UK Crypto Taxes Made Simple

CoinTracker helps crypto owners in the UK quickly become tax compliant and optimise returns by maximising tax loss harvesting. Find out more here.

Chandan Lodha
Chandan Lodha

December 9, 2022  ·  3 min read

UK Crypto Taxes Made Simple

Introduction

Cryptocurrencies have surged in popularity in the last few years, with now over 10,000 cryptocurrencies on exchange and rapid user and institutional adoption in the United Kingdom. It is, therefore, critical for UK investors to ensure that they understand the tax implications of buying and selling cryptocurrencies in order to stay compliant.

Governments have increased their efforts and attention towards taxing this booming asset class. His Majesty’s Revenue and Customs (HMRC) in the United Kingdom has been giving more importance to the taxation of cryptocurrencies in the last few years. Organising, planning for, and filing taxes can be complicated enough for “normal” asset classes, let alone a new asset class like cryptocurrency. CoinTracker provides customers with an accurate, hassle-free platform, seamlessly connecting to 500+ wallets, exchanges and blockchains.

A Finely Tuned Machine

Founded in 2017, CoinTracker has quickly grown to become the global market leader in cryptocurrency tax affairs, serving over 1.7 million users worldwide.

With CoinTracker, gone are the days of spreadsheets and multiple documents to keep track of your trading activity! The CoinTracker platform helps crypto owners quickly become tax compliant and optimise returns by maximising tax loss harvesting. CoinTracker’s proprietary tax engine already benefits from over four years of constant improvement and innovations and continuously evolves to adapt to changing regulations.

CoinTracker in the United Kingdom – A New Era

With crypto use proliferating across the globe, the number of digital asset owners in the United Kingdom has increased rapidly. Many retail investors have entered the market and are grasping for the first time this year the tax implications of buying and selling cryptocurrencies.

As cryptocurrency tax regulations are still emerging, previous research from the Financial Times has found that just 58 per cent of UK crypto investors do not know the tax implications of trading crypto. It is essential that UK investors and traders can rely on a trusted platform to support their tax filing needs. CoinTracker is the global leader in this category, including in the world’s largest crypto market, the United States. CoinTracker is now bringing its global scale and experience to the UK market to provide a full-service tax solution.

How CoinTracker Can Help You


Focussed on Accuracy

We are an engineering-led organisation, and our in-house team is focussed on delivering extreme accounting accuracy. This expertise will ensure we deliver the correct calculations on your tax requirements and provide the right advice to give you peace of mind.

Integration with Multiple Exchanges and Wallets

CoinTracker offers extensive integration with over 500 exchanges, wallets and blockchains, such as Binance, Coinbase Wallet, Crypto.com, eToro, Gemini, Huobi, Kraken, Ledger, Metamask, Phantom, Trezor, TrustWallet, Uniswap, and many others. Many crypto investors use more than one exchange and/or wallet. This makes calculating tax liabilities even more complex, time-consuming and error-prone. CoinTracker allows you to centralise your cryptocurrency portfolio and tax filing within one platform.

Out-of-the-box support for NFTs and DeFi

As the industry continues to progress, CoinTracker is positioned to lead with complete tax support for its users, including robust NFT tax support, tracking of DeFi savings, pools and loans, and on-chain support for Ethereum, Polygon, Solana and others with more chains coming soon!

Various Packages

Crypto investors can load all of their transaction data into CoinTracker for free, with four main tiers of tax report packages available for purchase. This starts with a completely free package, allowing access for up to 25 transactions. This is a great way to explore our product as a beginner. The three additional product tiers (Hobbyist, Premium and Unlimited) ensure we can offer the right level of product support as your trading behaviour increases on your crypto journey.

Please note that UK income tax rates depend on your income. In the 2021 tax year, the UK basic income tax rate was 20%. This will increase to 40% for your earnings above £50,270 and 45% for earnings over £125,140. Your earnings below £12,570 are tax-free.

CoinTracker UK Launch – A Global Leader in Cryptocurrency Tax

We are excited to offer our crypto tax filing solution to the UK to support the growing user and institutional demand for this asset class.

Getting started with CoinTracker is simple and safe. Once you’ve connected all your accounts to CoinTracker, you can generate your tax reports in minutes. Join a global community of CoinTracker users who have already claimed over $600M in capital losses. Get started today at www.cointracker.io.

Check out our UK Crypto Tax Guides for deeper insight into HMRC’s crypto rules. Let us know your questions and feedback on Twitter @CoinTracker.