As the UK tax return deadline approaches, many traders will be facing the headache of how to account for their crypto holdings. This is partly because of the many trading venues they make use of, but in addition they could be missing out on possible tax breaks inherent in this asset class.
Amid the rise in its customer base, Germany-based CoinTracking has been continuously supporting UK-based investors who want to track their crypto portfolios and turn their crypto tax season into a pleasant experience, rather than a perennial headache.
The UK is one of the main crypto hubs worldwide, with many initiatives to strengthen its position. Meanwhile, retail adoption in the UK is one of the highest in the world, registering the third-largest transaction volume, according to the latest Chainalysis’ Global Crypto Adoption Index.
How can you solve your crypto tax challenge?
Naturally, more and more UK-based investors are looking for tools that can solve their crypto tax challenges.
The easiest way for investors in the UK to do their crypto taxes is to use a tax tool designed for the complexities of the digital market, while having the necessary features that are particular to the UK, from valid accounting methods to tax reports.
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CoinTracking could be a valuable solution for UK investors to do their crypto taxes in a few simple steps. But how?
First, crypto investors in the UK can import their trades from hundreds of crypto exchanges (via API or CSV), wallets and blockchain addresses.
Secondly, investors can track their crypto, from determining capital gains/losses to discovering which coins can be eligible for a reduced tax rate.
Finally, investors can generate tax reports with all the information requested by authorities, including gains calculated according to the HMRC-approved accounting method in the UK.
Investors needing further help with their crypto taxes can also draw on the CoinTracking Full-Service where a team of experts will review their account, fix any errors, propose improvements, and ensure they generate correct tax reports and enjoy a smooth tax season.
“At CoinTracking, we have invested many resources to improve our tax tool to cater to the needs of investors in the UK, so they can file their entire crypto taxes at ease,” explained Dario Kachel, founder and CEO of CoinTracking.
