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Intro to TaxScouts + Koinly

  • 3 min read
  • 13 Dec 2022
TaxScouts - Intro to TaxScouts + Koinly

From spreadsheets to a tonne of calculations, reporting your crypto profits to make sure you pay the right tax can take hours of prep.

Plus you need a good record of your crypto transactions, trading profits and expenses throughout the entire tax year… and if you don’t start this from day one 🫣

Look, fret not, because we’ve teamed up with Koinly to create a simple solution, just for you.

First of all, who is Koinly?

Only one of the best crypto tax softwares in the UK! 🏆

Despite only being founded in 2018, Koinly has quickly become the fastest and most reliable platform to help accountants sort crypto trader tax returns. 

It can generate HMRC-compliant tax reports in a matter of minutes. And that’s why millions of accountants across the UK swear by it. 🤩

What’s a crypto tax report and why do I need one?

A crypto tax report details all of your cryptocurrency transactions – deposits, trades, or withdrawals you’ve made – during the tax year you want to file for, from every platform you’ve used. It includes your gains, losses and absolutely everything you need to accurately report your crypto profit. All in one.

You’ll have to provide your accountant with all of this information one way or another. There’s no escaping that part. Sorry! 

At the moment, many people with crypto profits to report are dedicating a *large* portion of their time to creating their own summary. Detailing each and every crypto transaction they’ve made in the year and reporting this to their accountant. 

And that’s one way to do it… Or you could just use the TaxScouts + Koinly solution. ✍️

So what’s the Koinly solution then?

A simple system designed to help anyone with crypto profit to easily, accurately and quickly report their crypto profits. A triple threat.

It generates a crypto tax report for you. And just like that, the need for endless spreadsheets and documentation is eliminated. 🏌️

The solution is compatible with a large number of exchange accounts, blockchain addresses and wallets. That means all information about your crypto profits will come straight from the source, wherever you dabble in crypto. 

👉No need to memorise exactly what days you bought and sold your Bitcoin. It’ll all be on the report.

But where do TaxScouts come into this?

And here’s the best part…

TaxScouts can sort and file your crypto tax return by generating a crypto tax report using the Koinly solution. We’re taking all-in-one tax returns to a new level. 🚀

Once your report is generated, one click will upload it to your TaxScouts account and give your accountant all the information they need to sort your crypto tax return. Simple.

Who is the TaxScouts + Koinly solution for?

If you’re filing for Self Assessment and also have crypto investments or income, you should use this tool. You’ll need to file a tax return if:

  • You sold crypto for a profit over the capital gains threshold
  • You’re a full-time trader and owe Income Tax
  • You mine crypto and owe tax
  • You’re a part-time crypto investor and owe tax

If you’re not quite sure whether you have crypto earnings or profit to report, you can read all about it here.

Why should I use the TaxScouts + Koinly solution?

Let’s face it – reporting crypto profits can be a nightmare. 

But now, you can get your crypto tax return sorted in one click, all through one platform – TaxScouts. 

Yep, that’s right. You can sort your tax return, generate and add your crypto tax report to your account with one click, in just a few minutes. Send it all off to your accountant and never have to worry about it again. (Well, until next year.)

Not only does this solution make it easier, but it also significantly reduces the chances of mistakes. 

And (yes, there’s more) up to 1000 transactions are free of charge. 😜

Ok, so how do I use the TaxScouts + Koinly solution?

We knew you’d ask! That’s why we’ve put together a detailed step-by-step guide for you to follow. 

Take a look at the simple steps here so you know exactly what to expect and what information you’ll need to sort your tax return.

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