Why use crypto tax experts?
It’s been a bumpy ride for the Crypto market – setbacks such as the bankruptcy of the FTX exchange and the boom and bust cycle over the last few years have been pretty hair raising! But with Bitcoin recently achieving an all-time high of £67,407 per coin, the crypto space continues to be pretty buoyant as an alternative means of investment. And as with any potential new revenue raising area, HMRC are keeping a very close eye on proceedings.
And as part of their strategy HMRC are encouraging crypto investors and businesses to ‘come clean’ about previous crypto transactions. So if you have inadvertently forgotten to tell HMRC about your historic crypto transactions it's really important that you disclose them now. We think that HM Revenue will eventually run out of patience and start taking a more hardline approach – we’ve seen it before with other ‘amnesty’ initiatives. And because HMRC have increased powers to track down crypto tax evaders it's vital to use an accountancy firm who can help make sure you aren’t heavily penalised for your transgressions!
Why choose our firm?
We’ve been working in the crypto space for nearly 10 years – way before most of our competitors! We were one of the first to blog online about the tax implications (putting our money where our mouth is) and we liaised with HMRC about the potential treatment (one of the very few firms outside of the ‘Big 4’ who did this).
Our experience in this sector is now extensive – we’ve dealt with many, many businesses and individuals to help them navigate the uncertainties and confusion in this new market.
And just a little history as to why we consider ourselves to be leading experts in this field:
Our first client was a UK Bitcoin Exchange with a £multi-million turnover and complex business needs. They needed an accountancy firm who could provide a bespoke solution to ensure they kept on the right side of HMRC. At that time, more people were dabbling in Crypto as an investment, Bitcoin was rising in price and there was very little information available publicly about the UK tax treatment. So this uncertainty meant they’d tried other firms who weren’t willing or able to help them – and that’s when they turned to us. It was a fantastic learning curve and got us in on the ground floor of a developing market
At the start of 2017 there was no definitive idea as to how cryptocurrency might be taxed in the UK - so we’re very proud to have been one of the first (if not the first) accountancy firm in the UK to tackle the topic and give an opinion online (oh - we might already have mentioned this 
) .
And because we were recognised as being ‘crypto tax experts’ we are also very proud to be one of the few accountancy firms outside of the 'Big 4' who have consulted directly with HMRC's Crypto Taxes Team about the tax treatment (we might already have mentioned this too!).
And then at the end of 2018, HMRC published their own guidance which confirmed much of our early insights on the tax treatment.
So if you'd like to know how we can help you with your crypto taxes, feel free to give us a call on 01202 048696 or email us at [email protected].
Still need convincing we're crypto tax experts? Well here's what just some of our clients have to say:
Voytek Rzadkosznsz
// Digital Wealth Specialist and Founder
R-Solutions Ltd
The Friendly Accountants are a rare breed amongst accountants in that they specialise in and understand what most of their competitors avoid – cryptocurrency.
Cryptocurrency is at the heart of my business and it was critical for me to find accountants and tax advisers who would understand my needs and the business I am in. There are many challenges in keeping good accounting systems when cryptocurrency is involved and TFA seem to have figured it all out!
TFA come across as very attentive, providing plenty of flexibility to suit my business’s needs whilst taking into account my personal circumstances too. They definitely live up to their 'Friendly' brand.
Mark Cross // Crypto investor
TFA must be the leading UK practice for guiding people with crypto portfolios. I have kept mine relatively simple but even when you accidentally stray into ETH staking, you'll want to find yourself properly prepared.
Personally for the reasonable fees and the lack of stress, you won't go far wrong. And also the practice is virtual - great communication and an e-filing system each year! As idiot proof as it can be.
Lee Brown // Crypto investor
TFA are a fantastic team. I became a client of theirs as my existing accountants at the time weren't providing the service they promised. I needed an accountant who understood Crypto Currencies which wasn't easy to find. I had a discussion with Richard prior to becoming a client where he out lined what I could expect and his knowledge of Crypto Currencies was second to none which was a big reason in me deciding to go with TFA.
I must say Richard and the Team have gone above and beyond what even I expected, not only are they efficient but they have helped advise me on several different occasions in regards to Tax matters and are always ready to help. I would highly recommend their services to anyone wanting a fantastic accounting service. Many thanks TFA Team!!
Jon Freeman// Crypto investor
Very happy with expertise and advice re. tax treatment of crypto and other non-conventional income. Thank you."
Angie Taylor // Angie Taylor Digital Art
I originally came to The Friendly Accountants looking for expert advice on crypto taxes and NFT’s because my old accountants were unable to provide me with the expertise, knowledge and support I was looking for.
It was immediately apparent from my very first conversation with Richard that he was both highly experienced and knowledgeable regarding the tax treatment of cryptocurrency and NFT’s. This immediately made me feel at ease and prompted my move to TFA.
Since then, Richard and the team at TFA have worked tirelessly with me to ensure that I am fully compliant with HMRC. The stress of dealing with my crypto taxes has been greatly reduced and I am confident my tax affairs are in safe hands. I would never hesitate to recommend them to anyone looking for an accountant with expert knowledge of crypto taxes and NFT’s
Declan Ferrick // Crypto investor
TFA offered a great service for a fair price. Like many crypto gainers, I was at a loss to understand how to correctly submit a tax return for HMRC, even using software like Koinly. However the guidance and indeed willingness to answer questions in relation to all of my tax affairs has given me the confidence to use their services now, and moving forward..
Tom Chapman // Upsum Ltd
I was introduced to Richard and the team some years ago during my search for a accountant with good crypto experience. I'm super happy with the experience. The team are first class and have given me peace of mind that I'm minimising my tax liabilities while staying on the right side of HMRC. I'd definitely recommend them to anyone searching for a crypto accountant - first class.
Pablo Turci// SPMT Ltd
I've been working with TFA for several years now and they've provided me with excellent guidance and help throughout the process. I really enjoy how quickly and efficiently they respond to inquiries and their knowledge of cryptocurrency payments and investments.
Ross McElwain // Impossible Object Imprint Ltd
I had to follow a somewhat long road before I ended up engaging TFA as my accountant, both for SA and corporation tax, but it was very much worth it in my opinion. I must have spoken to at least ten supposedly 'crypto expert' accountants over 2021-22 only to find that most of them had a clunky and outdated approach to thinking through and handling recent developments in the space.
Richard's experience with HMRC and doggedly curious stance really stood out, and he and the team worked hard to ensure that no stone was left unturned with my calculations.
Johnathan Turrall // Mind Body Optimal Ltd
I spent a while interviewing accountants to gauge their knowledge on Crypto taxation in the UK, TFA stood out from the crowd and having used their services for some years now I can attest that they are one of the most expert firms in the UK. They come highly recommended.
Vlad Gilga// Crypto investor
I have had a very pleasant experience with The Friendly Accountants so far and I'm really glad I chose them to solve my tax issues. If you're involved in cryptocurrency, Richard has a good understanding of aspects related to it and he was very helpful at every stage of this complicated tax return process.
I would recommend The Friendly Accountants to anyone who is looking for a trustworthy and professional accountant
Matías Campolo// Crypto investor
I contacted Richard around a potential self-assessment report presentation related to cryptocurrency. I cannot stress enough how useful our conversation was and how knowledgeable he is. In addition, the process to book our call was very sleek. I would recommend his services to anyone
Ross McInerney // Crypto investor
Richard and the rest of the team offer a friendly and outstanding service. They have been providing me with an expert accountancy and tax support service for many years now. They have helped me out particularly with the often complex world of cryptocurrency investing and this crypto support has been very much appreciated and valued. I would highly recommend them. Thanks Richard and team!.