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- Do you have to pay Taxes on Bitcoin UK
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Bittytax will sort them by Timestamp before processing. Example files are provided in both Excel and CSV format. A Deposit is a transfer transaction record, indicating the receipt of cryptoasset tokens to a wallet you control. For example, you might have deposited tokens to a wallet on a cryptocurrency exchange. Deposit should NOT be used to record transfers to someone else's wallet, this would be categorised as either a Gift-Sent or a Spend.
There should be an equivalent Withdrawal transaction record for every deposit, since tokens are always moving out of one wallet into another. The quantity of tokens deposited will normally be less than the quantity withdrawn due to network transaction fees. Deposits and Withdrawals are not taxable events.
The Deposit type can also be used to record fiat deposits into an exchange. Although this is not used for tax calculations, it will be used for auditing purposes. A Withdrawal is a transfer transaction record, indicating tokens being sent from a wallet you control. It is always used in combination with a Deposit transaction. The Mining transaction type is used to identify tokens received as income from mining.
The Income transaction type could also be used to record this - its use is purely descriptive. The Staking transaction type is used to identify tokens received as income from staking. The Income transaction type is used to identify tokens received as other income, i. The Gift-Received transaction type is used to record cryptoasset tokens received as a gift.
A Spend is a disposal transaction record, which is used to capture the spending of tokens on goods or services. A Gift-Sent is a disposal transaction record, which identifies cryptoasset tokens sent as a gift.
Gift-Spouse is a disposal transaction record, it identifies cryptoasset tokens gifted to your spouse or civil partner. A Charity-Sent is a disposal transaction record, it identifies cryptoasset tokens sent to a charity as a gift. It's handling is the same as a Gift-Sent - it's purpose is purely descriptive. The Trade transaction type records the exchange of one cryptoasset for another, or for fiat currency.
In the case of a fiat-to-crypto trade, the Sell Asset would be fiat i. GBP or whatever currency you used and Sell Quantity would contain the amount. In the opposite case, crypto-to-fiat, the Buy Asset would be fiat, and the Buy Quantity the amount in fiat. Below is a list of some other situations which you might need to record, but which don't have a specific transaction type defined. These could be added in the future if users feel it would be of benefit. Once you have all of your transaction records stored in an Excel or CSV file, you can use bittytax to process them and generate your report.
You can see an example file here.
Do you have to pay Taxes on Bitcoin UK
If you want to use a different filename or to specify a folder, you can use the -o option as shown below. The PDF generator can be a bit slow when handling large amounts of data. If you prefer, you can output the report to the terminal window by using the --nopdf option. The imported transaction records are audited by calculating what the final balances should be for each asset in your wallet. If the balances listed in the report don't match, it could be that your transaction records are incomplete. If you do get issues, you can use the -d or --debug option to turn on logging see Audit Transaction Records.
Although important, the audit can be disabled by using the -s or --skipaudit option. If you only want a report for a specific year you can do this using the -ty or --taxyear option. Full details of the tax calculations can be seen by turning on the debug output see Processing. The Summary section provides enough information for you to complete the "Other property, assets and gains" section within your self assessment tax return, or to give to your accountant to complete.
If the disposal proceeds exceed more than 4 times the annual tax-free allowance this is shown. HMRC requires you to report this in your self assessment even if the gain was within your annual allowance. HMRC also requires you to include details of each gain or loss.
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You can use the --summary option in combination with --taxyear to generate a PDF report which only includes the capital gains disposals and summary for that specific tax year, this can then be attached to your self assessment. You can see an example summary report here.
The Tax Estimate section is given purely as an estimate.
Capital gains tax figures are calculated at both the basic and higher rate, and take into consideration the full tax-free allowance. Always consult with a professional accountant before filing. Income events are listed in date order and by asset, with totals per asset if more than 1 event. You should check with an accountant for how this should be reported according to your personal situation. The appendix section contains all the historic price data which bittytax has used in the tax calculations.
It is important to check that the symbol names of your assets have been interpreted correctly, and that the prices look reasonable, otherwise your tax calculations will be incorrect. See Price Tool for more information on how price data is retrieved. Links are provided against each price, pointing to the exact data source API which was used to retrieve the data. The appendix section also contains details of your remaining cryptoasset balances.
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The cost including fees , the current valuation, and the calculated gain or loss are shown. By default, empty wallets are excluded, this setting can be changed in the config file, see Config. You can turn on debug using the -d or --debug option to see full details of how the transaction records are processed. First the transaction records are imported and validated according to their transaction type, making sure that the correct mandatory and optional fields are included. In the log, the worksheet name Excel only and row number are shown against the raw record data being imported.
Each record is given a unique Transaction ID TID , these are allocated in chronological order using the timestamp regardless of the file ordering. The simulation of tokens and also fiat being moved between wallets allows you to compare the calculated final balances against your real world wallets and exchange balances.
Bittytax will raise a warning if a cryptoasset balance goes negative during the audit. This could happen if the time ordering of your transaction records is not accurate. The wallet name and asset name are shown with its balance, and in brackets the quantity that has been added or subtracted.
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Before any tax calculations can take place, transaction records need to be split into their constitute parts, in terms of cryptoasset buys and cryptoasset sells each with their own valuation in GBP. This requires the buy, sell and fee assets in the transaction record first to be given a valuation, that is unless a fixed value has already been specified, or the asset is already in GBP. Valuations are calculated via one of the historic price date sources, see Price Tool for how. Note that Deposit and Withdrawal transactions are not taxable events so no valuation is required.
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GBP values are displayed with 2 decimal places, although no actual rounding has taken place. Rounding only happens when a taxable event is recorded. This is so that tax calculations for the same day will be correct. Each buy or sell transaction can include a fee.
Its value is populated by the fee specified in the transaction record. If a transaction record involves more than one cryptoasset i. If the fee asset is also a cryptoasset, then paying the fee counts as a separate disposal. This is recorded by adding an additional Spend transaction. Since Deposit and Withdrawal transactions are not taxable, any additional Spend transactions created for these are also flagged as non-taxable.
HMRC stipulates that " All shares of the same class in the same company acquired by the same person on the same day and in the same capacity are treated as though they were acquired by a single transaction ". This applies in the same way to disposals.