Written by Bivu Das, General Manager Kraken UK
“The tax complexity itself is a type of tax.” This famous quote from the American Senator Max Bokos is echoed regardless of your country’s residence. In the ecological ecosystems system, there are additional complications given that there are no clear, consistent and consistent tax guidelines and the importance of accurately tracking encryption prices through governor and multiple exchanges.
In the United Kingdom, the requirements for reporting the encryption tax from the revenues and customs of His Majesty (HMRC) are relatively clear, and the recently developed government New legislation To increase the responsibilities of reporting individuals and exchange regarding their encryption sites. However, there is still a decrease in the prevailing understanding of the tax effects of investment and encoding. According to 2022 HMRC report59 % of the UK encryption owners knew a little or nothing about imposing taxes on capital gains, however, 68 % may get more encryption in the future.
This contrast shows friction that can hinder participation in this transformative technology. For this reason, we continue to work to break down barriers that prevent people from dealing with the ecosystem for encryption.
To support our clients on their journey to manage their encryption portfolios effectively, we partnership with Koinly, a leading solution in encryption tracking and preparing tax reports. Koinly can help our customers simply and accurately manage their encryption transactions in line with the latest HMRC guidelines. Starting today, Koinly will provide a reduction to the encryption program for all Kraken customers in the United Kingdom who are registered in their service.
Until January 31, 2025, Kraken customers in the UK can obtain a 50 % discount code of HMRC’s first tax report. Discount codes, which are sent via e -mail to Kraken UK clients during November and December, can be applied by the new Koinly customers on their exit page. Kraken customers can also connect their KAKEN accounts to Koinly using API, or by downloading a .CSV file, to manage their tax position proactively during trading.
“Reporting Crypto to HMRC does not need to be complicated, but he often feels this way for many investors. With the development of organizational frameworks, especially with limiting the tax allowance for capital profit, More investors will need more than ever to report their encryption holdings.
“Our partnership with a platform is established like Kraken UK not only simplifies the tax reporting process, but also emphasizes the importance of compatible financial management that can be accessed within the ecosystem for encryption. With the continued growth of Crypto, providing tools that enable investors to deal with confidence with preservation To comply with HMRC will be vital for long -term health and the dominant dependence of the industry.
Over the coming months, we will explore additional ways to support our educational offers as we enable our customers to better move in ecosystems for encryption and encryption. The deadline for submitting the approval of the online self -evaluation tax is midnight, January 31, 2025.
Payward Ltd (Kakeen Trading) was registered as an encrypted company with a financial behavior body (FRN: 928768) registered office on the sixth floor, 1 London Wall, London, UK, EC2Y 5b. Payward Ltd services are not subject to regulation and are not covered by the financial services compensation scheme as well as FCA. Note that the value of the Cryptoassets can decrease somewhat, as the gains are subject to capital profit tax and there may be additional fees when paying via the credit card from your provider.
These materials are for general information purposes only and not investment advice, recommendation, request to buy, sell, share, preserve any encryption, or to engage in any specific trading strategy. Kraken does not provide any representation or guarantee of any kind, explicit or implicit, in relation to accurately, complete, timing, appropriate or valid any of this information and will not be responsible for any errors, neglect or delay in this information or any losses, injuries, or The damage caused by its display or use. Kraken does not work and will not increase or reduce the price of any specific encryption, which provides. Some encryption products, markets, others are organized, are not organized; Regardless, Kraken may be asked to be registered or not allowed in another way to provide specific products and services in each market, and may not be protected through government compensation and/or organizational protection plans. The unexpected nature of encrypted asset markets can lead to money loss. The tax may be paid on any return and/or any increase in the value of Cryptoassets and you must request independent advice regarding your tax status. Geographical restrictions may apply. See legal disclosure for each judicial state here.
The opinions and opinions expressed in this article are those From the author and does not necessarily represent KAKEN’s opinions or opinions.
Pamphlet Kraken Partners to help simplify the tax reports of UK customers First appear on Krakin Blog.
