As a business you need to have confidence that your accountant understands the sector in which you operate. Traditional accounting simply will not do.
From offering advice on the domestic and international structuring of your business and issues around remuneration in crypto, to the usual accounts and tax compliance services you would expect, we have you covered.
Personal / Business Tax Experts
Dedicate more time to your businesses.
100% customer support rating.
The main issue with crypto tax is that there is not yet any specific legislation, meaning profits are taxed in different ways depending on your actions and circumstances.
Capital gains tax, income tax and inheritance tax all come into play when looking at buying, selling and acquiring cryptocurrencies.
The buying and selling of Cryptocurrency is outside the scope of VAT, but services connected with cryptocurrencies will be liable. For example, purchasing goods with cryptocurrency or undertaking consultancy. HMRC have also clarified that when a transaction is settled in a cryptocurrency, this does not mean that the underlying supply is not subject to VAT.
This means buying goods and services using Bitcoin, doesn’t mean VAT shouldn’t be charged in the normal way. As with any other transaction, the pound value is the equivalent of the market value of the cryptocurrency at the time of the transaction.
Helping You Strategise.
The accounting packages of our Crypto clients tend to vary, being tailored in accordance with individual needs.
Transfer assets to your Spouse or Civil Partner.
Transfer between spouses is currently exempt from CGT, meaning assets can be transferred between husband and wife or civil partners so that both annual CGT allowances are used. This effectively doubles the CGT allowance for married couples and civil partners, providing that the transfer is a genuine gift.
Make use of losses.
In order to reduce the amount of gain subject to tax, gains and losses established in the same tax year must be offset against each other. Losses must be registered with HMRC within four years from the end of the tax year in which the loss has occurred.
You’re also allowed to deduct certain costs involved with buying and selling (incidental costs of acquisition and disposal) Crypto Assets from your gain when working out your CGT liability.
These include transfer fee, exchange fees, and fees for professional services such as lawyers and accountants relating to the buying and selling the crypto.
Koinly is a must for any crypto investor/owner, it generates accurate, reliable tax reports in under 20 minutes.
For more information please click the button below.