If you have crypto investments, use cryptocurrency, or have done in the past, you will need to complete a tax return and declare your crypto assets. There’s been some confusion in the past around the tax treatment of crypto, but HMRCs stance is now clear and we at Vantage Accounting have all the crypto tax knowledge to help you. We can process your crypto tax return smoothly and efficiently whilst offering you the best advice on crypto tax efficiency. And we can offer you a 20% discount on ReCap crypto tax software.

Vantage Crypto Tax Service

Here at Vantage Accounting, we have a specialist crypto tax department working alongside our partners at Recap to deliver the very best crypto tax advice and returns service to our clients. We’ll look at your entire tax situation alongside your crypto assets to offer you the most tax efficient position. An advice call to understand how your crypto activities can affect your tax position can be worth it’s weight in bitcoin, so get in touch sooner rather than later. Pricing for a crypto tax return really depends on the type of assets and volume of transactions – please get in touch for a quote.

Here’s how tax on crypto works and how we can help you navigate your tax situation:

HMRC’s Position: Contrary to the initial interpretation, HMRC now explicitly states that the buying and selling of cryptoassets is not comparable to gambling but that any gains are taxable and likely subject to Capital Gains Tax.

Paying Taxes on Crypto: Despite financial institutions not recognising cryptoassets as money or currency, HMRC treats them similarly to shares, which means they will be subject to Capital Gains Tax and/or Income Tax, depending on the type of transaction.

Crypto Tax Calculation: The type of tax you’ll pay depends on the specific transactions you make with your crypto. For capital gains exceeding the £6,000 tax-free allowance, you’ll pay 10% or 20% tax. Additional income from crypto, surpassing the personal allowance, incurs tax rates between 20% to 45%, determined by your Income Tax band. Notably, for the 2024-2025 financial year, the tax-free allowance for capital gains has been reduced to £3,000. And remember, you should always report your losses as these can be utilised against future gains.

HMRC Can Track Crypto: HMRC has the capability to track cryptoasset transactions effectively using information from exchanges like crypto.com, through a data-sharing program with UK exchanges and through ‘Know Your Customer’ information provided during exchange or wallet sing-ups. HMRC have started sending out ‘nudge’ letters to prompt individuals and businesses to report their crypto activity.

Get in touch for a no obligation quote

Fill in our enquiry form and we’ll be in touch very shortly to discuss your Crypto Tax needs. Or give us a call – we’re always happy to hear from you.

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Why Vantage Accounting?

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Fees are fixed and agreed in advance, with the option to up or down-scale as needed. Unlimited specialist advice is included – call us whenever you need to and speak to your accountant or one of our specialists in tax, payroll or bookkeeping. And you can pay monthly to help with cash-flow.

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We’ve been around since 1995 and have dealt with thousands of clients across Dorset, Hampshire and Nationwide. We are proud to say that most of our new clients come from recommendations and referrals. But we’re not stuffy old-school accountants – we avoid jargon and work to understand the unique business needs of each of our clients.

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As well as experienced accountants, we have in-house payroll, tax and bookkeeping specialists so we can cover all your admin and advice needs with confidence. We’re Xero, Quickbooks and FreeAgent experts, so we can work with you in the most efficient way. And if you need support with your personal finances, we can help there too.

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