Resources/guides/TaxScouts Crypto Tax Return

TaxScouts Crypto Tax Return

CryptoTaxCalculator is proud to support TaxScouts, an online tax preparation tool in the UK and Spain. They sort your Self Assessment tax return for £119, all in - and CryptoTaxCalculator users get 10% off too! It's fast, online and done by a certified accountant. Follow these steps to get your tax return sorted out.

1. Visit the TaxScouts website

Click here to access the TaxScouts website. You can then create an account to get started or log in if you already have an account.

2. Reason for tax return

You will be prompted to choose your reason for preparing a tax return. Select the "I earned capital gains" option as below.

Reason for tax return
Reason for tax return

3. Sources of income

Next, you have to select all the ways you earned income in the tax year. Add "Capital gains/losses" as your source of income. Make sure you also add any other listed sources of income that apply to you, such as Employment.

Sources of income
Sources of income

4. Questions

You will first be asked about what type of capital gains you had. Select "Cryptocurrency."

Type of capital gains
Type of capital gains

Once you press 'Next', you will be asked to enter how much profit you made in total.

Size of gains
Size of gains

After this, you will be asked how many cryptocurrency sales transactions you undertook, and whether you reported them using 'Real time capital gains service.'

If you are unsure about your answer to any of these above questions, there is an option to choose "Not sure" or "Don't know" for these questions.

5. Assigning an accountant

Now that you have entered your details, you can proceed to the next step where you pay and TaxScouts assign you an accountant to file your tax return. Once this has happened, you will be required to upload some documents to support the tax return.

Next steps
Next steps

6. Import your Capital Gains Report from CryptoTaxCalculator

Navigate to CryptoTaxCalculator. Once you have logged in, you can navigate to the 'Get Report' section of the page and download your Capital Gains Report as a CSV file. Make sure that all your transactions have been covered in the report. You can then import this file into the TaxScouts website.

CTC import
CTC import

Once the CSV file has been uploaded, your accountant will have sufficient information to handle your cryptocurrency taxes. However, you will also need to provide documentation for your other sources of income, e.g. employment. Finally, you can accept the terms of engagement and the accountant will be able to prepare your tax return.

The information provided on this website is general in nature and is not tax, accounting or legal advice. It has been prepared without taking into account your objectives, financial situation or needs. Before acting on this information, you should consider the appropriateness of the information having regard to your own objectives, financial situation and needs and seek professional advice. Cryptotaxcalculator disclaims all and any guarantees, undertakings and warranties, expressed or implied, and is not liable for any loss or damage whatsoever (including human or computer error, negligent or otherwise, or incidental or Consequential Loss or damage) arising out of, or in connection with, any use or reliance on the information or advice in this website. The user must accept sole responsibility associated with the use of the material on this site, irrespective of the purpose for which such use or results are applied. The information in this website is no substitute for specialist advice.

Shane Brunette

CEO

Shane Brunette founded CTC back in 2018 after dealing with his own crypto tax nightmare. He has worked closely with accountants and tax lawyers to make it easy for fellow cryptocurrency users to be tax compliant.

Recommended Reads

Calculate Your Crypto Taxes Now!

CryptoTaxCalculator does the hard work so you don’t have to.

Copyright © 2021 CryptoTaxCalculator