Crypto tax calculator

For a long time, crypto trading, mining and other related activity was a grey area for HMRC. There was no specific regulation related to cryptocurrencies. But as prominence in these profits grew, HMRC had to catch up. They published their first cryptoasset manual in March 2021, which gave specific guidance for the taxes owed on different crypto trading activities. Free bitcoin tax calculator Echoing with Balwant Jain's views; Sujit Bangar, Founder at Taxbuddy.com said, "The gain on sell of cryptocurrency would be taxed at 30 per cent tax rate. Only deduction from sell consideration can be ‘cost of acquisition of cryptocurrency’. There won’t be any other expenses allowed to be deducted. Due to no set off of loss from other sources of income, it will become very challenging to have a net profitable trade in cryptocurrency. This taxation would certainly impact post tax returns of cryptocurrency transactions."

Cryptocurrency More from Smart Tax Planning: Because TokenTax is both a full-service accounting firm and a crypto taxes calculator, we can handle all your crypto tax calculations for you. We’ll help you report crypto gains and losses, determine your cost basis, prepare crypto tax forms, determine your crypto rate tax and more.