I am a UK taxpayer, and considering subscribing to your paid service. However, I have some questions regarding the Thirty Day Rule.
Do your calculations include this? Do they take into account all the possible complexities? There can be a number of sales and purchases (of the same coin) in the same 30-day period. There can also be overlapping 30-day periods, since a new one starts every day.
Can you provide a sample report that includes the above?
You might not get an official response from Koinly as they seem rather busy at the moment. However as a UK based user I can confirm that it does calculate the same day and 30 day BNB rules correctly. You do have to change two default settings for calculation to be correct (From my under standing of reading HMRC guidance) (Turn wallet based cost tracking off and treat Airdrops as income off). It would be nice if these settings defaulted to the correct place and it gave you a warning if you changed them.
Before I switched to Koinly I was using Accointing but that company defiantly does not calculate tax using the UK 30 day and same day rule so had to find another provider.
Koinly presence on this site has been rather lacking recently (hopefully it just due to the US tax dead line approaching so they are busy supporting paying customers).
For me the software works well and I hope nothing bad is happening behind the scenes but I have kept a back up of all my transactions just in case I’m forced to find another provider in future
Adrian - I’m a newish UK customer, signed up last week in fact, and the settings you mention were set appropriately by default for me.
Moved here from Cointracker where the support was even more, shall we say “low key” than with Koinly and the depth of the reports was far less complete. I’m running both in parallel (tedious!) and the results are very close, probably within the bounds of pricing differences for each coin. I’ll cancel Cointracker once I’ve sent the data to my accountants and they’re happy.
Before I found Koinly and I didn’t have many trades I had used http://www.cgtcalculator.com/ . Far from ideal for crypto as it’s designed for shares but most of the same rules apply. Using that web site is what highlighted to me that Accointing site calculation was wrong but luckily I found Koinly. The other reason you can’t use above website is it assumes your fees are cash but in reality most fees in Crypto are actually paid in crypto Currency. This means you actually have a capital gains on the fee e.g. if you bought a coin it doubles in price and you sell it half the fee you pay at the sale is actually a capital gain. Thankfully Koinly also calculates this correctly as well.
You can defiantly input coin to coin trades into Koinly as 50% of my trades are like this but most of my data is loaded in Koinly via API’s from the exchange not via CSV file.
To be honest I do keep a manipulated copy of my data that I can dump into the www.cgtcalculator.com web site as a quick QC check to koinly. Any major errors have always been down to my poor data entry skills e.g. I’ve made a typo mistake.
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