RE: Vlog 197: Taxes and the STEEM blockchain - A tough puzzle.
Your tax system sounds quite different from ours in the UK.
In the UK I understand that we need to record the fiat equivalent of the income we receive in Steem (using exchange rate at the time the Steem was received), this amount is subject to income tax (at your normal rate) if you're an individual, and adds to taxable profit if it's a company.
Also, we need to account for changes to the value of any Steem and Vests that we have in our Steem accounts over the course of the tax year. Any increases in value are subject to capital gains tax as an individual, and is a chargeable gain for a company.
My tax isn't due until March so this is just my current understand and may change because as you say, it's pretty complicated/new.
I made a tool on SteemReports which might be helpful for some of this:
http://www.steemreports.com/financial-accounts-summary/
It's seems it a lot more complex in the UK. Good luck with that! Your summary tool is fantastic btw and I played around with it for a while. Very handy! A question, I can't get the info for Jan and Feb of 2017 to display. I tried for different users and it's the same. Could you help me out?
Hi man, I've updated the financial summary tool so it includes all of 2017, if you'd like to have a look: https://steemit.com/steemdev/@steemreports/improved-financial-accounts-tool
Man that is awesome, I'm going to check it out now!
Yeah, it's tricky to say the least! I'm afraid the tool doesn't currently cover those months. I started it thinking about my own tax situation and our tax year here normally starts in April. I will try and make time to collect the earlier currency data soon though, because a couple of other people have asked about that. I will let you know when it's there.
Hi Andy I'm new to all this and wanting to try it out to possible earn money in the future, I doubt I'll start earning any steem right away but this stuff just confuses the hell out of me. I've followed you for future help and thanks for putting that tool there hopefully it'll help me out when I figure it all out.