In a sector reliant on software for tax solutions, Ben Lee (Andersen) explores the dangers of placing too much faith in ‘tax calculators’.
Cryptoassets. Opinions on the asset class are mixed but two things are certain: they are here to stay and they come bearing tax obligations.
Calculating a tax position is not simple for most investors. An entire industry of online-based crypto tax calculators has emerged to assist advisors in interpreting the data and applying the relevant tax legislation of any number of jurisdictions. Crypto-tax calculators are useful tools but they cannot yet be relied upon in their entirety. This article explains why.
The basics of cryptoasset taxation
The default position for transactions involving buying and selling cryptoassets is of an investment nature.
HMRC’s Cryptoasset Manual states that only in exceptional circumstances would HMRC expect individuals to buy and sell cryptoassets with such...
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In a sector reliant on software for tax solutions, Ben Lee (Andersen) explores the dangers of placing too much faith in ‘tax calculators’.
Cryptoassets. Opinions on the asset class are mixed but two things are certain: they are here to stay and they come bearing tax obligations.
Calculating a tax position is not simple for most investors. An entire industry of online-based crypto tax calculators has emerged to assist advisors in interpreting the data and applying the relevant tax legislation of any number of jurisdictions. Crypto-tax calculators are useful tools but they cannot yet be relied upon in their entirety. This article explains why.
The basics of cryptoasset taxation
The default position for transactions involving buying and selling cryptoassets is of an investment nature.
HMRC’s Cryptoasset Manual states that only in exceptional circumstances would HMRC expect individuals to buy and sell cryptoassets with such...
If you or your firm subscribes to Taxjournal.com, please click the login box below:
If you do not subscribe but are a registered user, please enter your details in the following boxes:
