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Countdown to Tax year end 5th April 2024.

The countdown is on, and the clock is ticking – seize the opportunity to optimize your tax breaks, reliefs, and investment choices before the conclusion of the financial year to reduce your crypto tax liability.

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non-residency tax planning, cryptocurrency tax, UK tax residency, crypto investors, statutory residency test, crypto tax-friendly countries, avoid tax on crypto gains : Learn how UK crypto investors can avoid tax on cryptocurrency gains by becoming non-residents. Discover crypto tax-friendly countries and non-residency tax planning strategies #UKCryptoTax #CryptoInvestors #TaxPlanning #hmrcUKTax #NonResidency #CryptoGains #TaxFreeCrypto #CryptoFriendly #Portugal #Dubai #Malta #mycryptotax #Cryptoaccountant #cryptotaxadvice UK Non-Residency Tax Planning for Crypto Investors UK Non-Residency Tax Planning for Crypto Investors: How to Legally Reduce Your Tax Liability on Crypto Gains
Categories Taxation
Comprehensive guide on Cryptocurrency Travel Rule in United Kingdom
CryptoUK Trade Association
We are excited to announce the launch of the Travel Rule Good Practices Guide (TRGPG) by CryptoUK. Since 2018, My Crypto Tax has been a proud community member of CryptoUK. Founded in early 2018, CryptoUK serves as the UK's self-regulatory trade association for the cryptoasset sector.
Our members, which include leading companies from across the industry, believe that cryptoassets can revolutionize financial transactions, benefiting consumers, businesses, and enhancing security.
Travel Rule Good Practices Guide (TRGPG)
Authored by CryptoUK's Travel Rule Working Group, this comprehensive document aims to equip Virtual Asset Service Providers (VASPs), cryptoasset businesses, and digital asset industry participants with a thorough understanding of the Travel Rule and its implementation in the UK. The guide offers an in-depth look at how our Working Group members are achieving compliance amidst regulatory inconsistencies and provides valuable insights into overcoming related challenges.
Key Features of the TRGPG:
• Counterparty VASP due diligence considerations
• Regulatory obligations and strategies for managing withdrawal and deposit flows
• The regulatory framework for unhosted wallets, including associated risks and potential mitigations
What is Cryptocurrency Travel Rule?
Starting on September 1, 2023, the United Kingdom is implementing the 'Cryptocurrency Travel Rule.' This regulation requires cryptocurrency businesses to gather, verify, and share specific details about cryptocurrency transfers. It is part of global initiatives to combat money laundering and terrorist financing, as advocated by the Financial Action Task Force (FATF).
The FATF, which sets the global standards for anti-money laundering and counter-terrorist financing, recommended this rule (FATF Recommendation #16) for Virtual Asset Service Providers (VASPs). It mandates that VASPs exchange information about the identities of both the senders and recipients in cryptocurrency transactions exceeding $1,000.
The Travel Rule aims to increase transparency in cryptocurrency transfers, making it more difficult for criminals to use cryptocurrencies for illegal activities. It aligns with the FATF’s recommendations and follows amendments to the UK Money Laundering Regulations in July 2022 (specifically, Part 7A of the 2017 Regulations). Under these new regulations, UK-based crypto businesses must withhold certain transfers, especially if the sender or recipient is in a country without similar rules. These measures are part of a broader effort to strengthen the regulatory framework for cryptocurrency transactions in the UK.
• HMRC cryptocurrency tax • Nudge letter crypto • Capital Gains Tax on cryptocurrency • HMRC nudge letters • Cryptocurrency tax UK • Crypto tax advisor • Cryptocurrency investors tax guide • UK crypto tax laws • Tax on cryptocurrency trading • Crypto capital gains tax HMRC Learn how HMRC is targeting cryptocurrency investors with crypto nudge letters, why it's happening, and how to stay compliant with UK crypto tax laws. HMRC Issuing Nudge Letters Targeting Cryptocurrency Investors
Categories Taxation
Comprehensive guide on Cryptocurrency Travel Rule in United Kingdom
CryptoUK Trade Association
We are excited to announce the launch of the Travel Rule Good Practices Guide (TRGPG) by CryptoUK. Since 2018, My Crypto Tax has been a proud community member of CryptoUK. Founded in early 2018, CryptoUK serves as the UK's self-regulatory trade association for the cryptoasset sector.
Our members, which include leading companies from across the industry, believe that cryptoassets can revolutionize financial transactions, benefiting consumers, businesses, and enhancing security.
Travel Rule Good Practices Guide (TRGPG)
Authored by CryptoUK's Travel Rule Working Group, this comprehensive document aims to equip Virtual Asset Service Providers (VASPs), cryptoasset businesses, and digital asset industry participants with a thorough understanding of the Travel Rule and its implementation in the UK. The guide offers an in-depth look at how our Working Group members are achieving compliance amidst regulatory inconsistencies and provides valuable insights into overcoming related challenges.
Key Features of the TRGPG:
• Counterparty VASP due diligence considerations
• Regulatory obligations and strategies for managing withdrawal and deposit flows
• The regulatory framework for unhosted wallets, including associated risks and potential mitigations
What is Cryptocurrency Travel Rule?
Starting on September 1, 2023, the United Kingdom is implementing the 'Cryptocurrency Travel Rule.' This regulation requires cryptocurrency businesses to gather, verify, and share specific details about cryptocurrency transfers. It is part of global initiatives to combat money laundering and terrorist financing, as advocated by the Financial Action Task Force (FATF).
The FATF, which sets the global standards for anti-money laundering and counter-terrorist financing, recommended this rule (FATF Recommendation #16) for Virtual Asset Service Providers (VASPs). It mandates that VASPs exchange information about the identities of both the senders and recipients in cryptocurrency transactions exceeding $1,000.
The Travel Rule aims to increase transparency in cryptocurrency transfers, making it more difficult for criminals to use cryptocurrencies for illegal activities. It aligns with the FATF’s recommendations and follows amendments to the UK Money Laundering Regulations in July 2022 (specifically, Part 7A of the 2017 Regulations). Under these new regulations, UK-based crypto businesses must withhold certain transfers, especially if the sender or recipient is in a country without similar rules. These measures are part of a broader effort to strengthen the regulatory framework for cryptocurrency transactions in the UK.
UK crypto regulations, cryptocurrency legal status, UK crypto tax, crypto tax implications, digital assets law, UK blockchain legislation, crypto ownership UK, NFT property rights, UK capital gains tax crypto, UK crypto tax compliance.
Categories Taxation
Comprehensive guide on Cryptocurrency Travel Rule in United Kingdom
CryptoUK Trade Association
We are excited to announce the launch of the Travel Rule Good Practices Guide (TRGPG) by CryptoUK. Since 2018, My Crypto Tax has been a proud community member of CryptoUK. Founded in early 2018, CryptoUK serves as the UK's self-regulatory trade association for the cryptoasset sector.
Our members, which include leading companies from across the industry, believe that cryptoassets can revolutionize financial transactions, benefiting consumers, businesses, and enhancing security.
Travel Rule Good Practices Guide (TRGPG)
Authored by CryptoUK's Travel Rule Working Group, this comprehensive document aims to equip Virtual Asset Service Providers (VASPs), cryptoasset businesses, and digital asset industry participants with a thorough understanding of the Travel Rule and its implementation in the UK. The guide offers an in-depth look at how our Working Group members are achieving compliance amidst regulatory inconsistencies and provides valuable insights into overcoming related challenges.
Key Features of the TRGPG:
• Counterparty VASP due diligence considerations
• Regulatory obligations and strategies for managing withdrawal and deposit flows
• The regulatory framework for unhosted wallets, including associated risks and potential mitigations
What is Cryptocurrency Travel Rule?
Starting on September 1, 2023, the United Kingdom is implementing the 'Cryptocurrency Travel Rule.' This regulation requires cryptocurrency businesses to gather, verify, and share specific details about cryptocurrency transfers. It is part of global initiatives to combat money laundering and terrorist financing, as advocated by the Financial Action Task Force (FATF).
The FATF, which sets the global standards for anti-money laundering and counter-terrorist financing, recommended this rule (FATF Recommendation #16) for Virtual Asset Service Providers (VASPs). It mandates that VASPs exchange information about the identities of both the senders and recipients in cryptocurrency transactions exceeding $1,000.
The Travel Rule aims to increase transparency in cryptocurrency transfers, making it more difficult for criminals to use cryptocurrencies for illegal activities. It aligns with the FATF’s recommendations and follows amendments to the UK Money Laundering Regulations in July 2022 (specifically, Part 7A of the 2017 Regulations). Under these new regulations, UK-based crypto businesses must withhold certain transfers, especially if the sender or recipient is in a country without similar rules. These measures are part of a broader effort to strengthen the regulatory framework for cryptocurrency transactions in the UK.
UK Bed and Breakfast Rule, 30 day rule cryptocurrency tax UK, crypto investors tax planning, HMRC crypto tax, cryptocurrency capital gains tax, cryptocurrency bed and breakfast rule, UK crypto tax rules, crypto tax planning strategies, crypto CGT UK, UK tax on cryptocurrency tradesThe UK Bed and Breakfast rule is a key tax rule that crypto investors must understand to avoid surprises when reporting their cryptocurrency capital gains. The rule, originally designed for traditional assets like stocks and securities, also applies to cryptocurrency transactions under the HMRC crypto tax guidelines. In this article, we’ll explain how the Bed and Breakfast rule works, provide a worked example, and explore how savvy investors can use it for tax planning. What is the Bed and Breakfast Rule? The Bed and Breakfast rule, detailed in Section 106A of the Taxation of Chargeable Gains Act 1992 (TCGA 1992), prevents investors from selling and repurchasing the same asset (including cryptocurrency) within 30 days to artificially realize capital gains or losses. If you sell a crypto asset like Bitcoin (BTC) and repurchase it within the 30-day window, HMRC will match the sale and repurchase prices, limiting your ability to claim tax benefits from the transaction. How the Bed and Breakfast Rule Applies to Cryptocurrency Let’s look at a simple scenario to see how this works. Worked Example Day 1: You sell 3 BTC at £8,000 each for £24,000. These Bitcoin were originally purchased for £10,000 each, costing you £30,000. Expected capital loss: £6,000. Day 10: You repurchase 3 BTC at £7,500 each for £22,500. Because you’ve repurchased Bitcoin within 30 days, HMRC applies the Bed and Breakfast rule. The sale is matched with the new purchase price (£7,500), not the original purchase price. So, instead of realizing a £6,000 loss, your new capital loss will be just £1,500. Tax Planning Strategies Around the Bed and Breakfast Rule The cryptocurrency Bed and Breakfast rule restricts the immediate harvesting of losses for tax purposes, but it doesn’t eliminate strategic options for managing your crypto tax liability. Here are some ideas to navigate this rule while keeping your tax position efficient. 1. Delay Repurchasing the Same Cryptocurrency To avoid the rule, consider waiting more than 30 days before repurchasing the same cryptocurrency. By doing so, you’ll ensure the sale fully realizes the gain or loss for capital gains tax purposes. However, the downside is that the market could move against you during that waiting period. 2. Invest in a Different Cryptocurrency Another way to maintain exposure to the crypto market without triggering the rule is by purchasing a different asset. For example, if you sell BTC, consider buying Ethereum (ETH) or another digital asset to avoid the rule. This still allows you to benefit from the tax gain or loss on the sale. 3. Use Spousal Transfers Transfers between spouses are tax-free under Section 58 of the TCGA 1992. You can transfer cryptocurrency to your spouse, who can then sell or repurchase the assets, allowing for more flexibility in managing your tax liability. 4. Utilize the Annual Capital Gains Allowance Each year, UK taxpayers can claim a tax-free capital gains allowance. For the 2023/24 tax year, this allowance is £6,000. By carefully timing your disposals to keep your gains below this threshold, you can reduce your crypto tax liability without triggering CGT. Final Thoughts For UK cryptocurrency investors, the Bed and Breakfast rule is an important factor to consider when planning tax-efficient trades. While it limits immediate tax loss harvesting, with careful planning, you can minimize its impact. Strategies such as delaying repurchase, using different assets, and leveraging spousal transfers can help you stay compliant with HMRC crypto tax rules while optimizing your tax position. Remember, tax laws around cryptocurrency are evolving, and it’s essential to stay informed about how the rules might change. If you’re unsure how to navigate these regulations or want to ensure you’re taking advantage of all available tax-saving opportunities, consult a tax advisor who specializes in cryptocurrency. Crypto tax compliance Cryptocurrency tax services Bitcoin tax specialists Ethereum tax advisors Crypto tax consultants Tax implications of cryptocurrency Crypto accounting experts Cryptocurrency tax reporting Cryptocurrency tax optimization Crypto tax advice London Cryptocurrency tax experts in the UK Crypto tax return assistance Cryptocurrency capital gains tax Cryptocurrency accountants. 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Categories Taxation
Comprehensive guide on Cryptocurrency Travel Rule in United Kingdom
CryptoUK Trade Association
We are excited to announce the launch of the Travel Rule Good Practices Guide (TRGPG) by CryptoUK. Since 2018, My Crypto Tax has been a proud community member of CryptoUK. Founded in early 2018, CryptoUK serves as the UK's self-regulatory trade association for the cryptoasset sector.
Our members, which include leading companies from across the industry, believe that cryptoassets can revolutionize financial transactions, benefiting consumers, businesses, and enhancing security.
Travel Rule Good Practices Guide (TRGPG)
Authored by CryptoUK's Travel Rule Working Group, this comprehensive document aims to equip Virtual Asset Service Providers (VASPs), cryptoasset businesses, and digital asset industry participants with a thorough understanding of the Travel Rule and its implementation in the UK. The guide offers an in-depth look at how our Working Group members are achieving compliance amidst regulatory inconsistencies and provides valuable insights into overcoming related challenges.
Key Features of the TRGPG:
• Counterparty VASP due diligence considerations
• Regulatory obligations and strategies for managing withdrawal and deposit flows
• The regulatory framework for unhosted wallets, including associated risks and potential mitigations
What is Cryptocurrency Travel Rule?
Starting on September 1, 2023, the United Kingdom is implementing the 'Cryptocurrency Travel Rule.' This regulation requires cryptocurrency businesses to gather, verify, and share specific details about cryptocurrency transfers. It is part of global initiatives to combat money laundering and terrorist financing, as advocated by the Financial Action Task Force (FATF).
The FATF, which sets the global standards for anti-money laundering and counter-terrorist financing, recommended this rule (FATF Recommendation #16) for Virtual Asset Service Providers (VASPs). It mandates that VASPs exchange information about the identities of both the senders and recipients in cryptocurrency transactions exceeding $1,000.
The Travel Rule aims to increase transparency in cryptocurrency transfers, making it more difficult for criminals to use cryptocurrencies for illegal activities. It aligns with the FATF’s recommendations and follows amendments to the UK Money Laundering Regulations in July 2022 (specifically, Part 7A of the 2017 Regulations). Under these new regulations, UK-based crypto businesses must withhold certain transfers, especially if the sender or recipient is in a country without similar rules. These measures are part of a broader effort to strengthen the regulatory framework for cryptocurrency transactions in the UK.

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Adam Knowles
Adam Knowles
2023-09-28
Arif at MyAccountancyTeam deserves a solid 5-star review for his exceptional assistance with sorting out crypto taxes. His expertise and unwavering support have made navigating this complex area much easier. Arif's commitment to explaining tax implications clearly and his dedication to accurate reports, even during market downturns, is highly commendable. I wholeheartedly recommend his services and My Accountancy Team.
Daniel Zapico
Daniel Zapico
2023-08-03
Very professional and efficient service. Shukry and Yakub have always responded to my queries and done everything they could to help me sorting out my taxes. I strongly recommend MyCryptoTax services to anyone dealing with Cryptocurrencies.
Siobhan H
Siobhan H
2023-06-13
Edit: Unfortunately I haven't been receiving replies from them for quite some time now, despite some follow-ups. I understand that I'm not under contract but considering the cost, one would think a small amendment would be covered, and as they were my agent the HMRC won't let me make the amendment myself. Quite disappointed/surprised after the positive experience to be completely ignored. Old: There's simply no possible way I would've been able to sort through all the complexities and bizarre rules of UK crypto tax without their help. I went into the process in a bit of a panic but Hamzah sorted through everything with speed and attention to detail, and answered every question I had. Friendly, helpful and professional.
Linny
Linny
2023-05-12
Mohammad was very helpful and got to work straight away, ensuring the best quality of service. I’ll be using My Crypto Tax for the coming years.
Kiril Marinov
Kiril Marinov
2023-05-03
"Just had a major weight lifted off my shoulders by working with @MyAccountancyTeam to handle my crypto taxes. As someone who's been stressed about the HMRC knocking on my door, it's a relief to know I have experts on my side. Highly recommend their services! #CryptoTax #CPA"
Timothy N
Timothy N
2023-04-02
Firstly, when it comes to tax we all know it can be a minefield. Let alone crypto tax. However, Shukry, Tanvir & the team handled me exceptionally well. Pleased to have these manage things for me - they go above and beyond to sort things out but also explain the reasons and ensure that I understood what was happening. I'm not really one to leave reviews but it definitely felt appropriate given how I've been handled so if you're in two minds about finding a group of people to manage your taxes look no further. I would recommend these guys for sure.
Bear Berenstein
Bear Berenstein
2023-03-27
Brilliant professional and efficient service.
Alex Ku
Alex Ku
2023-03-10
Exceptional service by everyone on the team. Especially Omar. Highly recommend and will use myself again.
Thomas Castellani
Thomas Castellani
2023-02-23
I recently had the pleasure of working with Arif and I must say, my experience was nothing short of exceptional. Arif was incredibly responsive and always available to answer my questions and provide guidance, which gave me peace of mind knowing that my finances were in good hands. He also provided valuable insights and recommendations that have helped me to better manage my finances and save money in the long run. Going through thousands and thousands of transactions Arif managed to compile a clear view on where I was at. Thank you, Arif, for all of your hard work and dedication!
Harry Darwin
Harry Darwin
2023-02-17
Great specialists in the Crypto field. Very happy with their service. My account manager Yakub was excellent and made my tax experience smooth sailing.

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