Are you stressed out because of your crypto taxes? Indeed, the entire process of complying with UK crypto tax rules is a bit complex and time-consuming. The UK is among the countries with stringent crypto tax guidelines, and that gets crypto traders and investors scratching their heads, feeling lost and not knowing where to start in this complex crypto taxation process.
But did you know that there are plenty of online tools for creating your cryptocurrency tax reports? Using them gives you a great overview of your activities and portfolio for every coin that you own. And the best part is that they’re often easy to use and affordable.
In this post, we’ll quickly look at ACCOINTING.com, one of the freshest and best tools to file your cryptocurrency taxes in the UK. Let’s check out its features and see the benefits of using this tool to accomplish your UK crypto taxes quickly and efficiently.
What is ACCOINTING.com?
ACCOINTING.com is an online tool that lets you manage your cryptocurrency portfolio and taxes. It’s a robust solution for crypto enthusiasts and professionals looking for a one-stop-shop for all their crypto management needs. The tool mainly runs on a desktop platform but can also be downloaded to mobile devices through its sleek app.
With ACCOINTING.com, you can:
- Import all information and activities about your cryptos from different wallets and exchanges
- Get an overview of your crypto portfolio and performance for each coin and wallet you own
- Check your gains and losses in fiat and bitcoin values
- Generate tax reports based on your country
- Consolidate your data from other crypto management services
Think of ACCOINTING.com as your all-in-one cryptocurrency tracker and tax report generator. Its easy-to-use interface makes it perfect for both novice and professional crypto holders. Plus, you can access most of its features for free (except for tax report generation, which carries affordable subscription tiers).
Now, let’s dig a bit deeper into ACCOINTING.com’s main features. The tool can be used to track and manage your crypto data, as well as generating tax reports based on your country.
Crypto Portfolio Import and Management
ACCOINTING.com offers you a quick way to import data from your crypto wallets and exchanges. You can do automatic syncs and manual connections to your existing accounts. The tool also lets you sync to other crypto management services such as CoinTracking, Delta, OSL, CryptoTax, Bitcoin Suisse, and CoinTracker.
Once the import is done, all your data will be nicely fed to your portfolio. You can then track several metrics regarding your cryptos such as total value, changes in values and percentages over the last 24 hours, losses/profits, portfolio allocation, holding periods, and many more.
Heading over to the Full Data Set gives you a comprehensive overview of your transactions for every cryptocurrency, wallet, and exchange you’ve used. The transaction date, type, amount, wallet, and classification will be displayed. You can also view transaction fees (if any) and the transaction hashes for each activity. All these data are automatically fed to ACCOINTING.com the moment you sync your wallets, services, and exchanges.
The Full Data Set also lets you manually add new transactions, create duplicates, and delete activities. This ACCOINTING.com feature is highly useful when reviewing the potential taxable events for filing your UK crypto taxes.
ACCOINTING.com processes your transactions and calculates the Profit /Loss and taxable disposals with the HMRC pooling method (including the same-day rule, bed and breakfast rule, and the general pooling). We also prepare a separate output for margin trades that allows users to report those separately per exchange and asset.
ACCOINTING.com is perfectly capable of creating a tax report in compliance with the UK regulations stipulated by the HMRC. Just go to the Taxes tab and select Report. Follow the prompts and make sure you select the UK as your country of origin. Your UK-specific crypto tax report shall be ready in a few minutes, all based on the data you have in your portfolio.
Creating tax reports in ACCOINTING.com is also affordable. The platform offers one Free Tax tier for less than 25 transactions, great for crypto starters. The other three tiers are:
- Hobbyist – £59 for up to 500 transactions
- Trader – £149 for up to 5,000 transactions
- Pro – £259 for up to 50,000 transactions
All tiers including the Free Tax option offer the following features:
- Yearly professional tax report with the UK’s HMRC guidelines in mind
- Portfolio management
- Tracking for unlimited transactions
- Full classifications
- A page for your advanced holding period
Paid tiers also offer a 30-day money-back guarantee.
Use the tax report to seamlessly fill in your UK tax forms such as the Self Assessment tax return. Alternatively, you may send the report to your crypto tax accountant to fill up your forms.
You can also get an overview of how much you’ll be paying to the tax authorities through the data seen on your report. Please note that your actual tax amount will directly be determined and sent to you by the HMRC in an email/letter after filing your tax returns.
ACCOINTING.com in a Nutshell
ACCOINTING.com is certainly among the best and affordable online solutions to help ease up your cryptocurrency tax filing for the UK. The interface is quick, simple, and easy. With a few clicks, you can check your entire portfolio and holdings. You can also get an automated UK-specific tax report in minutes. Plus, the ACCOINTING.com team is backed by crypto tax experts who are highly knowledgeable and experienced in the cryptocurrency taxation world.
Rest easy knowing that you’re complying with all HMRC taxation guidelines through the ACCOINTING.com platform. Start using ACCOINTING.com now and bid goodbye to your UK crypto tax filing headaches!