Residency problems

Koinly Support
1

Hello

i would like to generate a Koinly tax report, but am unsure of how to enter my details according to my residency.

I have been buying/trading/hodling crypto since 2014 but was living in SAUDI ARABIA until April 2021. I have only been in the Uk for a little over a year and need to generate a tax report for April 2021 to April 2022.

Do I need to create an API/CSV from 2014 or just for last tax year. I don’t want to pay tax on assets that were traded bought prior to living in the UK?

But if i do not provide details from the beginning, how will the Tax autjotirites understand how much profit I have made/how much tax I need to pay on an asset i held in 2014 and sold in 2020?

Please help

regards

Ahmed Rehan Nasir

2

I just answered your similar post in the Tax Questions section. I was confused because you referred to preparing your tax report for 2020-21. In any event, if your crypto assets are at all significant I think you should engage a UK tax adviser. They could advise you how to set the cost base of your crypto tokens and coins for UK tax purposes on the date you took up residence in the UK. If your crypto is held in offshore exchanges, you may be able to avoid some UK taxes by pursuing the “remittance” approach in filing you UK tax return. Under this approach you only pay tax on your foreign crypto gains if and when you bring the gains into the UK.