Hi Ladies and Gentlemen,
Like many last year I jumped in with both feet into the crypto space! It is a thrilling ride and i’m sure i’ll never look at fiat the same way. I have a retail business which leverages quite high spend from our suppliers. Thinking savvy, i staked for the crypto icy white card for 5% cashback and also the sxp slate card for 8% cashback with the goal to put business transactions through. I’ve enjoyed some very nice passive income in the form crypto cashback which i have retained, not exchanged / sold back to fiat. Knowing that cashback is deemed a discount and not taxable by hmrc i’ve not been too concerned, i appreciate that if my cashback asset increased in value before selling it would be exposed to CGT of the difference. My issue however is when i am submitting these spreadsheets into koinly. I am getting all kinds of wild numbers coming up. I suspect this is all down to the business funds being on-ramped. Does anyone know my best option here? I want to get this correct and i suspect it is a unique issue. I have kept records of ALL my company onramp and where those funds have been spent with corresponding invoices.
TIA.
Pete