Updated: Jan 25
To ensure we are all ready for the Crypto Tax deadline fast approaching 31 January 2022, we invited Tax Specialist at Accointing, David Canedo, and Personal Tax Director at BKL, Chris Smith. to help us navigate towards this season.
This webinar explored some of the challenges and confusion surrounding crypto taxes, specifically for the UK, and where DeFi and NFTs will go into this, plus what changing regulation will bring.
And for the majority of us (who still have a few things to do), David and Chris share how exactly we can get a clear actionable list for the upcoming Crypto Tax deadline in the UK with an added bonus of Accointing hosting an #AMA towards the end.
UK's stand on crypto
Why is regulation so far behind crypto? Do you think Brexit and Coronavirus and lockdown have had impacts on delaying that? Or is it just a factor that they're not keeping up with fast-moving technology?
Crypto Tax Regulations
When Is Crypto Taxed?
The Best Practices in Crypto Bookkeeping
Tools for Crypto Taxes
For somebody who had to exchange their CSE token on some exchange and lost them, is that movement taxable?
Are staking rewards seen as an income tax?
When it comes to the concept of crypto lending as an institution or scale, could you just give a sort of a brief overview?
For tokens that were effectively lost and can't be used, how would that work?
How does capital gains tax allowance per individual work, if they're a married couple?
When it comes to the fast-growing world of DeFi and decentralized exchanges that run out of every country around the world with no sort of limits on them, how does that work? With NFTs booming, how are they treated? Are they treated the same as crypto?
Are all airdrops taxable and are they only liable for income tax?
Meet David Canedo
David is a Certified Public Accountant who specializes in the taxation of digital assets (cryptocurrencies) and is currently serving as the U.S. Tax Specialist Product Manager at Accointing.com, a company that provides tracking, consolidation, tax and compliance solutions for crypto investors.
Before joining Accointing, David spent his career across various roles in public accounting as well as corporate finance, at companies such as pwc, IBM, BMO Harris Bank and Wipfli. David started his career in audit at pwc, but decided to switch his focus to taxation early on as he transitioned to regional size firms and started working with closely held businesses and high net worth individuals.
David has been involved in the blockchain industry since 2017 and has dedicated numerous hours to educating himself on everything related to the industry, from the underlying technologies to understanding taxation of digital assets not only in the U.S. but across various countries. During his time at Wipfli, David led their efforts in Digital Asset Taxation and was involved with the Chamber of Digital Commerce in key policy and regulatory discussions.
David earned a Masters of Accountancy with an emphasis in Taxation and a Bachelor of Business Administration from the University of Wisconsin - Madison. David was also a recipient of the 2012 Elijah Watt Sells Award for scoring in the top 1% of all CPA test-takers in 2012.
Contact Accointing and David
Meet Chris Smith
Chris is Director of Personal Tax Compliance at BKL, a leading firm of accountants and tax advisers based in London. Chris has over 20 years of experience in tax and frequently advises on the UK tax implications of trading, mining, and transferring cryptocurrencies. He works closely with BKL’s crypto accounting specialists who support numerous blockchain and fintech businesses.
BKL’s appreciation of the crypto world was shown when it became the first mid-sized accounting firm in the UK to accept fee payments in Bitcoin.
Contact BKL and Chris