  Attorney and Financial Expert. Have specialization in Financial Laws.Practice experience of over 13 years
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I am the only shareholder in a UK based LLC that sells

Customer Question

I am the only shareholder in a UK based LLC that sells tshirts in the US. I would like to invest part of the profits (approx $25,000-$28,000) in bitcoin at the end of December. At the moment I pay no tax as I have been taking minimal profit from the company (roughly £7000pa) and I also have a student loan which is not payable yet as I am under the earnings threshold.Would it be better for me to leave the income in USD and buy bitcoin from the company account?Convert the USD to GBP and buy bitcoin using the company account in SterlingOr convert the USD to GBP, pay myself the entire profit of around £18,000 and buy bitcoin as an individual?I am anticipating to keep most/all of the bitcoin for at least a year, but I am worried that the taxman would take his 30%, then my student loan would take 10% leaving me with far less to invest than if I just kept it in the company.I would really appreciate some expert advice on this!
Submitted: 1 month ago.
Category: Finance
Expert:  Sam replied 1 month ago.

Hi, Sam here , I have transferred your question as you need financial advsie and we tax experts are not financial experts

Thanks