Crypto tax and portfolio manager CoinTracker has partnered with By The Book Accountancy to help UK crypto investors navigate the complexities of tax filing as the regulatory landscape continues to evolve.
according to a Press release Issued on Jan. 23, Cointracker has collaborated with accounting firm By The Book Accountancy to launch a series of academic content and resources for UK cryptocurrency holders to simplify the complexities of tax filing in a compliant manner.
CoinTracker and By The Book Accountancy will host a three-part educational series on Twitter Space to help UK cryptocurrency holders prepare for tax season. Scheduled for January 24, 26, and 30, the series will cover important topics such as NFTs and crypto taxes, strategies for saving money, resources for finding experts, and understanding capital gains. This effort is intended to help close the knowledge gap and ensure investors are informed before the January 31 tax filing deadline.
Renaud Besnard, Head of Marketing at CoinTracker, stated:
“As tax season approaches, it is crucial that UK users are provided with the educational resources and tools to remain compliant. CoinTracker couldn’t be more excited to partner with this renowned team and help make the crypto tax filing process efficient and smooth.”
Recent Developments in UK Crypto Regulation and Taxation
Globally, the taxation of digital assets has undergone significant changes over the past year. The Financial Markets and Services Bill, which would give local financial regulators sovereignty over cryptocurrencies, is currently being debated in the UK Parliament. The UK Treasury is considering substantial changes to regulate the cryptocurrency sector.
In December last year, the UK government confirmed its intention to include cryptocurrency investors in the existing Investment Manager Exemption. This tax rule exempts foreign investors, including hedge funds, from paying taxes throughout the country. The decision to extend it to crypto services may attract digital asset providers to move to the UK.
In addition, the UK government will soon be in talks with the Bank of England about creating a retail central bank digital currency (CBDC). Another important initiative is the establishment of a new financial market infrastructure sandbox in 2023.
