In recent months, large companies such as Tesla have swapped billions of dollars in cash for Bitcoin. It’s exhilarating to think how this coin is once known for wild speculations increasingly made its way to not just in mainstream media but even started accepting invitations to appear on corporate balance sheets.
In this episode, Director of PKF-Francis Clark, Ben Lee, and CEO, Co-founder of Coinpass.com, Jeff Hancock tackles some of the key questions over cryptocurrency bookkeeping and tax.
How does crypto accounting work? And should you be riding in on this?
What We Discuss:
- Stats on firms doing this now — UK or wider jurisdiction?
- [00:01:30] Jeff Hancock
- [00:03:51] Ben Lee
- Process for adding Bitcoin to one’s balance sheet?
- [00:04:42] Jeff Hancock
- [00:05:53] Ben Lee
- Red flags to consider before, during, and after the process
- [00:07:54] Ben Lee
- [00:08:58] Jeff Hancock
- How Crypto Exchanges and Accountants are joining forces to facilitate a smoother go of this for their clients
- [00:11:45] Jeff Hancock
- [00:13:12] Ben Lee
- Best practices for anyone about to embark on this now
- [00:16:44] Ben Lee
- [00:17:37] Jeff Hancock
Episode Resources:
- PKF-Francis Clark: https://www.pkf-francisclark.co.uk/cryptocurrency-tax-advice/
- Ben Lee: https://www.linkedin.com/in/blockchainben/
- Coinpass: https://www.coinpass.com/
- Jeff Hancock: https://www.linkedin.com/in/jeffreyrthancock/
Watch it on YouTube HERE: https://www.youtube.com/watch?v=Sk7UCHXsynk