Cryptocurrency has become increasingly popular over the last decade with many people becoming more aware of the benefits of investing your money in crypto.
The potential amount of profit that investors can make from investing in crypto has drawn notable attention from many individuals and businesses with just one individual making an incredible $450 million profit from investing in Bitcoin. But as well as attracting investors, the significant financial gains have also drawn major attention from HMRC.
Many people hold crypto as a personal investment, meaning that HMRC classifies any profits as an asset and any investor is required to pay Capital Gains Tax on any profits that they make. But the question is, does HRMC know exactly who isn’t paying tax on their crypto assets?
Well, HMRC has been using their information-gathering powers to retrieve lists of investors from various exchanges over the past few years, and they have even sent ‘nudge’ letters to those who have not been paying tax on their returns.
Many traders, businesses and investors are becoming more concerned regarding the tax implications of cryptocurrency – especially when they receive a letter on their doorstep from HRMC claiming they owe thousands in tax obligations.
A lot of investors underestimate their tax obligations when buying and selling cryptocurrency and its contribution to their capital gains allowance, but many are asking… how can I be more tax-efficient and save more of my personal gains instead of paying them to HRMC?
Here at taxefficientcrypto, through our expert partners – we can help to educate investors on the tax implications of holding crypto so you can be prepared for it, or even avoid a letter from HMRC on your doorstep. We have partnered with an experienced team of Crypto specialist accountants that can help to provide crypto tax advice to our clients, so you can ensure that you are being as efficient as possible with your crypto wealth.
How do we do things differently?
With our team of experienced specialists, we can advise you on the most tax-efficient routes to buying Cryptocurrency. We enable the freedom and power for our clients to efficiently purchase Cryptocurrency on our easy-to-use secure exchange interface.
In addition to providing you with expert advice, we are partnered with Dacxi who can help. Dacxi is the first exchange built to utilise vehicles such as a Small Self Administered Scheme (SSAS) pension or your ISA tax allowance, ensuring that any gains can be maximised through diversity and innovation.
So how do you get started?
It’s easy, all you have to do is visit our website, fill out the contact form, and one of our experienced specialists will be in touch with you to get you started on the path to managing your crypto wealth efficiently.