The speed, ease and cost savings associated with this type of currency means it has the potential to become the popular choice for payments. Most investors in cryptocurrencies are investing in them with the hope of realising capital gains. With Growing popularity and availability of easily accessible exchanges and software. Many people are investing Cryptocurrency more than ever before.

When it come to declared tax on your gain, calculating your capital gains or losses for Bitcoin and other cryptocurrencies isn’t always straightforward. To accurately calculate your crypto and pay the least amount of tax legally possible you would need to know the cost-basis of every token you own, track every profit and new basis when you spend or sell, and be able to work out the best way to identify your trades to optimize your taxes. Let Mycryptotax advisors do it for you.

We will provide you with easy to use tools to see your profitability, keep track of your profits even for the most sophisticated traders. Then, we compile that into your tax return that includes all of your other income, adjustments, credits, and deductions.

• Tax Compliance and Reporting
• Tax Planning
• Wealth Management
• Consultancy and Advisory Services

Decentralized Finance (DeFi) is a rapidly growing sector within the cryptocurrency space, with new platforms and projects emerging every day. For cryptocurrency traders looking to get involved in DeFi, there are a number of unique challenges and opportunities to consider.

DeFi refers to a broad range of financial applications built on top of blockchain technology. These applications are designed to be decentralized, transparent, and accessible to anyone with an internet connection. They can include everything from decentralized exchanges and lending platforms to prediction markets and insurance products.

How we can help you?

• Our Crypto Tax advisors can provide valuable guidance on how to navigate the tax implications of Complex Defi and Cefi smart contact arrangement Ranging from Staking, Farming Yielding, Lending and Borrowing.

• They can help you understand the various tax rules that apply to these transactions and how to report them correctly on your tax return.

• Assist with identify taxable event and allocating accurate cost basis

If you are mining Bitcoin or involved in mining, validated or confirming cryptocurrency proof of stake or proof of work etc and earn cryptocurrencies. You need to declare and pay tax on the income also you are entitled to claim many expenses to minimise your taxes. Failure to declare your income could result in fines and penalties. We currently advise many clients involved in mining, we take care of your accounting and tax needs, so you can focus on doing what you do best.

• Tax Compliance and Reporting
• Tax Planning
• Wealth Management
• Consultancy and Advisory Services

There is a scarcity of people having experience and expertise of Blockchain and Cryptocurrency related technology, developers and consultants are in greater demand, often they are paid or rewarded in Cryptocurrency and Initial Coin Offering (IOC). We take care of your Cryptocurrency accounting and tax needs, so you can focus on doing what you do best.

• Tax Compliance and Reporting
• Tax Planning
• Wealth Management
• Consultancy and Advisory Services

If you have a business idea to cater the growing demand of Crypto Community in UK. We can assist with your new business Venture. Start your business on the right foundations with our expert advice and support to succeed the start up journey.

• Tax Compliance and Reporting
• Tax Planning
• Wealth Management
• Consultancy and Advisory Services

If you are an artist or creator of NFTs, the tax implications can be even more complex. You may need to pay taxes on any income you earn from the sale of your NFTs, and you may also be eligible for certain deductions related to your creative work. We can help you understand how to navigate these rules and make sure that you are taking advantage of all of the tax benefits available to you.

How we can help you?

• The tax implications for creators of Non-Fungible Tokens (NFTs) will depend on various factors such as the nature of the NFT, is it attached to a physical product or service etc.

• In general, if a creator sells an NFT and makes a profit, they may be subject to capital gains tax on that profit. The specific tax rate will depend on the tax laws in their jurisdiction and their income bracket.

• Additionally, if the creator is selling NFTs as part of a business or as a regular source of income, they may be subject to additional taxes such as income tax and National insurance on the profits generated.

• It’s important for NFT creators to consult with a tax professional to understand their specific tax obligations and ensure compliance with applicable tax laws.

With the growing popularity of blockchain-based games and Non-Fungible Tokens (NFTs), it’s important for gamers to understand the tax implications of owning and trading these digital assets.

NFTs in gaming can represent anything from unique in-game items like weapons, armor, and skins, to digital collectibles like cards, avatars, and even virtual real estate. Because these items can have real-world value, owning and trading them can trigger tax obligations for gamers.

How We can help you?

• Our Crypto tax advisors can help gamers understand how to navigate these tax obligations and ensure that they are reporting their transactions correctly. They can provide guidance on how to calculate gains and losses on NFT transactions, including how to value these digital assets and how to track the cost basis of each asset.

• They can also provide guidance on how to report income earned from gaming activities, such as from streaming or content creation related to NFT-based games. This can include guidance on how to deduct expenses related to gaming activities, such as equipment and software costs.

• One of the unique challenges for NFT gamers is determining the tax treatment of NFTs earned through gameplay or as prizes in tournaments. A crypto tax advisor can help gamers understand how to categorize these types of earnings and report them accurately on their tax return.

As the popularity of Non-Fungible Tokens (NFTs) continues to grow, so does the complexity of tax implications for those who own and trade them.

NFTs are unique digital assets that are stored on a blockchain and can represent anything from digital art to music to virtual real estate. Unlike other cryptocurrencies such as Bitcoin or Ethereum, which are fungible, meaning they can be exchanged for each other, NFTs are unique and cannot be interchanged. As a result, the tax treatment of NFTs can be more complex.

How we can help you?

• Our Crypto Tax advisors can provide valuable guidance on how to navigate the tax implications of buying, selling, and trading NFTs. They can help you understand the various tax rules that apply to NFT transactions and how to report them correctly on your tax return.

• For example, if you are a collector of NFTs and have purchased them as an investment, you may need to report any gains or losses on your tax return. A crypto tax advisor can help you calculate your gains and losses accurately and ensure that you are meeting all of your tax obligations.

• We can assist you claim eligible losses and tax reliefs for NFTs which lost value via negligible claim loss.

• Assist with identify and allocating accurate cost basis

• We also assist with Ethereum and non-Ethereum based NFT

As virtual worlds and decentralized platforms continue to evolve and gain popularity, it’s important for individuals involved in the metaverse to understand the tax implications of their transactions.

The metaverse is a virtual world where people can interact with each other, own virtual assets, and participate in a range of activities such as gaming, socializing, and trading. These virtual assets can include anything from digital land and buildings to virtual currency and collectibles, and may have real-world value.

How we can help you?

• Our crypto tax advisor can help individuals understand how to navigate the complex tax obligations that arise from owning and trading virtual assets.

• They can provide guidance on how to calculate gains and losses on virtual asset transactions, including how to value these digital assets and how to track the cost basis of each asset.

• They can also provide guidance on how to report income earned from metaverse activities, such as from selling virtual goods or earning cryptocurrency rewards for participating in decentralized applications (dApps). This can include guidance on how to deduct expenses related to metaverse activities, such as transaction fees and subscription costs.