Why does it matter to UK cryptocurrency investors to maintain good records for all transactions? Should cryptocurrency exchanges and wallets provide more facilities for calculating the profits on which users would have to pay taxes?
cryptocurrency traders in the uk have to keep their documentation in order because without it the HM Revenue and Customs will not be able to determine how much Income Tax should be paid, which may lead to heavy fines. So i think cryptocurrency exchanges and wallets should incorporate more advanced tax calculation functionality for easier compliance to make things easy
Crypto holders should learn to keep track of their transactions since each transaction is considered an event for taxation purposes This is because HMRC needs details of all transactions to compute the liabilities
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