Tax Agencies
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Does Coinbase Report to HMRC?

CoinbaseUnited Kingdom
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Cryptocurrency exchanges around the world are starting to report more and more information to government agencies. In this guide, we analyze Coinbase’s tax reporting policies within United Kingdom. We’ll also break down a simple way to report your Coinbase taxes in minutes.

Does Coinbase report to HM Revenue & Customs (HMRC)?

Yes. Coinbase has reported information to HMRC for users on its platform which have a UK address and have received more than £5,000 worth of crypto. Coinbase alerted UK users of this fact in 2021. Given that Coinbase is a licensed business in the UK, the exchange is likely to continue reporting to HMRC as required by UK law. 

What does HMRC do with the information that Coinbase provides?

HMRC has used data matching to crack down on crypto tax fraud. By using information provided by exchanges like Coinbase, HMRC is able to track crypto transactions and identify individuals who have not met their tax obligations.

Do I have to pay taxes on my Coinbase transactions?

Yes. In the UK, your transactions on Coinbase or other platforms are subject to capital gains tax and ordinary income tax. 

If you’ve earned or disposed (ex. Sold or traded away cryptocurrency) during the year, you’ll have a tax liability to report to HMRC. 

For more information, check out our complete UK guide to cryptocurrency taxes

Is Coinbase legal in the UK?

Yes. Coinbase operates legally in the UK.

How do I avoid Coinbase taxes in the UK?

Remember, there is no way to legally evade your taxes in the UK. However, tools like tax-loss harvesting and cryptocurrency tax software can help you save thousands of dollars legally. 

For more information, check out our guide on how to avoid crypto tax in the UK

Get a Coinbase tax report today

Looking for a simple way to report your Coinbase taxes? With CoinLedger, you can import your Coinbase transactions and auto-generate a complete gains, losses, and income tax report in minutes.

CoinLedger integrates with Coinbase and dozens of other wallets, blockchains, and cryptocurrency exchanges to automate the entire crypto tax reporting process.

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