Is the Koinly fee tax deductible (UK)?

Tax Questions
#1

Hi,

Im new to this so sorry if this is a dumb question but searching online I have found when using an accountant in the UK, the fees are tax deductible so does that mean when paying a fee for koinly to do your tax for you that the fee will be tax deductible too? after all it is just like a digital accountant?

Thanks

#2

Good question, I would like to know the answer too. My gut feeling says it should be tax deductible.

#3

I would also like to know the answer to this question. If it is tax deductible, would it be considered a cost that can be used to offset capital gains?

#4

From the HMRC guidance I read the answer is no for a private individual. If you are a business then probably yes as you can class it as software and its an allowable cost.

Personally I think this is unfair as I couldn’t possibly complete my tax return without using Koinly. What seems really unfair to me is that using an accountant is an allowable expense! i obviously don’t use an accountant but require Koinly to calculate my tax liabilities.

Adrian

#5

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