Allowable expenses

Tax Questions
#1

Hello all, would tax report fees from Koinly be allowable expenses in the eyes of HMRC when working out profits and CGT owed?

#2

Hi @lykoin

I suggest you talk to a Crypto-aware Tax Accountant regarding this.

Also, this is our HMRC tax guide.

#3

Hi @lycoin,

Koinly subscription fees should be a deductible business expense if you are using Koinly to calculate net income from a business for UK tax purposes. I don’t think Koinly subscription fees would be an allowable expenditure for CGT purposes.

#4

Hi Mark,

Thanks for the reply.
I am glad I aksed because I assumed it would be an allowable expense.
I will have a read of the HMRC tax guide posted above.

Thanks for the link Aria.

1 Like