Hello. I have just moving to UK within this tax year, from a tax free country. I am going to use Koinly to prepare my first tax report. But I have some question now?
It should be using Share Pool Method to calculate to cost of coin/token, but seem 30 days rule and same day rule are not apply until I become UK tax resident. For example, if I arrived UK at 1 Jan 2025. Any setting could I made in Koinly, for cut of the difference between before 1 Jan, and after 1 Jan?
Could I use the Average Cost Basis to calculate the cost of coin/token as at 31 Dec 2024? Should it be similar to the Share Pool Method, but without the 30 days and same day rule?
The Shared Pool cost basis method has its rules built in, and there is no option to disable the 30-day rule for your transactions.
Additionally, while we offer a feature to change the cost basis method from one year to another, it only applies to FIFO and other xxFO methods, not Shared Pool.
From a technical standpoint, you could calculate your cost basis as of December 31, 2024, using any method you prefer, then manually add deposits of your holdings on January 1, 2025, and set your wallets to sync data from that date forward. However, I recommend consulting a crypto-aware tax accountant, as this is only a technical workaround.