Hi , new here nice to meet you guys hopefully some older people can give me some useful advice. I am currently just turned 17. Over the last year I traded from 500 usd to around $65000 by trading video items on gambling sites (csgo) it’s been quite a journey. Got banned and lost everything on steam in march , got unbanned. Then last week there was a huge ban wave which banned around 10/15 million from lots of traders like me.
Because of this ban wave I dumped on a variety of marketplaces and in total have $63,000 in balance on a wide range of them a little bit less due to me panic selling. I am just really worried about taxes now I want to do everything “right” but I don’t feel the need to just send all my money or my bank and declare it , I only have around £10500 in my bank which is below the non taxable threshold in the UK. I have 21000 dollars on a website that only allow “stripe” withdraws. I have been considering getting USDC from there but not sure how stripe works , will they report me to HMRC as it is a pretty small amount but I have seen people get audited for much less…. The rest of my money is pretty “safe” Payoneer , crypto , Chinese markets.
I mean my thoughts are I could just withdraw the 21k and just pay the tax on it but I have little income right now , things were going so well , I made 16,000 last month alone but this month will barely make 1000…..
Due to my age I just don’t understand how taxes work really like capital gains and whatever… it’s all really really confusing why can’t it be more simple or taught in schools…
Advice and opinions are appreciated , thanks for reading.
Because of this ban wave I dumped on a variety of marketplaces and in total have $63,000 in balance on a wide range of them a little bit less due to me panic selling. I am just really worried about taxes now I want to do everything “right” but I don’t feel the need to just send all my money or my bank and declare it , I only have around £10500 in my bank which is below the non taxable threshold in the UK. I have 21000 dollars on a website that only allow “stripe” withdraws. I have been considering getting USDC from there but not sure how stripe works , will they report me to HMRC as it is a pretty small amount but I have seen people get audited for much less…. The rest of my money is pretty “safe” Payoneer , crypto , Chinese markets.
I mean my thoughts are I could just withdraw the 21k and just pay the tax on it but I have little income right now , things were going so well , I made 16,000 last month alone but this month will barely make 1000…..
Due to my age I just don’t understand how taxes work really like capital gains and whatever… it’s all really really confusing why can’t it be more simple or taught in schools…
Advice and opinions are appreciated , thanks for reading.