Sat Tax provides crypto tax services for UK individuals who need help with Self Assessment reporting, cryptoasset record reviews, earlier-year corrections, disclosures to HMRC or correspondence about cryptoasset activity.
Crypto tax services do not always begin with preparing a tax return. Sometimes the records are ready to use. Sometimes cryptoasset records need to be reviewed first. In other cases, earlier tax years may need to be corrected before the current position can be reported properly.
The areas below explain the type of crypto tax services Sat Tax may undertake. The exact scope of work and fee basis will be confirmed in writing before work begins.
If you are unsure what support you need, or if you have any questions, please get in contact.
Current Year Crypto Tax Reporting
For individuals who need to report cryptoasset activity on a UK Self Assessment tax return.
This may be suitable where your crypto records are complete enough to support the return and the position can be prepared on a reasonable and defensible basis.
Crypto Record Review and Reconciliation
For individuals whose crypto records are incomplete, inconsistent or not yet ready for tax reporting.
This may be needed where there are missing wallets or exchanges, negative balances, unexplained disposals, incorrect transaction labels, incomplete imports, unmatched transfers or other issues that prevent a supportable tax position from being prepared.
Earlier Year Crypto Tax Disclosures
For individuals who may need to correct earlier tax years or disclose previously unreported cryptoasset income or gains to HMRC.
This may be relevant where cryptoasset activity was not reported, was reported incorrectly, or where earlier records need to be reviewed before a disclosure position can be prepared.
HMRC Correspondence and Compliance
For individuals who have received correspondence from HMRC about cryptoasset activity, or where HMRC has opened a compliance check.
This work is only undertaken where expressly agreed in writing.
Additional or Revised Scope
Sometimes the work needed becomes clearer only after the records have been reviewed.
Additional or revised scope means work that falls outside the scope already agreed in writing. No additional work will be carried out unless it has first been discussed and agreed in writing.
Additional work may include:
- reviewing additional tax years
- reviewing additional exchanges, wallets, platforms or protocols
- correcting cryptoasset data
- further technical analysis
- additional meetings or calls
- HMRC correspondence outside the agreed scope
- recalculations caused by late or changed information
- reviewing new information provided after a quote has been issued
- follow-up work not included in the original scope
Any additional work that falls outside the agreed scope will be charged at an hourly rate unless otherwise agreed in writing.
No additional work will be carried out unless it has been discussed and agreed in writing first.
How Fees Are Agreed
Fees are quoted in advance where possible and are based on the information provided before work begins.
Crypto tax work can change if further information is provided later, or if the records are more complex, incomplete or inconsistent than first understood. If that happens, Sat Tax will explain the position and agree any revised fee basis in writing before further work continues.
Not Sure What Help You Need?
That is common with crypto tax.
Some clients contact Sat Tax because they need a tax return. Others contact Sat Tax because the records are unclear and they do not yet know whether a return, review, correction or disclosure is needed.
The first step is to complete the enquiry process so your circumstances can be reviewed and the appropriate next step can be identified.
Before any work begins, the scope of work and fee basis will be confirmed in writing.
Common Questions
Can you help with my crypto tax return?
Yes. Sat Tax can assist where you need support with cryptoasset tax compliance in the UK and a supportable position can be prepared from the information available.
What if my records are incomplete?
Where records are incomplete, inconsistent or not clear enough to support a tax position, further review may be needed before a tax return, correction or disclosure can be prepared.
This may involve checking for missing wallets, missing exchanges, unmatched transfers, incorrect labels, duplicate transactions or other issues affecting the reliability of the figures. Sat Tax will explain what appears to be needed before further work continues.
How do I know what help I need?
You do not need to know exactly what work is required before getting in contact.
Some clients need a tax return prepared. Others need their records reviewed first. Some may need to correct earlier years or consider a disclosure to HMRC. The first stage is to understand your circumstances, the years involved and the records available, then identify the appropriate next step.
What is included in the work?
The work included depends on the scope agreed in writing before work begins.
Sat Tax will confirm what is included, the fee basis and any important limits before starting substantive work. Work outside the agreed scope will not be carried out unless it has first been discussed and agreed in writing.
Do I need to use crypto tax software?
Yes. Sat Tax uses crypto tax software, including Koinly, as part of its structured working method. This supports the review of transaction data, but it does not remove the need for complete and accurate records.
Can you help if I am already under HMRC enquiry?
Yes, Sat Tax may be able to assist if HMRC has opened an enquiry or compliance check involving cryptoasset activity.
Where fee protection applies, it may cover Sat Tax’s professional fees for dealing with qualifying HMRC enquiries or compliance checks relating to tax returns prepared and submitted by Sat Tax, subject to insurer terms, conditions, exclusions and acceptance of the claim.
Where fee protection does not apply, support may still be available by agreement, subject to capacity, risk review and written confirmation of the scope and fee basis.
