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UK Tax on Cryptocurrency Activity

Author

Andy Wood

Andy is a practical, creative tax adviser who assists a variety of clients in achieving their personal and commercial objectives in the most tax efficient manner.

Cryptocurrency is a fast-developing area in terms of technology, regulation, law and tax.

I believe that ETC is at the frontline of this fast-developing area of tax. As you would expect, we are currently advising individuals and companies holding and transacting in cryptocurrencies, including Bitcoin, Litecoin, Ethereum, ZCash, Dash, Ripple, among many others.

We also accept payment in crypto, subject to prior agreement.

Whether you are looking to set up a cryptocurrency fund or are already actively engaging in cryptocurrency activity – buying, selling, holding, mining – we can review your position and determine how your activities should be classified for tax purposes. As our other videos note, it is the activity that is the primary factor in determining the tax position.

Looking at your specific circumstances, we will analyse the tax treatment of your activities, assess where chargeable gains or allowable losses arise on your cryptocurrency transactions, and where exemptions may apply.

As specialist UK chartered tax advisers, we offer planning advice to ensure your profits are structured and taxed as efficiently as possible. Importantly, we take your wider circumstances into consideration, including your residence and domicile status.

We also provide advice on tax return disclosures, particularly in respect of tax-free positions where supportive rationale to HMRC may be advisable.

For advice on the taxation treatment of your transactions and dealings in cryptocurrency, contact us.

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