Super financial limited

Accounting for cryptocurrency trading

Did you know that the tax treatment of all cryptocurrencies depends on their nature and use?

HMRC does not consider them a currency, so paying taxes may seem complicated.

Our team can help you receive any refunds you’re entitled to, manage your taxes correctly and submit your declarations on time.

Tax Return Crypto

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Frequently Asked Questions

Do I have to pay taxes?

Yes. You will have to pay taxes if your profit exceeds £ 12,300. If your profit is higher, additional fees will be added.

What kind of taxes do I have to pay?

You will pay CGT (Capital Gains Tax) if you sell, trade, or offer cryptocurrencies. Individuals will be required to pay Income Tax and National Insurance Contributions on crypto assets they receive from mining, airdrops, or transaction confirmation.

Do I have to pay taxes for mining cryptocurrencies?

If you mine at a micro level, you will have to pay tax on your declared earnings. If you have a small business in cryptocurrency mining, you will pay fees as a small business.

When are you exempt from paying taxes?

You will not pay taxes when you buy cryptocurrencies, hold them, move them between virtual wallets, when giving them as a gift to your spouse/husband or when you donate them to charity.

Can HMRC track crypto transactions?

HMRC may investigate your tax affairs if you have invested in crypto assets, cryptocurrency, and virtual currencies such as Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Monero (XMR), Zcash (ZEC), and Ripple (XRP).

What records of my crypto transactions should I keep?

It is your duty to keep records for each crypto-asset transaction, and these should include:

the type of crypto assets
date of transaction
if they were bought or sold
number of units involved
value of the transactions in pound sterling
the cumulative total of the investment units held
bank statements and wallet addresses (these are needed for an inquiry or review)

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