Accounting for
your Crypto Assets
The potential gains for investment in Cryptoassets are monumental and you have decided to invest.
However, as Cryptoassets are relatively new and less well defined in terms of accounting, taxation regulations upon it can be confusing. Especially when you live abroad but pay taxes in other jurisdictions.
MoreGroup is at the forefront of this burgeoning revolution to protect our clients.
Call us today: +44 (0)20 7648 8950
STANDING SIDE BY SIDE WITH OUR CLIENTS
Our dedicated team achieve results, protecting our clients; compliantly and discreetly.
Cryptoasset’s recent surge in popularity has lead to tax authorities becoming increasingly interested in Cryptoasset dealings. In some cases demanding that wallets divulge all transactions over a £5000 GBP value.
With a team of MoreGroup is on hand to protect its clients. With a team of 40+ global accounting experts, MoreGroup ensure that your profits from cryptocurrency and cryptoassets are optimised whilst also ensuring that you are paying the correct amount of taxes and staying compliant within the UK, no matter where you are based.
We support private individual clients who need advice and accounting expertise to deal with their crypto, as well as supporting businesses and international affairs. We can provide same jurisdiction support, or support for those living abroad but paying taxes or declaring income in the UK.
How are Cryptoassets taxed?
Cryptoassets such as Bitcoin or NFTs are either taxed via Income Tax or Capital Gains Tax.
It is taxed as Income when coming from:
- Being paid in crypto, similar to income on revenue.
- Staking rewards and liquidity pools, these are similar to dividends
- Mining tokens, similar to income.
- Airdrops – similar to a bonus.
- DeFi interest, similar to regular bank account interest.
- Referral bonuses, similar to commission.
It is subject to Capital Gains Tax when you:
- Sell crypto for fiat currency.
- Swap crypto for crypto.
- Buy things with crypto currency.
- Gift crypto to someone (excluding a spouse or civil partner)
If you are worried that your crypto assets that are taxable in the UK are not in order, or you may not have paid the correct tax on your crypto currency, MoreGroup can help.
ABOUT MORE GROUP
15 years of accounting experience
We are the international tax and accountancy specialists who have been helping clients maximise their wealth since 2005.
With over 40 specialists in key fields, we’re able to take care of every aspect of accounting. What’s more, we’ve built relationships with a network of partners across the globe, including law firms, private and investment banks, and financial advisers. As a client, you’ll have easy access to any of our partners should you need them.
Request a Consultation Today
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Call us direct and get in touch
A Cryptoassets specialist is available Monday to Friday, 9.00-17.00.
65 Compton Street, London, EC1V 0BN
Call us today: +44 (0)20 7648 8950