Accounting for Cryptocurrency

Our UK Crypto Accountants Are Here To Help

Braant Accountants can assist with various aspects related to cryptocurrency, including gain/loss calculations, tax return preparation, and optimising tax strategies. We have a specialist team dedicated to handling cryptocurrency matters, ensuring accurate tracking and calculation of crypto gains or losses for tax purposes. 

Additionally, Braant offers guidance on minimising tax on cryptocurrency through various methods. By integrating your crypto activity into your tax return and exploring legal ways to minimise your tax burden, we can help. Some of the services we offer include:

• Tax compliance advice: Ensure your crypto activities are reported correctly to HMRC with our professional advice. We can help you get the necessary documentation and declarations in place, removing the possibility of surprise HMRC intervention. 
• Gain/loss calculations: Accurately track and calculate your crypto gains and losses for tax purposes and save time and possibly money. 
• Tax return preparation: If you have crypto income you need to declare, we can help you incorporate this into your annual tax return, ensuring you stay compliant with income tax laws. 
• Optimising tax strategies: We can help you reduce the amount of tax you pay on income made from crypto trades. Our expert team is always on top of new rules and regulations to ensure you get the most out of additional income generated. 

What Expenses Are Associated With Cryptoassets?

Owning and trading crypto involves several potential tax implications, and possible trading costs including:

• Capital Gains Tax (CGT): This applies to profits made from selling crypto above the purchase price. If you’ve made significant money off a crypto trade, then it will be subject to CGT. 
• Income Tax: This may apply to income earned through activities like staking, mining, or airdrops, and may raise the possibility of you needing to pay tax. 
• Trading Income: If your crypto activity is considered trading income, it may be taxed differently, however, this is dependent on the specific circumstances. 
• Trade Costs: Depending on the platform you use to trade and exchange crypto, you may also need to pay a small fee to the broker or platform as a commission. 

For further clarification and professional advice, you may need to seek the assistance of accountants who are familiar with the nature of income made from trading crypto.