Cryptocurrency Tax Complexity: Simplifying Reporting for U.K. Clients With Koinly

UK Crypto Tax Reporting Simplified by Kraken and Koinly

Bivu Das, Kraken UK General Manager, explains the challenges of crypto reporting in the UK and how Kraken is working to address them. Crypto tax reporting can be complicated, especially in the UK, where there are specific tax guidelines and responsibilities for individuals and exchanges.

However, despite the complexities, many people remain unaware of the tax implications of investing and transacting in crypto. According to a 2022 HMRC report, 59% of UK crypto owners knew little or nothing about capital gains taxation, yet 68% were likely to acquire more crypto in the future. This highlights the need for education and resources to make crypto tax reporting more accessible.

To support clients in managing their crypto portfolios, Kraken has partnered with Koinly, a leading crypto tracking and tax reporting solution. Koinly can help clients accurately manage and report their crypto transactions in line with the latest HMRC guidance. Kraken clients can receive a 50% discount code off their first HMRC tax report, valid until 31 January 2025.

Adam Saville-Brown, General Manager at Koinly, emphasizes the importance of accessible, compliant financial management within the crypto ecosystem. As crypto continues to grow, providing tools that empower investors to transact confidently while staying compliant with HMRC will be vital for the long-term health and mainstream adoption of the industry.

Kraken and Koinly are committed to working together to simplify crypto tax reporting, educate clients, and improve overall access and understanding of the crypto ecosystem in the UK.

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