Are you looking for a professional accountant to help you will all your crypto related finance? We can help. We provide free access to a list of specialised crypto accountants in the UK.
The Friendly Accountants are Alternative Accountants. Unlike traditional accountants, they look forward – not back.
The Friendly Accountants have a number of clients involved in the crypto-sector including crypto miners, Bitcoin traders and brand consultants for Blockchain technology.
So if you’d like to find out more, just give them call or drop an email – no hard sell.
Just friendly, professional advice!
How can a UK accountant help you with your Bitcoin and crypto tax?
It is always advisable to engage with a professional accountant when it comes to tax calculations and reporting. Even more so when you are dealing with a nascent industry where tax submissions will likely get scrutinized by the authorities as a result.
Tax laws can be complicated
The complexity is compounded if you mix it with an unfamiliar territory such as the cryptocurrency industry.
- As a Bitcoin and crypto trader, there are a number of points you need to be sure about before you even begin the process of calculating your tax liability. This will include:
- Whether you are in fact classified as a trader or an investor. A distinction is necessary as there are very different tax calculations applicable to each.
- If capital gains tax is applicable (which will be the case for most people), you will need to know how to account for purchases and in which order they are taken into account when calculating the base cost of trades.
- Are there any allowable expenditures you can take into account to ultimately reduce your tax liability?
- Did you make allowable gifts to your spouse or certain charities which may be exempt from capital gains tax?
- Are there any unutilized capital allowances which you can use in your calculation?
A professional accountant will know all this and more, thus saving you time and money by making sure your crypto tax calculation is accurate and all applicable laws have been taken into account in your specific circumstances.
Avoid unnecessary penalties and fees…
Certain fees and penalties become applicable if tax reporting and filing deadlines are missed, or if tax calculations are shown to be inaccurate due to a lack of reasonable care.
A £100 penalty is levied immediately if a tax submission deadline is missed. After 3 months, additional fees are levied.
For capital gains tax specifically, an additional penalty can be levied for inaccurate reporting. This penalty can be as high as 30% of the amount which is payable as a result of correcting the inaccuracy.
These fees and penalties can quickly build up to a substantial amount.
A professional accountant can help you to avoid these unnecessary penalties by making sure your crypto tax submission is on time and accurate.
Avoid these unnecessary headaches by using our list of professional crypto accountants in the UK.