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  • Cryptoassets

    The rapid growth in cryptocurrency and distributed ledger technology has seen an influx of new cryptocurrency business, traders and investors which has attracted significant attention from HMRC and other tax authorities worldwide.

    Crypto Tax Advice
    at ETC Tax

    ETC Tax are actively involved in ensuring tax compliance, planning for future liabilities and reviewing complex and unique cryptocurrency cases. 

Having a tax specialist who is experienced with the issues relating to cryptocurrency businesses, traders and investors can offer you peace of mind. We ensure that your affairs are structured properly, are compliant with HMRC and can help resolve any HMRC investigations, allowing you to focus on your business and investments.

    HMRC are actively enquiring into crypto businesses, traders and investors to ensure that all individuals and businesses involved in cryptocurrency pay their fair share. Ensuring cryptocurrency businesses, traders and investors are structured properly is paramount to keeping tax-efficient and remaining compliant with HMRC.

    Having a tax specialist who is experienced with the issues relating to cryptocurrency business, traders and investors can offer you peace of mind. We ensure that your affairs are structured properly, are compliant with HMRC and can help resolve any HMRC investigations, allowing you to focus on your business or investments.

    Learn more

    Keeping Compliant

    HMRC are actively enquiring into crypto businesses, traders and investors to ensure that those involved in cryptocurrency pay their fair share. Ensuring cryptocurrency businesses, traders and investors are structured properly is paramount to keeping tax-efficient and remaining compliant with HMRC.

    If you have an undeclared tax liability, we would strongly recommend that your affairs are brought up to date at the earliest opportunity.

    Tax Efficient Planning and Structures

    ETC Tax have advised individuals and businesses on how the may plan for their future liabilities and continue to develop bespoke strategies for our clients. Some examples of this include:

    • Maximising reliefs for investors and businesses which may not have been considered in the context of cryptocurrency
    • Restructuring their activities so they are taxed more efficiently and / or to meet their own personal and commercial objectives
    • Establishing overseas structures to facilitate taxpayers who wish to leave the UK and remove any exposure to UK tax on cryptocurrency

    Residency and Domicile Issues

    ETC Tax work closely with international clients or those who wish to move abroad to make use of favourable foreign schemes such as the Portuguese Non-Habitual Residence (“NHR”) scheme which offers favourable tax treatment of cryptocurrency. 

long-term residents and International clients with ties to the UK need to ensure that their affairs are reviewed and they do not inadvertently fall foul of the UK tax rules.

    Unique and Complex Issues

    ETC Tax are familiar with the underlying nature of cryptocurrency and DLT allowing us to manage more unique and complex cryptocurrency issues whose tax treatment is ambiguous with the latest being a detailed review of an NFT based gaming platform.

    Cryptocurrency investors, traders and businesses need to remain compliant with HMRC as HMRC are enquiring into cryptocurrency-based activities. ETC Tax has helped numerous clients keep tax-efficient and compliant so get in touch!

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    The Current Environment – Crypto & Bitcoin Taxes 2020 The end of July saw a resurgence in the value Bitcoin and other cryptocurrencies off the back of various influences including…

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    Happy Bitcoin Pizza Day

    What?! Exactly 10 years ago, on 22 May 2010, bitcoin was used for the first time to buy a product. A US computer programmer, Laszlo Hanyecz, decided to use some…

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    HMRC and cryptocurrency

    Clearly, the tax position for cryptocurrency is a developing area – in terms of technology, regulation and, as if by magic, taxation. Developing areas, as well as creating opportunities, can…

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    CGT and cryptocurrency

    As stated in one of our other video blogs, the tax treatment of crypto depends on your activity rather than the fact that you are dealing in crypto per se…

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    From my first point of contact with Chris, Etc have been professional, thorough and courteous. My main dealings have been with Sophie and Rohan and they have been excellent! Overall a first class service has been provided by all staff, which has helped me greatly in overcoming my nemesis, the dreaded Tax return!

    Phil Harding

    Help us to help identify what advice you need on your cryptoassets

    To assist our team in reviewing your position and to deal with your enquiry more efficiently, please complete our brief questionnaire, after which you will be asked to leave your contact details if applicable. This will enable us to get a better understanding of your current position, and to advise you correctly. Please ensure all fields are completed in as much detail as possible, as we may be unable to deal with your enquiry if we do not have all the information we need.
    Many thanks.

    Question 1

    Did you make a profit on the sale of cryptoassets exceeding the annual exemption for Capital Gains Tax during any tax year (£12,300 for 2020/21 tax year)?

    Question 2

    Did your gross proceeds from the sale of cryptoassets exceed more than 4 times the annual exemption in a single tax year (£49,200 for 2020/21 tax year)?

    Question 3

    Have you participated in any wider crypto activities such as ICO’s, hardforks, airdrops, peer to peer lending, margin trading, staking, gaming or mining? If so, please provide a brief description of the relevant crypto assets involved and the value received from these activities.

    Question 4

    When did you begin investing in Cryptocurrency and how much have you invested to date?

    Question 5

    Please provide an estimate of the current value of your portfolio to date.

    Question 6

    Have you previously declared all of your capital gains or profits to HMRC?

    Question 7

    Have you been regularly trading cryptocurrency – if so, please provide an indication of the number of trades on average per month?

    Question 8

    Are you able to obtain full records of your historic crypto transactions? If not, please provide an indication of the time periods for which records may be missing and an estimation of the number of transactions.