UK Specific Classifications
In the following quick guide, we explain how deposits and withdrawals are handled at Accointing. The cost basis for taxable disposals is calculated using HMRC's pooling method.
Last Updated: May 29, 2023
1 – ICO, OTC and Swap classifications act similar to orders. The deposit (acquisition) of the new coins is not taxable, but the withdrawal (coins traded) is taxable.
2 – Fees that are allocable to a specific crypto asset are included as part of your tax basis within your taxable disposals. These fees represent other fees such as internal fees that are not directly allocable to a specific crypto asset.
3 – Adjustments from use of reconcile function due to variances between imported data and actual balances. Disclosed separately in your tax report.
4 – Treated as nontaxable. The amount is reported separately in your tax report as it may be deductible in limited circumstances; refer to the Tax Guide for deductibility.
5 – Margin gains, losses and fees are reported separately in your tax report.
6 – Unless it’s a gift to your spouse or civil partner. If that’s the case, classify it as “Remove funds”.
7 – If you maintain beneficial ownership of your assets during the lending period, then this is nontaxable.