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If you deal in Crypto transactions as part of your business or hold crypto assets for capital appreciation, any gain or income is taxable and reportable to HMRC. We can help to bring your Crypto tax affairs legally compliant and up to date. HMRC has access to Crypto Exchange in UK which holds information of all the individuals holding Crypto assets. If you haven’t yet declared your Crypto assets for tax purpose, its time to act now.
helping you in Taxes
Taxation on Crypto transactions
The basic principle if you are a business and accept crypto assets as form of payments from your customers, then the value of each crypto transaction needs to be converted into GBP and that then becomes part of normal turnover of the business and is taxed normally.
If you are an individual and just hold crypto assets for capital appreciation and make profit by selling them, you are then liable to Capital gains tax and this needs to be reported in your annual self assessment tax return.
If however, the value of your crypto assets fall in value and you make a loss, the resulting capital loss is allowable and can be claimed against other capital gains.
Can you be liable to both income tax and capital gains tax on Crypto? Yes you can. If you are a business and receive crypto as form of payment from your customers and then you hold it for capital appreciation, you will be liable to both Income tax and capital gains tax. Crypto tax is a complex area and requires expert advice, this is where we come to help.
“...but in this world nothing can be said to be certain, except death and taxes.” ― Benjamin Franklin
plan of action
know your Responsibilities
Dealing in Crypto assets is increasingly becoming popular and is relatively new. It’s easy to lose track of your profit or loss on crypto’s and your tax responsibilities. Income earned on Crypto assets is taxable just like any other income and you need to be tax compliant to avoid any penalties and interest costs.
We will review your Crypto transactions and pool your profits and any losses
We calculate your Capital Gains & Income Tax if applicable on Crypto transactions and claim all relevant reliefs
All your crypto income or losses declared in your self assessment tax return or company accounts. Well done, you are now tax compliant