Following the inclusion of crypto assets as ‘financial instruments’ in the Income Tax Act, this has confirmed that gains arising from crypto transactions by individual taxpayers would be seen as capital gains or as personal income. Meaning if you have sold, exchanged, used, or received crypto assets, you may be liable to pay taxes on any associated profits.
The two firms have created a free guide so individuals can be better informed of the current rules and requirements. But for those wanting to take the legwork out of calculating any tax liability that might be due, Recap offer a software solution to carry out the task in complete privacy.
With potentially hundreds or thousands of individual transactions across often multiple exchanges or wallets, getting a true picture can be stressful and time consuming. Recap imports all your transactions with complete encrypted privacy and brings clarity to your tax position, including automated integrations with Luno and Valr exchanges amongst others.
UK based Recap chose to partner with Crypto Tax Consulting to utilise the specialist regional knowledge. Recap CEO Dan Howitt said, “It’s been a pleasure to get to know the Crypto Tax Consulting Team. We’ve been working closely to ensure Recap follows South African Crypto Tax guidelines correctly and accurately calculates taxes as whilst there is some guidance from SARS on how to approach taxes for crypto assets, there is still ambiguity.”
“Our free guide will hopefully explain the current rules and if needed our software will take the headache out of the calculations for you. Then if you want specialist personal advice, you can opt to share your data with your accountant, or we’re pleased to recommend Crypto Tax Consulting as our preferred advisors.”
With a specialised cryptocurrency team comprising of tax professionals, admitted attorneys and chartered accountants, all authoritative experts in their respective fields, Crypto Tax Consulting was a perfect partner for Recap.
Thomas Lobban, Head of Crypto Asset Tax at Crypto Tax Consulting said, “We’ve been working closely with the Recap team to prepare for tax season, and we’re really excited to be recommending Recap to our clients. Their platform simplifies crypto taxes, and we’re well-aligned on this mission”.