Introducing our Accountant Portal for Crypto at Accountex 2022
Crypto was a big talking point at Accountex London
Tue May 24 2022
We recently spent two days exhibiting at Accountex London, a free event for accountancy and finance professionals. This year it was all about embracing the digital revolution and the importance of keeping up with the tools, technology and ideas driving the industry forward. Accountex is a great opportunity for attendees to meet the teams behind the brands and experience live demos. There was a great range of exhibitors present including Sage, Iris, Xero and TaxCalc as well as emerging brands like Dext. With cryptoassets now being owned by 1/3 of individuals in the UK and tax regulation becoming an increasing concern for crypto investors, Accountex was the perfect opportunity to introduce our Accountant Portal!
Crypto had a big presence at the event
Crypto is a growing industry and was a big talking point at the event. Ketan Makwana, Chairman of Seventy7 Ventures led a session giving insights into the Future of Finance with Crypto Assets. Jason Steedman of Steedman Chartered Accountants also gave a talk on Accounting for Crypto and Blockchain and discussed the typical challenges faced. There were only a handful of crypto services exhibiting but overall attendees seemed to a higher awareness of cryptocurrency than we expected.
How Recap can help with Crypto Tax Clients
Sourcing and understanding a client’s crypto data was the major pain point that attendees at Accountex highlighted. This is where Recap can help, as the platform allows all crypto assets to be tracked in one place through automated API connections to exchanges and CSV upload. It then goes on to apply fair market valuations and automatically calculates the capital gains and income tax according to HMRC guidance.
The Recap Accountant Portal makes it easy for accountancy firms to manage multiple crypto clients. Clients can invite their accountant to view their crypto accounting data and accountants can quickly switch between their client’s accounts. Even in this sharing feature, our unique end-to-end encrypted security approach is preserved. Data is only accessible in the client’s or accountant’s browser and not on our servers, so there should be no data compliance issues for IT teams to worry about.
Active within the UK Crypto Space
Mass crypto adoption has led to a need to regulate crypto, but current regulation is uninformed and lacking clarity. As an active CryptoUK member and part of the CryptoUK Tax Working Group we are helping to shape change in crypto regulation.
During the event we spoke to a lot of accountants and finance professionals who are welcoming crypto clients but struggling to find reliable guidance, especially in complicated scenarios. With a network of crypto experts and tax advisors that is growing, we're on a mission to make this more accessible by providing resources and webinars.
See you next year Accountex London!
We had a brilliant two days and we’re excited to see how much more crypto presence there is next year. Congratulations on a brilliant event!