Cryptoassets are a relatively new type of asset that have become more prevalent in recent years. New technology has led to Cryptoassets being created in a wide range of forms and for various different uses. HMRC are requesting data from the exchanges so it is best to have your tax affairs relating to cryptocurrency dealings in order beforehand.
HMRC have issued a comprehensive guidance in December 2018 on cryptocurrencies which could be found here:
At Boobooks, unlike other accountancy practices, we have been taking on clients operating in crypto currency market for few years now and have tax advisers who are able to answer queries regarding the taxation of cryptocurrencies.
Depending on the nature of the activity (mining, investing etc.) you may have to pay income tax or capital gains tax which we can advise clearly and accurately on.
If you are dealing in or buying any of the cryptocurrencies ( like Bitcoin, Ethereum, Lite, Ripple and etc.) and need an advice on the taxation of the above we at Boobooks can help you deal with compliance for HM Revenue and Customs.
Please feel free to contact us if you need more information on this.
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