How Cryptiony Fixes UK Cryptocurrency Tax Issues | bitcoinist.com
- Nanna Course
- on Jan 09, 2023
Polish award-winning cryptocurrency tax software company, encryption, has set its sights on the United Kingdom. They aim to simplify the calculation of crypto tax in a country known for its complicated tax laws. This news follows their huge success in Poland.
Cryptiony was recently named Startup Of The Year 2021 at Invest Cuffs 2022. Following this award and others, the company began looking to expand its product.
According to Cryptiony CEO Bartosz Milczarek, UK cryptocurrency users face three tax issues:
- Cryptocurrency exchanges do not provide any tax reports to users
- If users try to calculate taxes on their own, it’s complicated and time-consuming
- Most accountants have limited knowledge of crypto tax regulations and are expensive
The second point of complexity of cryptocurrency taxes should not be underestimated. In Poland, for example, users only need to calculate the cryptocurrency tax when cashing in crypto assets for fiat currency. On the other hand, the UK has a much wider scope for what it considers a taxable event, making the UK cryptocurrency tax a minefield for the average investor.
Ultimately, users need to calculate capital gains and losses for every cryptocurrency transaction, including crypto-to-crypto ones. Not to mention that HMRC requires users to follow basic cost methods such as same day, bed and breakfast and Section 104 rules when calculating their capital gains and losses.
This makes it nearly impossible for ordinary cryptocurrency users to calculate their own taxes. Leaving only two options, use accountants or cryptocurrency tax software.
How does Cryptiony solve these problems?
Cryptiony’s CTO says, “All you need to do is sign up with an email address, import and review transactions, and then download a tax report. What sets us apart from other software is that we have a friendly user interface and fast synchronizations with exchanges; it is more convenient and faster.
Cryptiony plans to use such a strategy to stand out in the UK:
- Provide a smooth user experience and fast integrations with exchanges
- Provide exceptional customer support with industry experts
- Offer unbeatable prices and up to 500 free transactions per user
The software also displays tax debts in real time. Once users have synchronized their transactions, the software automatically updates their debts. It’s a fantastic way for users to track and optimize their taxes throughout the fiscal year – and avoid unpleasant surprises when filing!
One of the biggest challenges businesses face is that each country has different regulations regarding cryptocurrency taxes. Cryptiony aims to adapt its solution one country at a time – starting with the nation with some of the toughest tax laws, the UK.
Cryptocurrency tax is not a glamorous subject, but Cryptiony aims to educate, help, save time and money for its users. Cryptionys leading user experience and unbeatable price make it an easy choice for cryptocurrency enthusiasts in the UK.
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