My first post forgive me if it’s already been answered, though I couldn’t find it anywhere.
On the dashboard on realised gains, is this amount less the initial investment amount?
Or I guess another way to ask is, when the tax owed for a given year is worked out, is the initial investment amount taken into account?
I haven’t paid for a report as yet, so this may be apparent on the from. I shall be paying for the accounts, but not until the end of the year.
If you have entered the original fiat purchase of your crypto asset in koinly then it will have been taken into account. You realise a gain anytime you sell a crypto asset in the uk e.g. if you have been trading between crypto to crypto assets you realise a gain/loss on each sale. This means the dash board figures may be nothing like your original investment if you have done a lot of trading but they would be correct if all your data has been entered correctly. The key is making sure all your transactions are entered correctly.
The dash board is a good indication of how well you are doing but is not much help in filing tax reports as it over a different time period! When you buy the report this will be over the uk tax period.
You only need to file a self assessment for capital gains if you dispose of assets with value greater than £49200 in a tax year or make a capital gain greater than £12300. (I’ve held crypto assets for a number of years but the 20/21 tax year is the first time I’ve legally needed to file a return due to above rule).
Hope this helps (I’m just a UK user of Koinly)
Thanks for replying. I think that is has entered the amount I spent automatically, as it is connected directly to CB. I too have made tax implications for the first time this year, though not due until Jan 23.
Many thanks.
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