Sythe earning & tax

[RS Trader1]

Hi all, just making this thread to get some info from some experienced people.

Over the next few months I’ll be starting up a runescape gp store and in the future other services.

So my first question would be, if I were to earn an average of £1.1k per month on top of my current earnings (from work), would I have to pay tax/how?

Lastly, what would be the best methods of being paid and transferring funds to my bank to pay the least amount of charges/taxes?

Forgot to mention but I live in the UK.

 

yes you would have to pay tax on any extra income obviously, but gl making $1500/month here tbh lol
Storing your wealth from sythe in crypto and then just claiming the 10% capital gains tax isn't a bad shout imo. (don't quote me on the details pls)

 

[RS Trader1]

Thanks for the advice. The only thing I worry about with crypto is how up and down it is.
I make a lot staking so should be fairly easy to make that

 

Thanks for the advice. The only thing I worry about with crypto is how up and down it is.
I make a lot staking so should be fairly easy to make that

Well you can always store it as USDT on exchanges. Or you can sorta hedge it by going short and long at the same time but idk the details of that.
I wonder, how do people make money staking? It's just gambling lol. Or do you x?

 

[RS Trader1]

I’ll have to ask around some more and look into it. Previously I’d just do random amounts, win a load then get bored and all in. Either win big or lose. Now I’d rather make it a business and start with around 1b and just safely make 50-100m a day, which is relatively safe and easy with such a high starting amount of gp.

 

I’ll have to ask around some more and look into it. Previously I’d just do random amounts, win a load then get bored and all in. Either win big or lose. Now I’d rather make it a business and start with around 1b and just safely make 50-100m a day, which is relatively safe and easy with such a high starting amount of gp.

But don't you see the problem of it just being 50/50?. Without an edge, in the long run you'll pretty much return to the starting point according to basic probability. When taking into account rwt bans and scams, you more likely will come out with a loss.
Don't take this the wrong way but idk, I recon your time is better invested in doing something more constructive. I guess its still thrilling and fun anyways and what do i know' ha.

 

[RS Trader1]

There’s always the chance of being cleaned, but If you’re sensible and use methods it makes it a lot safer.

Bans I’m not overly worried about, but again have taken it into account. Over the years I’ve tanaferred 20b plus. Wether it’s buying/selling/ putting onto other accounts without a ban.

In the long run I’d like to gain enough vouches and trust to move into other things such as main rentals, account sales etc

 

There’s always the chance of being cleaned, but If you’re sensible and use methods it makes it a lot safer.

Bans I’m not overly worried about, but again have taken it into account. Over the years I’ve tanaferred 20b plus. Wether it’s buying/selling/ putting onto other accounts without a ban.

In the long run I’d like to gain enough vouches and trust to move into other things such as main rentals, account sales etc

Take a look at this thread: Done Staking. Photo album inside of wins 144b+
I recon this guy probably knew what he was doing...

And:

But yes you're right on that, if you can gain trust around here by selling vast amounts of gold legitimately, then that will be profitable and not down to luck ;P

 

[RS Trader1]

That’s always the trouble when you start doing large stakes. I’m hoping to keep it small, be safe and keep jagex’s eyes off me haha

 

[Away]

Staking is far from a reliable source of income so I really hope you don't plan on making a steady $1500/month from it

 

[JMG]

"safe" 5050'ing for profit makes no sense to me, there is no reason it should work in the long run...

 

[Eazy E]

Tax is theft
The ability to tax is the ability to destroy
The IRS is unconstitutional and the Federal reserve and their interest ponzi scheme should be abolished

 

[RS Trader1]

As far as HMRC is concerned, everything needs to be declared fully.

I think the first £1000 after your personal allowance is tax free (it was introduced last year iirc for online trading), then anything after is taxed accordingly via self assessment. Cryptos themselves are subject to capital gains tax which is like 10-20%.

Obviously you could just not declare it, but that could be a huge mistake if they decide to randomly investigate you. Especially if its £1K/month constant.

Thanks for the information there cherry. I thought it would be something a long those lines and wouldn’t want to get myself in trouble for not doing something lol