What does HMRC ask for?
Companies dealing with the exchange of cryptocurrencies may only keep a record of your transactions for a short period, or the exchange may no longer exist when you come to file a tax return. Therefore, as an individual or a business, it is up to you to keep a record of each transaction.
Planning for crypto tax is similar to any other tax. Make sure you have enough to pay your bill! But knowing what HMRC asks from crypto traders will make planning easier. If you are a Crypto trader, you’ll usually be making a substantial amount of trades, especially if you are a day-trader. We recommend you subscribe for a service such as Koinly to generate the tax reports we will need – it simplifies the reporting and is well worth the subscription fee.
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