Bitcoin
$ 45,855
Ethereum
$ 1,446.4
Litecoin
$ 168.68
okex ads

HRMC Wants Businesses to Keep Records of Cryptocurrency Transactions

The United Kingdom’s tax authority issued taxation guidance for businesses on, complementing its previous guidelines for individuals. 

Join the fastest growing network on Telegram

The guidance clarifies how capital gains tax, corporate tax, national insurance contributions, income tax, and others. Notably, Her Majesty’s Revenue and Customs (HMRC) states that it generally does not consider cryptocurrencies such as bitcoin to be either currency or “stock or marketable securities,” which largely exempts these cryptocurrencies from stamp taxes. However, tokens used in debt transactions are still subject to stamp taxes, according to the guidance.

HMRC also requires businesses to keep records of cryptocurrency transactions in pounds sterlings and keep records of the valuation methodology for these transactions. Businesses are also expected to record the amount spent on each type of exchange token.

In Dec. 2018, HMRC published cryptocurrency taxation guidance for individuals, clarifying several taxation issues related to airdrops, forks, and mining. The 2018 guidance also asks individuals to keep records for each cryptocurrency transaction in pounds sterling.

Related Posts

Leave a Reply

Newsletter

Subscribe To Newsletter

For updates and exclusive offers, enter your e-mail below.

Popular Posts

Elon Musk satirically encourages SEC to probe his Dogecoin tweets
February 26, 2021By
Tesla shifts to LFP as Elon Musk’s call for Nickel goes unanswered
February 26, 2021By
Circle APIs Add ACH Payments and Payouts Support Options
February 26, 2021By

Advertisement

Video Posts

In
Kingdom Entrepreneurship
February 26, 20210
In
How Blockchain And Digital Assets Can Be Used Commercially
February 24, 20210

Crypto Stats


CryptoCurrencyUSDChange 1hChange 24hChange 7d
Bitcoin45,855 1.01 % 4.94 % 11.36 %
Ethereum1,446.4 1.74 % 4.45 % 25.39 %
Cardano1.210 1.22 % 9.97 % 32.45 %
Tether1.010 0.33 % 1.23 % 0.78 %
Binance Coin217.44 0.34 % 10.61 % 11.77 %
Polkadot30.92 2.05 % 4.10 % 0.78 %
XRP0.4261 0.49 % 5.16 % 20.22 %
Litecoin168.68 1.32 % 9.29 % 25.80 %
Chainlink24.95 1.37 % 2.91 % 23.21 %
Bitcoin Cash480.75 0.32 % 5.92 % 31.83 %