2

I've just started doing some arbitrage trading using a couple of online cryptocurrency exchanges, but I'm not sure what details I need to keep for the tax man.

Do I need to keep a record of all my activities? Say

  • sent £10,000 from bank account to exchange one;
  • bought 113 coins for £9,124;
  • sent 113 coins from exchange one to exchange two, with a fee of 0.1 coin;
  • sold 112.9 coins on exchange two for £10,124;
  • withdrew £10,124 from exchange two to bank account;
  • sent £10,000 from bank account to exchange one;
  • etc, etc.

I would have a bank account designated to doing this trading, so there wouldn't be overlap with other activities. As such, alternatively, can I just record/provide

  • the money in my account at the start of the tax year;
  • money in my account at the end of the tax year;
  • bank statements showing money entering/leaving the account;
  • exchange statements showing money arriving/leaving exchanges.

As mentioned in the title, I'm in the UK.

Your Answer

By clicking “Post Your Answer”, you agree to our terms of service, privacy policy and cookie policy

Browse other questions tagged or ask your own question.