For a number of years, Hodge Bakshi Chartered Accountants & Chartered Tax Advisers have been among the leading Crypto tax accountants in the UK. As a result, we have been significantly involved in helping clients across a wide array of Cryptocurrency tax-related issues. This has ranged from basic compliance to some highly complex Crypto tax issues and even helping other professional Crypto tax advisers!
There has been a surge in Cryptocurrency investment in the last couple of years which has not gone unnoticed by HMRC in particular. “Do you have to pay tax on Cryptocurrency in the UK?” is a question that unfortunately, many people still have. The simple answer is yes, but the requirements can get a lot more complex than that. Luckily as one of the earliest and most experienced Cryptocurrency tax accountants in the UK, this isn’t a problem for us.
HMRC have started to actively enquire and are working with many well-known Crypto platforms and exchanges to ascertain who may have tax to pay on their Cryptoassets.
With our Crypto tax advisory team being personally involved since Bitcoin’s inception we are one of the earliest UK Crypto accountants involved in the industry and are therefore uniquely placed to help you thanks to this experience.
We are also proud members of CryptoUK which is the UK’s largest self-regulatory association representing the Cryptoasset sector.
Due to the nature of Cryptoassets (HMRC’s definition!) our services are bespoke to each client. Some of our past work and experience includes:
- Capital Gains Tax calculations involving the most basic to the most complex scenarios including voluntary disclosures
- Maintaining a running log of their asset pools and therefore helping clients plan for future disposal / tax liabilities
- Tax advice on:
- Advice around the best structures to hold cryptocurrencies (individual vs limited company)
- Accounting and Corporation Tax advice within limited companies
- Income Tax (and losses!) e.g. identification of reportable ‘miscellaneous income’ which falls under Income Tax
- Plus much much more!
The terms Cryptoassets / Cryptocurrency / Crypto currency / Crypto are all interchangeable.