Although crypto is relatively easy to use, they can become complicated when multiple wallets, incoming and outgoing payments, bank accounts and accounting are involved. This is especially prevalent for for businesses working in crypto and blockchain.
Harvex are experienced in handling your entire portfolio and keeping your business moving while remaining compliant and tax ready.
Your portfolio is more than just a few wallets, it's an accounting and tax minefield that needs to be tracked. As profits increase it may be exciting to see, but it brings new challenges, while losses may also save you taxes further down the line.
We keep track of your entire portfolio so you will be in the know whenever the time comes to truly understand your financial position in crypto.
Ensure your assets are classified and valued correct, such as FIFO, LIFO, HIFO and more. Who knew, right?
Looking after and managing your crypto-funds is as equally important as looking after your bank account.
Strong oversight and management allows you to accurately see your portfolio value, forecast your tax liabilities and assess your investments. Plus, it’s always helpful to know the simple day to day questions – what is my current/ongoing balance and fiat value?
Which is often where portfolio tracking is an important component with your crypto asset management process.
How can Harvex help? We can support you day to day covering with a range of useful services.
Crypto Asset Management
Crypto Treasury Management
Paying Employees with Crypto
Plus, as cryptocurrency continues to evolve and embed itself in mainstream life, more and more companies are offering services and opportunities in the crypto-sector. Harvex work with many individuals and companies who are utilising the openings forward thinking entities are providing.
Initial Coin Offering Investments
Loans with Crypto as Security
Allocate and track your crypto investments within a range of asset classes.
Ensure your assets are classified and valued correct, such as FIFO, LIFO, HIFO and more.
Collate and manage your portfolios performance, ticking off profit & loss and tax in one go.
Keep an oversight of your coins and tokens, their value and whether they are currently trading at a gain or loss.
The starting point for most is a safe and reliable pair of hands to undertake the management around your cryptocurrency, whether that is Bitcoin, Ethereum or any other coin. Harvex provide a huge range of solutions for your Cryptocurrency Treasury Management.
However, one thing stands out – our experience. We’ve been working with clients of all sizes for many years, we can provide bespoke, niche and secure services.
Harvex can fully on-board your crypto management, reconcile incoming and outgoing payments from your wallets and prepare reports in your local fiat currency for comparison.
We also can advise on your expected bitcoin tax liability on an ongoing basis and prepare financial statements to support ongoing business decisions.If you hold crypto in a personal wallet, we are experienced in revaluations and liquidation of crypto to fiat to build into personal finances and tax returns.
With the likes of Coinbase and Bitfinex holding tax information on users and with the possible disclosure to a range of tax authorities, now more than ever, correct interpretation of exchange reports is essential for your crypto and bitcoin accounting.
For frequent traders, transactional reporting can run into tens of thousands of lines, from trade pairs, to positions claimed or closed, to settlements, all in a variety of cryptocurrencies and fiats.For Harvex, this is not a complex process.
We collate profit statements (used for tax and/or business management) on a daily basis for a wide range of clients. Whichever exchange(s) you work with, you can be sure we can have seen their reports.
Have you spent some of your businesses cryptocurrency or pay others in crypto? If this is the case, you may have triggered tax charges. It’s unlikely you’ll be able to find a way around tax payments that are aligned to the way you withdraw money in fiat.
Harvex are experienced in navigating through the correct way to tax crypto payments and distributions ensuring you do not pay any more tax then you need too, if any at all.
Although HMRC (UK), and many other tax bodies around the globe, do not recognise Crypto as a currency (yet), some regulated pension providers do invest in cryptocurrency as part of their fund.
If you accept bulk crypto payments, via a website, email list or other medium, Harvex will be able to support with both setup, operational and financial tasks relating to this.
For those who’ve made some crypto-backed investments, you may be receiving dividends – let Harvex manage the ROI on your investments for you.
Some say masternodes are the future of cryptocurrency, in any case, passive crytpo income can be an exciting additional income stream.
So, you’re probably reading this as you have some crypto in your wallet. The value of this digital asset is constantly moving up and down against the fiat currency you choose to compare against. For some people that is investment enough.
However, for those who want to go a stage further, there is the world of ICO’s and Margin Funding.
Crypto to crypto investments are high risk, but these types of investments do allow you to speculate with your digital currencies, without moving it to fiat. Many of our clients hold a portfolio of investments in the altcoin and bitcoin currency sector. Harvex can ensure the accounting and tax of your investments is correct.
If you hold ICO tokens, most commonly utility tokens, you may have been fortunate enough to see massive gains, with post-listing on trading exchanges transforming your initial investment into a healthy sum.
On the other side, a lot of ICO’s didn’t live up to the hype and you may be carrying losses. Aside from Harvex’ cryptocurrency treasury management, we can keep track of your ICO investments and give you regular updates on their values.
We know how to account and tax Bitcoin mining correctly. But our niche is going further, we can tell you the exact profit you made (or loss) on your mining activities. With energy prices reasonably stable, but Bitcoin highly volatile, Harvex can work with you to ascertain the true financial performance of your mining operation.
If you’re a hodler, this doesn’t mean you can’t put your assets to work in another way. Let’s say you, or your company, have a potential business interest that requires fiat, Harvex have connections with providers such as Blockfi who will issue crypto backed loans fiat using your assets as collateral / security.
However, Harvex’ main client service here is we ensure the financial treatment of your loan is correct and you obtain the tax savings which are available, either as upfront advice, or as part of the periodic accounts. It’s our job to ensure any financial liability you undertake against your crypto assets is recorded correctly.
There are not many in the world of cryptocurrencies who understand the financial legislation and tax rules around digital assets like Harvex do. One of the first to form as a specialist accountancy business to serve crypto and Blockchain since 2014, Harvex set the standard for what is required when it comes to tax and accounting for these complex financial instruments.
We explore some of the most asked questions here as part of a crypto taxes FAQ.
Our answers come from hundreds of accounts and tax returns submissions spanning millions of dollars, thousands of BTC and thousands of miles as an international business.
As you can see from our FAQs, our knowledge is broad and we're able to provide expertise to almost anyone dealing with cryptocurrencies.
Since we began working in Blockchain and Crypto in 2016, Harvex have been the perfect partners for everything to do with our finances. We're able to accept any currency, handle our FX and brokerage and they secured our bank account. Along with handling all our accounts and tax, we couldn't cope without Harvex.