At Knightbridge Tax, we understand the fast pace and ever evolving cryptoasset market and the unique tax challenges it presents. We have a unique private client offering where we have international tax expertise combined with a deep knowledge and experience in the taxation of cryptoassets whether it is transactions with general cryptocurrency trades, NFTs, mining, token vesting, or DeFi.
We have over 15 years of experience in top tier firms, working with non-domiciled and non-resident individuals and trusts who require UK tax compliance and planning and structuring of their assets. Since 2021, we have developed deep sector knowledge of the taxation of cryptoassets.
We’re committed to making it simpler for our clients to report and manage their tax liabilities, whether they are a personal investor, employee, trustee, business owner or another adviser looking for support for their clients.
As a member of CryptoUK tax working group and being a member of the HMRC digital asset roundtables, we will continue to advocate for better future tax policy for cryptoassets.
Why choose Knightbridge Tax for your cryptoasset tax needs?
· Through our deep sector knowledge and experience in the taxation of cryptoassets since 2021 we will help clients stay compliant as the tax landscape changes. We can prepare self assessment tax returns and can provide advice and support for managing your assets on a tax efficient basis.
· As crypto asset investors ourselves, we understand the issues with collating data, can work with clients to properly capture transactions and we keep up to date with the market sector news.
· Over 15 years of international private client tax experience including offshore structuring and tax return compliance for individuals and trustees with residence reviews and planning.
· Active member of CryptoUK, the UK’s trade association for the industry, listening to clients and lobbying for better cryptoasset tax policy in the UK.
· Client-focused approach with personalised attention and clear communication.
- Supporting your business to retain clients with specialist requirements.
· Phone calls and emails are not charged on a time basis as we value building long term trusted relationships.
Contact us today to learn more about how we can help you navigate the complex world of taxation of cryptoassets.
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Cryptoasset Tax Services
Helping you navigate the complex world of taxation of cryptoassets.
With over 15 years of international private client tax experience and Crypto and International Tax Planning we can help ensure assets are structured in the most tax efficient way. The onus is on the taxpayer to file a self-assessment tax return and sign it to the best of their knowledge. If you are uncertain about any entries or areas of tax, we encourage you to seek the relevant professional advice to help you get it right. This approach helps mitigate penalties and ensures you're in compliance with all relevant tax laws and regulations.
We have extensive knowledge and experience of the sector as investors in cryptoassets and experience in crypto accounting, giving us a deep understanding of the market and the software used to record transactions. While the software plays a crucial role in recording data, it's essential to ensure the software has captured the data properly. Often, information is missing, needs recategorizing, or must be taken offline and inputted in a different format or way. We can help take away some of this pain and can help you navigate these complexities so you can meet your reporting requirements.
With a new Labour government and changes to the non-dom regime proposed, we can help you navigate the new changes and tax efficiently structure your income and gains.
We can work with you to calculate your in-year tax position to help you plan for the 5 April tax year end where you may want to consider the best way to utilise any losses.
If you need to disclose prior year information and tax liabilities to HMRC or have been sent a nudge letter or HMRC have opened an investigation, we have the expertise and experience to help you navigate the complex tax rules and avoid costly penalties.
If you are including your cryptoasset transactions for the first time, you will need to go back to the beginning of your transactions and track them through. This could flag prior year issues that may need to be considered.
Whether you're considering leaving the UK, moving to the UK or have already made the move we can help you plan for the tax implications and opportunities of your relocation and help ensure you are compliant with relevant tax laws and reporting.
We have strong connections with advisers across the globe and to help you holistically plan for relocation considering relevant locations to your requirements.
As active members of CryptoUK, the largest UK industry trade association, we have lobbied for review and better cryptoasset tax policies for the future and continue to contribute to consultations on matters such as DeFi lending and staking. Our team can provide you with the latest tax developments and policy changes affecting the crypto market.
We want to help other advisers who may not have the specialist knowledge or capabilities in house to help with clients where they have cryptoassets. We can help you with specific elements of your client's tax requirements so that you can retain them and understand more about the taxation of cryptoassets along the way.
I am a private client international and crypto tax specialist. I am a qualified Chartered Tax adviser (CTA) and STEP Trust and Estate Practitioner (TEP).
I have over 20 years tax experience starting in accounting then moving to tax, having worked in top tier firms, specialising in UK private client tax matters including individuals and trusts with international angles, with particular focus on US clients living in the UK. I then specialised further in 2021 in the taxation of cryptoassets and worked on compliance including tax returns and multi jurisdictional planning for clients with cryptoassets.
I have significant experience in managing disclosures and investigations and led an offshore disclosure response programme and have worked on cases with clients who have cryptoassets.
I am an angel investor in several projects and have investments across the space.
Other professional achievements:
Since 2016, I've immersed myself in the crypto world, starting with Bitcoin and mining before delving deep into the Ethereum ecosystem.
My journey has included significant experience in tokenomics, NFTs, and blockchain technology.
In 2021, I left my construction industry director role to focus on developing a Crypto Tax Software Suite and researching innovative crypto projects.
As a Certified Blockchain Investigator and Bitcoin Professional, I specialise in creating cutting-edge crypto tax solutions and interpreting complex crypto transactions.
A common misconception is that there isn’t a taxable disposal until you sell crypto for fiat but this is not correct.
Taxable events include selling cryptoassets for fiat, trading/swapping cryptoassets, gifting cryptoassets (except to a spouse or civil partner), and spending cryptoassets. DeFi lending and staking transactions can also create taxable disposals on going in and out of the positions.
You will currently pay 10% or 20% capital gains with the rate being dependent on your total income level. If you are a higher rate tax payer you will pay 20%. There is also a capital gains tax free allowance available. The allowance for 2023/24 is £6,000 and for 2024/25 is £3,000.
You are entitled to deduct your losses as long as they have been correctly and timely claimed. Most people will usually be chargeable to capital gains tax providing they are not considered to be carrying out a trading business.
There are complex pooling and matching rules that are used to calculate the acquisition costs to use against each disposal.
Fees and costs incurred as part of acquiring, enhancing or selling assets are also deductible.
There are occasions where certain actions do not give rise to a tax liability. These include acquiring cryptoassets with fiat, holding cryptoassets where they are not swapped for fiat or to another cryptoasset/any other asset, gifting to a spouse or civil partner, gifting to a charity (although advice should be taken if basic rate tax is not paid on the value transferred), and transferring crypto between your wallets.
Contact us today to learn more about how we can help you navigate the complex world of cryptoasset taxation.
Laura Knight - 07843264281 Steve Knight - 07398477135 Enquiries@knightbridgetax.com
Mon | 09:00 – 17:00 | |
Tue | 09:00 – 17:00 | |
Wed | 09:00 – 17:00 | |
Thu | 09:00 – 17:00 | |
Fri | Closed | |
Sat | Closed | |
Sun | Closed |