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What software to use to calculate Crypto profits?

Do you use software or rely on the client to use their own?

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Hi everyone,

I would be interested to know what tools people are using to calculate profits on Cryto assets. Obviously low volume isn't a big problem provided the records are good, I am more interested in what people do when presented with a high volume of transactions for the year. Is there any prefered app or software you use or do you rely on the client providing the figures and checking them? Also has anyone any experience of what is acceptable to HMRC in the event of an investiagtion?

Thanks in advance

Richard

 

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By daniel_
28th May 2021 10:58

I used bitcoin.tax a while ago and it was fine, can recommend but there were much less options on the market at the time and it was quite a bit cheaper. I manually imported from CSV.

These days there are direct API links to exchanges, but the solutions out there that I've seen (Koinly, Accointing etc) look like they're all marketed towards taxpayers and don't necessarily suit how a professional might use them (e.g. one subscription per client = £££).

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By SXGuy
28th May 2021 11:07

I recently tried the crypto calculator by Koinly (i think thats what they are called)

it was ok, Imported transactions fine. Not sure if it understood the bed and breakfasting rules when working out the gain as i was just messing around with it. Would need a closer look.

Agree with daniel, we need a solution for multiple accounts and wallets, so far i can only find ones that allow one account at a time.

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Replying to SXGuy:
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By Richard Grant
28th May 2021 11:21

Thanks, that was the issue I have found.

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Replying to Richard Grant:
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By SXGuy
28th May 2021 13:20

Another issue, at least I think it may be. Is I noticed that it will auto calculate the sterling value of the crypto based on the transaction date and time, however it appears to be out by a few pence in most cases comparing it to actual values.

Unsure whether hmrc regard the calculated amounts as OK like they do with their exchange rate amounts for currencies. Will need to check that also.

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