More than 2.3 million adults in the UK are thought to own at least some form of cryptoasset, such as NFTs and cryptocurrencies, with the average holding for each investor growing year by year.
Whether you are investing, mining or actively trading cryptoassets you must understand the implications of your online activity on your tax position.
Unbeknownst to many individuals, they could be accruing considerable liabilities due to their investments or income from cryptoassets that could land them with a significant tax bill or a tax investigation.
Want to know more?
Please call on 01277 245300 or contact us today for further information.
contact us Request a callbackUnderstanding crypto taxation
How you derive an income from cryptoassets could significantly affect how you are taxed and the size of a potential bill.
Most investors will face tax on the gains that they make from their investments each year, while miners or traders may have to pay income tax instead, depending on their actions in a given tax year.
If you are involved with the cryptoasset markets, whether a part-time amateur investor or a long-standing crypto trader, you must not only report your income or gains correctly via self-assessment but also pay the right amount of tax.
No one wants to pay too much tax, so we can help you calculate how much you owe and offer advice on reducing your liabilities.
Staying compliant
HM Revenue & Customs has shifted its focus to cryptoasset investors, miners and traders in recent years.
We can help you to complete your tax return correctly, remain compliant with the changing tax rules surrounding cryptoassets and provide you with a deeper understanding of how your activities online affect your tax position.
Need help with cryptoasset taxation?
Arrange a quick chat with our tax team today to find out how they can help you with the taxation of your cryptoassets.