Many of our clients made some profits in the crypto market during the 2022 Financial year (from 1 April 2021 to 31 March 2022), and now they have to pay taxes which are due by 7 April 2023. But, some…
Category: Tax Strategy
Requesting Crypto Information for Tax Purposes
As we approach the end of the 2023 Financial year, the task of gathering exchange information and tracking tokens may seem overwhelming. However, we are here to help. This article provides a comprehensive guide on what is needed to calculate…
2022 Profits & 2023 Losses
Some clients have made record profits for the 2022 financial year (ending 31 March 2022). But, they have since had significant losses after the recent market downturn (in the 2023 financial year). The 2023 loss cannot be offset against the…
The Worst Case Scenario
We’ve recently experienced a 50 - 60% decrease in cryptocurrency prices and woke up to several very concerned taxpayers on Monday morning. This article's purpose is not to create fear, but rather to make you prepare for any tax, think…
How much tax do I pay on my cryptocurrency profits?
Marginal Tax Rates An individual combines their cryptocurrency profits for the financial year (1 April to 31 March) and reports a single profit/loss amount to Inland Revenue (IRD) in their income tax return. The crypto profit is combined with their…
Read More How much tax do I pay on my cryptocurrency profits?
Planning for Tax – Decisions to Consider
Cryptocurrency prices have increased significantly in 2020 and many clients have made money from their investments. Tax liabilities for the financial year ending 31 March 2021 are likely to follow; prepare now. Some clients will keep their profits invested in…
Safe Harbour Tax Overview
Cryptocurrency prices have recently increased significantly in value. This results in many clients currently having significant profits and subsequent tax liabilities. In some cases, IRD will charge interest at 7% pa on any underpaid tax. This article focuses on those…