Crypto taxation in the UK is quickly changing, but CoinTracking has launched a crypto tax tool that simplifies UK crypto taxes.
Crypto taxes in the UK challenges
The law in the UK taxes cryptocurrencies with tax rates depending on the nature of the transactions, with several caveats that investors need to address each tax season.
Cryptocurrencies can be taxed at a capital gains or income level, with tax rates going from 0% to over 40%. Due largely to the complexity of crypto taxation, research indicates that over 99% of investors are not reporting their taxes, facing high penalties.
The leading crypto tax software since 2013, CoinTracking, has addressed these challenges and becomes the go-to solution for investors.
A crypto tax tool designed for the UK
With a crypto tax software like CoinTracking, UK-based investors can track their crypto portfolios by importing trades from hundreds of exchanges, crypto wallets and blockchain networks.
From there, investors can benefit from 25+ advanced reporting features, including discovering which coins in their portfolio could be eligible for a lower tax rate based on their holding period.
With these features, investors can gather all the necessary information and generate the right tax reports. This is possible due to CoinTracking supporting gains calculations according to the valid accounting method in the UK, the HMRC.
"Crypto taxes are a big challenge across countries, with constant changes to the requirements investors have to follow. CoinTracking supports the needs of crypto investors in the UK to do their taxes in a few steps," Dario Kachel, founder and CEO of CoinTracking.
CoinTracking launches Full-Service in the UK for a hands-off solution
Investors needing further help with their taxes can find a solution with CoinTracking Full-Service, where a team of CT experts and partner crypto tax firms review, validate & adjust their transactions, complete imports and ensure correct tax reports.
CoinTracking is available in 25+ countries, including the UK, where investors can choose from several services, from premium support to account reviews or a full UK crypto tax return service.
"Full-Service was specially designed for UK investors with complex crypto trades to report and not a lot of time to work out the intricacies of taxes." Florian Ostermeier, Head of Full-Service.