Sat Tax follows a structured crypto tax return process for UK individuals, from first enquiry through to review, approval and submission. The aim is to understand your circumstances, agree the work clearly, review the records properly and make sure nothing is submitted to HMRC without your written approval.
1. Initial Enquiry
The process begins when you get in contact and provide some initial information about your circumstances. This helps Sat Tax understand the nature of your cryptoasset activity, the years involved, the condition of your records and whether the matter is likely to be suitable.
2. Initial Enquiry Call
Before Sat Tax decides whether it can act, you will be asked to complete the client information form and book an Initial Enquiry Call. The call helps clarify what support may be needed, whether the work appears achievable and whether any obvious issues need to be addressed before moving forward.
3. Scope and Quote
If Sat Tax is able to help, the proposed scope of work and fee basis will be confirmed in writing. Quotes are based on the information available at the time and may need to be revised if further information is provided later or if the records are more complex, incomplete or inconsistent than first understood.
4. Engagement and Identity Checks
Before work begins, you will receive an engagement letter and identity verification request. Sat Tax must complete required anti-money laundering and client due diligence checks before acting.
5. Information Gathering
You will be asked to provide the information needed for the agreed work. This may include cryptoasset transaction data, exchange and wallet records, Koinly access, previous tax returns, income records and any other information relevant to your tax position.
Sensitive documents and files will normally be requested through a secure file-sharing route rather than ordinary email.
6. Record Review
The records are reviewed within the agreed scope. If the data appears incomplete, inconsistent or unsupported, further review or correction may be needed before a tax return, disclosure or other HMRC submission can be prepared.
7. Calculations and Draft Documents
Where the records are suitable, calculations and draft documents are prepared. This may include cryptoasset tax figures, Self Assessment tax return entries, disclosure calculations, written summaries or responses to HMRC, depending on the work agreed.
8. Review and Approval
You will be asked to review the draft documents carefully. You remain responsible for confirming that the information is complete and accurate to the best of your knowledge. Nothing is submitted to HMRC without your written approval.
9. Invoice and Payment Before Submission
All invoices are payable within 14 days of issue. Where the work involves a tax return, disclosure or other HMRC submission, the relevant invoice must be paid before submission is made.
10. Submission and Completion
Once written approval has been received and any invoice due before submission has been paid, the return, disclosure or other HMRC submission is filed where applicable. After completion, Sat Tax will confirm what has been submitted and no further work will be undertaken unless separately agreed.
11. Fee Protection
Sat Tax maintains fee protection arrangements for qualifying HMRC compliance checks relating to tax returns prepared and submitted by Sat Tax. Where the policy applies, it may cover Sat Tax’s professional fees for dealing with the HMRC check on your behalf, subject to insurer terms, conditions and acceptance of the claim. It does not cover tax, interest or penalties.
12. Communication
Communication is primarily by email, with meetings arranged where needed. Meetings are normally held by Microsoft Teams. Email forms part of the formal engagement record and may be relied on for instructions, approvals and confirmations.
Common Questions
How do I get started?
Please get in contact and provide some initial information about your circumstances. You will then be directed to complete the client information form and book an Initial Enquiry Call.
When does work begin?
Work does not begin simply because an enquiry has been made. Work only begins once the engagement letter, scope of work and fee basis have been accepted, required identity and due diligence checks have been completed, and enough information has been provided to proceed.
What information will I need to provide?
This depends on the work agreed. You may need to provide cryptoasset transaction records, exchange and wallet data, Koinly access, previous tax returns, income records, bank interest, dividends, property income or any other information relevant to your tax position.
What happens if my records are not ready?
If the records are incomplete, inconsistent or not reliable enough to support a tax position, Sat Tax will explain what appears to be missing or incorrect. Further review, correction or reconciliation may be needed before tax return or disclosure work can proceed.
Will my return be submitted automatically once the figures are prepared?
No. Draft documents are provided for your review first. No tax return, disclosure or HMRC submission is made without your written approval and payment of any invoice due before submission.
What happens if earlier years also need attention?
If earlier years appear to have been missed or reported incorrectly, Sat Tax may be able to help review the position and prepare a correction or disclosure to HMRC. This will only be done where the scope of work has been agreed in writing and the position can be supported.
How will communication normally take place?
Communication is primarily by email, with meetings arranged where needed. Meetings are normally held using Microsoft Teams.
