How to Calculate Crypto tax Rates | Crypto Accountants UK

Calculate Crypto tax Rates and calculate crypto profit: Our experts and tax advisor cryptocurrency at Crypto Accountants are ready to ensure all individuals, companies, and businesses are fully prepared, assisting you in calculating how much tax you owe according to the guidelines set by HMRC.

How do you calculate Crypto Income Rates?

However, we shall give you a little insight into how these taxes are calculated:

• Find out the Income Tax Band you fall under.

• Calculate the total of both your crypto income and your regular income and find out if you still fall under the same Income Tax Band.

• If you fall under the same Income Tax Band, then the respective percentage is the tax you shall pay on your crypto income.

• If you fall under a higher Income Tax Band, then the respective percentage of the higher band is what needs to be paid.

Is there a flat tax where all taxpayers pay the same percentage of income?

Nevertheless, it is crucial to understand that you are not liable to pay the same flat rate of income for all your earnings. Here are some pointers:

• £12,570 will be tax-free for English and Welsh taxpayers (not including those earning over £125,140).

• For your next £37,699, you will be liable to pay 20% tax.

• For your next £99,729, you will be liable to pay 40% tax.

• For any income higher than £99,729, you will be liable to pay 45% tax.

Final Words

This, of course, can be a daunting process. Crypto Accountants can help you in this area. To book an appointment, visit our website at https://www.cryptoaccountants.live/.