Refer A Friend launches

Here it is folks – The Recap refer a friend system!

We have had loads of requests for a refer a friend system from our users since launching, so it immediately shot to the top of our development list. After testing a few pre-packaged systems, we decided that none of them provided the level of service and functionality that our users deserve, so we decided to build our own!

Here is all the information you need to know about how it works and how you can earn yourself some Bitcoin for helping out your crypto buddies!

The Basics

The basic idea of the refer a friend system is to reward our users for spreading the word about Recap to their friends who need help to calculate their tax position on crypto investments. We wanted to make it a fairly generous system as we have a lot of love for our users and believe our product can save a lot of time and stress for the crypto community.

The process is as follows:

• You refer a friend to Recap using the referral link found on the settings page of the Recap app
• They use your link to navigate to the Recap website and purchase a paid subscription (for this example, let us say they purchased the Orbit subscription at £240)
• As a result of using your referral code, they will receive a 20% discount on the price of their subscription – They will only pay £192 instead of £240
• As a result of you referring a new user to us (thanks btw), you will receive a 20% commission on the amount they paid for their subscription – You will receive £38.40 in credit on your Recap account
• You can use this referral commission to offset some (or all if you refer enough of your friends!) of the cost of your next Recap subscription, or you can withdraw the value in Bitcoin after a month
• Voila! You have now helped your friend save time on their taxes and 20% of the cost, as well as earning yourself a nice little bit on the side

The taxable event

Most importantly, seeing as we help you calculate your cryptoasset taxes, we should probably explain how this referral commission should be treated for tax purposes if you choose to withdraw your credit in Bitcoin.

As you have done some work (referred a friend) to earn this Bitcoin, it should be considered against income tax. When you dispose of the Bitcoin earned, any gain or loss should be considered for capital gains tax.

When Bitcoin payouts are enabled, the income and acquisition transactions will automatically appear in Recap. If you sell this Bitcoin on an exchange, Recap will calculate the capital gains tax too.

Finally

That’s it – we believe simplicity is key, so we wanted to keep this as simple as possible - #Give20Get20

Follow us on twitter to stay updated with future features (such as the Binance API integration which is almost finished) and join our telegram community to ask any more questions or provide feedback on our app!

Happy referring!