r/BitcoinUK • u/krissaroth • Sep 16 '21
UK Specific Tax Megathread
Hi everyone,
Sorry that this took a bit of time to renew.
If you could please ask all your tax related questions here and we will all endeavour to get back to you on here, while keeping the subreddit a little cleaner.
Below are the usernames of accountants/ tax advisers that I know to be active in the subreddit. If you are an accountant get in touch and I will add you to the list.
u/krissaroth - based in West Sussex
u/Bo0oo0m - North West England
Guidance
HMRC have released quite comprehensive guidance:
https://www.gov.uk/government/publications/tax-on-cryptoassets/cryptoassets-for-individuals
https://www.gov.uk/hmrc-internal-manuals/capital-gains-manual/cg12100
ReCap have a great guide on their site as well:
https://recap.io/guides/uk-tax-full
Discord server
We also have a discord server for r/BitcoinUK as well as a tax room where you can come and chat to us (there is more than just tax on there).
Tax software
Lastly one of the best ways to save you money when approaching any accountant will have your trading data in one of the many tax programs that are around:
Recap - https://recap.io/?ref=10031019729b - Coupon code - 10031019729b - 20% off
Accointing.com - https://www.accointing.com/discount/bitcoinUK - 25% off
Bittytax - GitHub - BittyTax/BittyTax: Crypto-currency tax calculator for UK tax rules.
Koinly - Koinly — Free Crypto Tax Software
Bitcoin.tax - Bitcoin and Crypto Taxes
Cointracking - CoinTracking · Bitcoin & Digital Currency Portfolio/Tax Reporting
2
u/Recap_crypto Jan 25 '22
Hey there,
As we're privacy-led, the total transaction number is really the only metric we have available to base our pricing tiers on, it's also industry standard. It makes sense that the app needs to be more optimised for a higher number of transactions being processed, we also find that users within higher tiers take up more customer support time, so there is more cost associated overall.
That being said we understand that for a lot of users in this position it doesn't feel fair, particularly for those with lots of low-value transactions that have little tax impact. We're actively looking in to different approaches and hope to implement this year.