The Thursday Recap #9
The Web App is almost here, Changed Balances added, UK tax season is upon us and our Black Friday sale!
Thu Nov 28 2019
The attentive readers out there will have noticed that there was not Thursday Recap last week. We’ve been so hard at work bringing Recap to the web we just haven’t had time to update everyone. Sorry. Good news though, it’s almost ready! If you missed the previous instalment you can catch up here.
We’re just making some final tweaks and testing the web application to make sure it’s stable and reliable.
In order to use some connected accounts in the browser, users will have to install the Recap extension. This allows the Recap web app to directly connect to your crypto exchanges and services so your data does not flow through our servers, preventing Recap (or anyone else), from snooping on or stealing your financial data.
We’re excited to be launching to the web and hope that you will find Recap easier to use than ever. Subscribe to our social channels to be the first to find out when this launches.
For every activity item, you can now see the affected account balances. This is super useful when trying to understand how your balances have changed over time.
UK Tax Season
The UK tax season is here, sorry for the reminder. Your self-assessment tax return needs to be filed and paid by 31st January 2020.
Even if you think you don’t have a taxable gain for your cryptoassets it is still worth while discovering what your tax position is for all tax years. Many of our clients have made losses after the crash of the 2017/2018 bull market. You can use losses in previous tax years to offset gains in the future years - it’s worth while locking in those losses. You can claim losses for up to 4 prior tax years, so don’t let these deadlines expire - use them or loose them.
As an example, a you pay have the following net tax position for each tax year:
- 2017/2018 - Gains of £25,000 - First £11,300 is tax free, £13,700 taxed at 10%. Your total capital gains tax (assuming lower rate tax payer and no other capital gains) is £1,370.
- 2018/2019 - Loss of £30,000 - file a loss of £30,000 on your tax return to offset future profits
- 2019/2020 - Gain of £25,000 - Negate the loss from 2018/2019 (£30,000 - £25,000) to total gain is £5,000. £5,000 is under the capital gains allowance of £11,700, meaning you have no tax to pay saving you £1,330.
Let Recap crunch the numbers and save yourself some tax! Take advantage of our Black Friday offer below.
Brendan Eich - The future of privacy-by-default
An interesting keynote at WebSummit a couple of weeks ago. Brendan explains how Brave protects users automatically from tracking and other privacy threats.
As a zero-knowledge privacy platform, Recap shares a lot of values with Brave. Recap’s unique encryption approach means your data is only ever readable on your devices, never on our servers. This eliminates a whole category of attacks and exploits, protecting your privacy and most importantly, your assets.
$50m Stolen from Upbit Exchange
342,000 ETH were stolen from South Korean exchange Upbit this week. Remember: not your keys, not your crypto.
Our CEO Dan will be at FinTech Connect on Tuesday. This is a great opportunity for Recap to network with other great firms shaking up the industry. If you’d like to meet with Dan to learn about Recap or to discuss opportunities, you can email him at email@example.com.
Black Friday Discount
UK tax season is upon us, and we’re offering a Black Friday discount this weekend to help get you started with Recap. Keep an eye on our social channels for more information about this discount.
Use coupon code BLACKFRIDAY when checking out to get 25% off this weekend only.