Blockchain Bulletin: Unchained invites some of the leading figures from the industry to explain, analyse and breakdown some of the key themes and news stories transpiring in real-time in an ever-evolving sector.
In episode three of Blockchain Bulletin: Unchained, Jamie Nuttall, Managing Director of Myna L2 reveals the hidden costs associated with holding your favourite digital assets.
Speaking to host Callum Williams, Senior Business Journalist for Payment Expert, Nuttall explains the tax costs that come with holding, buying and selling digital assets such as cryptocurrency, and how this differs from traditional tax.
Navigating tax filings compliantly is an essential, yet costly process if not handled properly, and the same can be said for crypto tax filing.
Nuttall walks through the entire crypto tax filing process, from the start by identifying the digital and crypto assets needed for the file, to the end when it becomes recorded and filed away.
When it comes to reporting capital gains on the holding and selling of crypto assets, Nuttall explains how this needs to be completed and why data on certain blockchains is paramount to this process.
Nuttall also explains that there are certain aspects of crypto tax reporting that do not need to be reported, but also explains why clients and people need to understand what the tax is on different types of digital assets, such as rewards, NFTs, and more.
Disposals are also an important part of crypto tax reporting. Nuttall outlines what disposals are and why an individual or company must know whether it can file disposals in order to potentially save time, and money.
Lastly, Nuttall answers whether in the future in the UK, people and businesses could pay their taxes with crypto and/or stablecoins
Watch the full interview above.
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