WE'VE HEARD IT ALL AND NARROWED DOWN THOSE MOST RELEVANT TO YOU
WHAT HAPPENS IF I DON'T DO ANYTHING
Unfortunately ignorance of the law is not an excuse for not filing your tax returns.If you have sold, exchanged, paid for or had services using crypto, donated to charity then you must report this on a tax return. Failure to do so will result in penalties being imposed and you run the risk of a full investigation which can be costly and lengthly. To avoid these scenarios its wise to get in touch.
CAN'T I JUST USE AN ONLINE TAX CALCULATOR?
Tax calculators alone simply aren't sufficient. Although great to compile transactions they simply don't cover all the scenarios that you will face when submitting your tax return. Crypto currency tax is far more advanced than most tax areas with accountants also limited in their knowledge. This alone should make it clear you don't want to chance and make a mistake on self submission as that could cost heavily once detail is inspected by HMRC for accuracy.
I ALREADY HAVE AN ACCOUNTANT HOW DO I TRANSFER
Cryptocurrency is a relatively new field with regulations still in their infancy period as such finding accountants with the know how to advise and support you is limited. Thankfully transferring over your accounts is a straightforward process, we contact your previous accountant and get all your information transferred to us. In some instances we are happy to support accountants who wish to keep clients by helping them with Crypto tax calculations and filings.
WHAT IF I WAIT FOR HMRC TO GET IN TOUCH?
This may be a little too late. By the time you receive the letter all your tax savings opportunities for previous tax years are forgone! You will end up paying tax based on all profits in the years. However, through pre planning and taking our expert advice we ensure you pay only what you need to and cap your tax exposure by offloading Crypto losses against profits already realised. It can make the difference between losing 10% of your earnings to almost 50%!