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. The tool will run smoothly on any computer with Python 2.7 or 3.x installed. For example I have bought Eth on Binance, incurred transaction fees for buying the crypto, then have withdrawed some to a wallet, incurred a withdrawal fee then purchased another coin using uniswap from Eth to Paint for example which does another conversion, and then again to finalise the transaction I incur a gas fee $30~ or so.. So, for a capital gains tax calculation concerning a Bitcoin to Ether transaction, you should take the sterling value of Bitcoin when you purchased versus the sterling value of when you sold it for Ether. My 13 yo daughter creates NFTs and sells them on OpenSea. This is only possible if youre actively and constantly aware of your tax situation. Best Crypto Tax Software in 2023: Top 7 Tax Tools for Crypto - Coin Bureau Robert Stevens is a freelance journalist whose work has appeared in The Guardian, the Associated Press, the New York Times and Decrypt. The information in this website is no substitute for specialist advice. If youre able to save a bit on tax accountants with this please consider a small donation :)BTC: 18APi2Nk1p5L7iEmJM7aG5h6GUqxvWEUS7ETH: 0x0356fd48514D2EE84B13f06D741B62DEed351e23. These wallets are convenient, allowing you to access and manage your cryptocurrency quickly. Include your crypto taxes on your return! Even though their primary market is the US, they also support clients from 18 countries, including the UK. PS: No, they did not give me any discounts to post this. Mass review transactions, approve category suggestions, discover missing imports, and gain confidence in the accuracy of your data. 2023 BitCourier.co.uk From quid to Bitcoin. Recap is an online app that automatically calculates your crypto taxes (Image: Recap) Jones suggests logging transactions in a spreadsheet, splitting things up according to the crypto assets that you own. @CoinTracker: mfer don't account for gas AT ALL @ZenLedgerIO: 1) don't factor in a 3rd coin to pay fees (use $BNB to pay for $ETH/$USDT fees) 2) will mfer you hard by making your gas 100% cap gain. To work out how much you need to pay, take your total taxable gains and deduct your tax-free allowance of GBP 12,300. So it really pays off to keep track of when you bought and sold what amounts. We buy 1 BTC with an average cost of 10,000. If you pay a higher rate of income tax, youll pay a flat fee of 20% on gains thereafter. No more complicated spreadsheets. 2021/2022 taxes completed and paid. Cryptotaxcalculator disclaims all and any guarantees, undertakings and warranties, expressed or implied, and is not liable for any loss or damage whatsoever (including human or computer error, negligent or otherwise, or incidental or Consequential Loss or damage) arising out of, or in connection with, any use or reliance on the information or advice in this website. Under HMRC rules, taxpayers that fail to disclose gains could face a 20% capital gains tax plus any interest and penalties of up to 200% of any taxes due. Not sponsored or anything but came across CryptoTaxCalculator.io @CryptoTaxHQ.