Crypto Taxes UK Crypto Tax Regulations

How to File Your Crypto Taxes in the UK with Accointing.com

Accointing.com Crypto Tax Reports

Congratulations! You have downloaded your Accointing.com tax reports, what do you do with them? First, let’s take a look at the list of files included with your tax reports and understand what each file is for.

  • Accointing.com Tax Report
  • Gains and Losses csv files
  • Daily balance
  • Full data set

Tax Report

This is your main tax report containing a summary of all tax-related information for the tax year selected. The Tax Report contains the following sections:

  • First Page: Contains a summary of your capital gains and losses (including your allowable costs) for capital gains tax purposes and a summary of your taxable income for income tax purposes
  • Taxable Disposals: Lists the full detail for your taxable sales or trades, including the transaction ID, classification, amount sold, date of sale, proceeds, allowable costs and gain or loss – summarized on page 1 of your tax report
  • Not Taxable Disposals: Provides the full detail of your nontaxable disposals
  • Income: Provides details on income from transactions such as rewards, airdrops, mining, staking or interest, or similar types of income events, and is summarized on page 1 of your tax report
  • Margin Gains, Losses and Fees: Provides a summary of any margin trading – gains, losses and fees. Please note that these amounts are not included within your capital gains.
  • Full Data Set: Your full data set for the tax year – every transaction is included here

Gains and Losses CSV File

This file contains all of your gains and losses for the year, taxable or nontaxable – think of this more as an economic gains-and-losses output rather than a tax output. Any taxable transactions will agree to your tax report if the data is filtered out. 

You can also upload this file to Microsoft Excel or Google Sheets to analyze the data.

Daily Balance

The Daily Balance csv report contains your balance by wallet for each day of the tax year. For each day of the tax year, you can find your total balance in a given wallet or exchange in GBP (column C) and your balance of each coin in the exchange. 

You can also upload this file to Microsoft Excel or Google Sheets to analyze the data.

Full Data Set

The Full Data Set csv report contains every transaction in your wallets / exchanges for the taxable year. This report is helpful to trace transactions in other reports or review missing transactions for gaps in your data set.

This report includes all the detail necessary to reconstruct your crypto tax puzzle such as:

You can also upload this file to Microsoft Excel or Google Sheets to analyze the data.

Registering with HMRC to File Online

Before you can think about filing, you will have to register to file a Self Assessment Tax Return if you intend to file online and you have not registered in the past. If you need to register, you must do so by October 5th of the current year. 

Completing your Self-assessment Tax Return

There are two forms that you will need to complete in order to file your Self-assessment crypto tax return, SA100 and SA108. Follow the directions below to report your crypto taxable income and capital gains.

Form SA100

Report any crypto taxable income on Form SA100, box 17. This includes income such as staking, mining, interest, taxable airdrops and other types of yield. You can find this income in your Accointing.com tax report, page 1 right underneath the Capital Gains section. 

Report any allowable expenses attributable to the income in box 18. 

Enter a description of the income in box 21, such as “Staking” or “Crypto Rewards”. 

In addition to reporting your crypto income, if you had Capital Gains (before considering any losses) in excess of £12,300, or your situation is such that you have to complete a Capital Gains Tax Summary (SA108), check yes to question 7, and complete SA108. You can find more information on whether you should complete a Capital Gains Tax Summary here.

Form SA108

Use your Accointing.com tax report to quickly extract the information you will need to complete your form Capital Gains Summary SA108. You can follow the notations for the corresponding fields to be used from your Accointing.com tax report:

  • Number of disposals should be reported in field 14
  • Total disposal proceeds should be reported in field 15
  • Total allowable costs should be reported in field 16
  • Your total gains before considering any losses will be reported in field 17
  • Capital losses should be reported in field 19
  • We also provide your net capital gain (loss) in the last field – you do not need to enter this as this just sums up your gains (field 17) and your losses (field 19)

Depending on the tax tool that you use, the input may differ slightly, but the same information is applicable.

Loss Carryovers

If you have any capital losses you are carrying over from the previous year and using in the current year, you will want to report those in box 45. Report trading losses of the current tax year set against chargeable gains in box 46.

Report any losses from the current year to be carried forward into future years in box 47. Box 48 only applies in limited circumstances such as when someone passes away.

Record Keeping

HMRC is very clear in their guidance when they state that:

“Cryptoasset exchanges may only keep records of transactions for a short period, or the exchange may no longer be in existence when an individual completes a tax return.

The onus is therefore on the individual to keep their own records for each cryptoasset transaction.”

We recommend keeping all of the following records indefinitely:

  • Hot or cold crypto wallet addresses containing taxpayers’ crypto transactions
  • Other records, such as transaction history files from exchanges (and wallets)
  • Bank statements or other records showing the deposits and withdrawals of fiat currency
  • Transaction history containing all of the following information:
    • Type of cryptoasset
    • Date of every transaction
    • Type of transaction
    • Units of crypto and value in GBP at the time of the transaction
    • Cumulative total of assets

Fortunately, all of this information will be automatically kept for you with Accointing.com. You should keep a copy of your tax report, all other files provided (such as the full data set) as well as a copy of any csv or excel files uploaded to Accointing.com. If you’ve used any API and blockchain connections, keep the blockchain address and API keys. In the case you ever get audited, you want to be able to recreate the results.

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