UK crypto accountant.
- Thread starter Larry Holmes
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Welcome aboard 🙂
Hopefully someone is able to help you. Anyway, I assume that the issue with crypto in the UK is the same as most parts of the world! It's simply to new and unknown to the governments and tax offices around the globe. Most of the countries are in the process to sort the taxation out but still not finished.
Hopefully someone is able to help you. Anyway, I assume that the issue with crypto in the UK is the same as most parts of the world! It's simply to new and unknown to the governments and tax offices around the globe. Most of the countries are in the process to sort the taxation out but still not finished.
Try using PWC or EY. Some of their office around the world accept Bitcoin as payment also.
HMRC won't reject either of their interpretations of the law either.
HMRC won't reject either of their interpretations of the law either.
I've about 5 leads from my own research so far, once I've chatted to them all I'll post them here. My understanding is that so long as they rubber stamp your return, even if their intrepretation of the law is one HMRC disagree with their indemnity insurance will cover you if anything is taken to tribunal and the onus will be on them since you made all reasonable efforts to get the right info.
There's a lot of rows on the Bitcoin UK Reddit forum threads at the moment, it seems a lot of people including accountants can't agree on HMRC's guidance because it's so vague lol
Depending on how much crypto you own I would take no chances and go for a big accounting firm. Remember HMRC can go back up to 20 years to get unpaid taxes from you.
Good news however is that crypto has not been around that long.
Good news however is that crypto has not been around that long.
You means if you made a capital gain from holding crypto investment? If that is the case, then you MUST pay capital gains tax if you sell the crypto and realize that gain. In the UK you have a capital gains tax allowance. .
The following guide may prove useful for UK folk. Best never to sell when in UK. Move to s tax free country and realize your gain if its a significant amount.
Crypto Tax Guide – A Guide to the UK’s Tax Treatment of Cryptocurrency
The following guide may prove useful for UK folk. Best never to sell when in UK. Move to s tax free country and realize your gain if its a significant amount.
Crypto Tax Guide – A Guide to the UK’s Tax Treatment of Cryptocurrency
I'm yet to speak to all of them, I don't think I will till around May or after since I only started doing crypto this tax year so have plenty of time to plan ahead for the moment, but will update you all as soon as I know more. I've been given 4 reccomendations so far, and found another one based on Wales.
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