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Mo Tax Expert
Mo Tax Expert, Accountant
Category: Tax
Satisfied Customers: 548
Experience:  Accounting and Tax Expert
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I have a question in regards to a company I invested with in

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Hello Pearl,
JA: Have you talked to a tax professional about this?
Customer: Hello Pearl, I have a question in regards ***** ***** company I invested with in the UK. Tradelax is a company I was dealing with for crypto and it seems they have lost their license and have contacted me to say they are liquidating my account and want to send me my funds but I have to pay 8% HMRC (taxes I believe). They want me to pay the taxes before they can release the funds. Can they not take the taxes off the amount and submit them to the government and send the remainder to me?
JA: Is there anything else the Accountant should know before I connect you? Rest assured that they'll be able to help you.
Customer: I have document from them showing the amount and fees. Not sure if it is legit or not.

Hi and welcome to JustAnswer. I’m Mo Barrie, Qualified Accountant and Tax Expert. I’m currently reviewing your question and will respond to you shortly.

Thank you for your patience.

Please do not pay anything.

Usually, they would deduct the withholding taxes from your gains.

Please be careful. Happy to chat if you would like to book a call.

Hi,

Not heard back from you.

It is not common for you to pay taxes before your gains are released.

The taxes should be withheld from your earnings.

Let me know if you would like to discuss this further.

Mo Tax Expert and other Tax Specialists are ready to help you