Cryptocurrency Tax Accountants

Blockchain assets present a lucrative emergent marketplace for those who are willing to invest. Wisteria can help you navigate the tax implications involved, ensuring you declare the right type and levels of tax to HMRC.

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Our extensive expertise in cryptocurrency taxation, coupled with our commitment to staying ahead of regulatory changes, ensures that your financial affairs are handled with utmost care and precision.

Navigating Cryptocurrency Investments and Tax Implications

At Wisteria we have specialist knowledge in this field and understand the practices involved in trading and acquiring crypto across the various marketplaces and exchanges. This coupled with comprehensive knowledge and experience as tax advisors, positions Wisteria as one of the leading specialists in this emergent field, keeping organisations and individuals safe and legally compliant.

Our services are tailored towards the exact nature of the client and the way they deal with blockchain assets. From corporate entities to individuals, the needs of each client can vary greatly.

Cryptocurrency Taxation: Expert Guidance to Navigate Regulatory Changes

It is important to keep accurate records of all cryptocurrency transactions, as HMRC has the power to investigate and assess individuals for tax liabilities, and penalties may be imposed for failure to disclose or inaccuracies in tax returns.

It is also worth noting that the UK tax treatment of cryptocurrency is subject to change as regulations and laws are constantly evolving. At Wisteria we are constantly on the pulse with these changes; able to provide professional advice on the tax implications of cryptocurrency transactions.

Blockchain Assets & Implications

In the UK, the trade of cryptocurrency and NFTs (non fungible tokens) is subject to tax, governed by Her Majesty’s Revenue and Customs (HMRC). As blockchain assets are considered a form of property, the buying and selling of crypto and NFTs is subject to capital gains tax, in the event that a profit has been made as a result of their value increasing since they were acquired.

Mining or earning cryptocurrency via another means is often considered a form of income and should be declared as such. As with any earnings minus your tax free allowance, this is subject to income tax.

Cryptocurrency & NFT Case Studies

Case Study 1:

Our team assisted an individual with a diverse cryptocurrency portfolio that spanned various online exchanges. They had disposed of some crypto assets, cashing out into standard currency, while others were converted into different cryptocurrencies, and some were simply held. We provided consultancy on the tax treatment of holding versus disposing of the investments, confirmed the pooling requirements for each coin held, calculated the capital gains tax, and assisted with declaring it to HMRC.

Case Study 2:

A client had become interested in cryptocurrency and started investing as a supplementary income alongside their full-time job. They were uncertain whether the money made from trading should be considered income or capital. We conducted a comprehensive analysis, cross-checked the badges of trade with the individual's circumstances, and determined whether to declare income or capital gains tax.

Case Study 3:

Our team worked with a corporate entity (PLC) that had various contracts and sponsorships with large cryptocurrency clients and well-known coins. Some sponsorship contracts were paid in blockchain assets that had been converted into others. We calculated the tax liability based on the cryptocurrency payments the client received and assisted in declaring the correct level of corporation tax for each invoice settled in crypto.

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