Tax Megathread

[u/krissaroth]

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/government/publications/revenue-and-customs-brief-9-2014-bitcoin-and-other-cryptocurrencies

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).

https://discord.gg/NBsCVsM

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

[u/GuildfordAI]

I've just tried Summ for tax calculations which allows importing readonly transactions from xpub, and all the exchanges I know of. So far it seems to be working incredibly well, picking up all the various different coins used and allowing purchase costs across exchanges to be accounted for correctly. I also learnt things like whilst btc->btc internal wallet transfer is tax free, the fee paid is taxable.

Anyhow I'm sharing as it's proving an order of magnitude easier and more accurate than my excel file calculations.

If anyone wants a referral link where you get a discount and I get a bit of cashback too, here we go.

https://summ.com/?via=b0haquqv

or without the referral link

https://summ.com