How Cryptiony Is Solving Cryptocurrency Tax Problems In The UK
Award-winning Polish cryptocurrency tax software company, Cryptiony, has set its sights on the UK. They aim to simplify crypto tax calculation in a country notorious for complicated tax laws. This news comes following their massive success in Poland.
Cryptiony was recently named Startup Of The Year 2021 during the Invest Cuffs 2022 trade fair. Following this and other awards, the company have begun looking to take its product further afield.
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According to Cryptiony CEO Bartosz Milczarek, there are three tax problems that UK cryptocurrency users face:
Cryptocurrency exchanges don’t provide any tax reports for users
If users try to calculate taxes alone, it is complicated and time-consuming
Most accountants have limited crypto tax regulation knowledge and are expensive
The second point of cryptocurrency taxes being complicated should not be underestimated. Within Poland, for example, users only need to calculate cryptocurrency tax when cashing out crypto assets for fiat currency. On the other hand, the UK has a much broader scope for what it classes as a taxable event, making the UK cryptocurrency tax a minefield for the average investor.
Ultimately, users must calculate capital gains and losses for every cryptocurrency transaction, including crypto-to-crypto ones. Not to mention, HMRC requires users to follow cost-basing methods such as the same-day, bed and breakfast and section 104 rules when calculating their capital gains and losses.
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This makes it nearly impossible for ordinary cryptocurrency users to calculate their own taxes. Leaving only two options, using accountants or cryptocurrency tax software.
How does Cryptiony solve these problems?
The Cryptiony CTO states, “All you need to do is to register with an email address, import and review transactions and then download a tax report. What differentiates us from other software is that we have user-friendly UI and quick synchronisations with the exchanges; it is more convenient and fast.”
Cryptiony plan to use such strategy to set itself apart in the UK:
Deliver smooth user experience and fast integrations with exchanges
Provide exceptional customer support with industry experts
Offer unbeatable prices and up to 500 transactions for free per user
The software also shows tax liabilities in real time. Once users synchronise their transactions, the software automatically updates their liabilities. This is a fantastic way for users to track and optimise their taxes throughout the tax year – and to avoid any nasty surprises when they go to file!
One of the most significant challenges companies face is that each country has different regulations regarding cryptocurrency taxes. Cryptiony aims to adapt its solution to one country at a time – starting with the nation with some of the most challenging tax laws, the United Kingdom.
Cryptocurrency tax is not a glamorous topic, but Cryptiony aims to educate, assist, save time and money for its users. Cryptionys’ leading user experience and unbeatable price make it an easy choice for cryptocurrencies enthusiasts in the UK.
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