Are you trading, investing, or mining crypto?
We understand crypto and we employ specialists that can help with accounting and tax advice in the area of Crypto.
Fintech & Payment Industry (including crypto assets); Fill the funding gap
Research & Development (R& D) Tax Relief
The R&D tax regime is designed to encourage the type of innovation we see in the Fintech and Payments Industry, the credits can generate cash to further support the growing business, for SMEs the R&D Tax Credit repayment is up to £33.35 for every £100 spent. At Joseph Meer we specialize in claiming R&D tax relief for the tech industries, our experts ‘speak the same language’ as your software developers, so that we may accordingly translate the qualifying nature of the work undertaken to the HMRC R&D team.
Importantly, HMRC does not consider crypto assets, exchange, utility, or security tokens, to be currency or money. The accounting profits of the business are calculated in accordance with GAAP or International Accounting Standards and will determine the basis of the taxable profits and therefore it is important to determine how crypto-assets should be treated for accounting purposes.
If you are UK resident individual or a business and either selling, exchanging, giving away, or using crypto to pay for goods or services you may be liable for UK tax on these disposals. We have experts who can advise on UK tax aspects of dealing in crypto. The treatment of taxing gains on tokens is determined by the place of residency of the beneficial owner of the tokens. Therefore, a person who holds exchanges tokens is liable to pay UK tax if they are a UK resident and carry out a transaction with their tokens which is subject to UK tax. Security tokens provide rights such as ownership, repayment of a specific sum of money, or entitlement to a share in future profits. Utility tokens can be redeemed for access to a specific product or service that is typically provided using a DLT platform. The tax treatment of all types of tokens is dependent on the nature and use of the token and not the definition of the token. Crypto assets created or acquired by companies for use on a continuing basis may be taxed under the corporate intangible rules.