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Accounting for cryptocurrency

Hey there,
I’ve transferred money from my business bank account into my Coinbase (cryptocurrency account). How would I account for this on Quickfile? Also, should I create another bank account? I couldn’t find answers online and am quite new to all of this.

Thank you for your help! Stay safe and have a great day.

How you account for it depends on whether crypto is considered a hobbie or a trade. It’s unlikely to be considered a trade unless you deal in loads of crypto and make massive gains.

Therefore the treatment would be to tag it as either a proprietors drawings or a directors loan.

If you sell them in the future tag the repayment in the same way. Make sure to note any gains you may make and if the gains are more than the cgt allowance report it on your tax return.

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