HMRC crypto tax record keeping in the UK: the simple checklist most people miss
HMRC expects detailed crypto transaction records. Here is the practical checklist, how to keep it simple, and why record keeping is crucial for HNW estates.
Introduction
Most crypto tax problems are not tax strategy problems. They are record keeping problems. When records are incomplete, everything becomes slower, more expensive, and more dispute-prone, especially when a client dies, loses capacity, or loses device access. Non-custodial coordination. Not financial advice. Back to Insights: /insights
What HMRC expects
HMRC is clear that people must keep records for cryptoasset transactions. If you cannot evidence dates, values, fees and counterparties, you cannot reliably compute gains or losses or explain movements later. HMRC Cryptoassets Manual includes a dedicated record keeping section at CRYPTO10400. This guidance applies to individuals, businesses, and estates alike.
The minimum record set
Practical requirements for each transaction: 1. Date and time of each transaction 2. Type (buy, sell, swap, spend, transfer) 3. Asset and amount 4. GBP value at the time and the source of the valuation method 5. Fees (network plus platform fees) 6. Platform or wallet used 7. Public addresses and transaction IDs where relevant 8. Purpose and context, especially for large movements
Why this matters for HNW and estates
When a client dies or becomes incapacitated, the tax question quickly becomes an estate administration question. Missing records create three compounding failures: 1. Valuation delay: what existed at date of death? 2. Authority confusion: who can request platform data? 3. Dispute risk: family members interpreting partial evidence differently These problems compound when multiple platforms and wallets are involved.
What Bitzo changes
Bitzo helps organise crypto into a real-world plan without custody by producing an evidence-led pathway that professionals can work with. What we provide: 1. Documented recovery workflows 2. Verified contacts (accountant, solicitor, IFA aligned) 3. Evidence packs designed to reduce delays and disputes Start at /how-it-works (How It Works). Core pillars: /security (Security) and /inheritance (Inheritance).
Quick checklist
How clients can keep records without becoming an accountant: 1. One tracking spreadsheet per person (not per platform) 2. Monthly capture of statements and exports from exchanges 3. Self-custody log with transfers in and out with TXIDs 4. Device and access inventory (what devices and keys exist, where) 5. Valuation method documentation 6. Fee tracking for all transactions 7. Context notes for large or unusual movements 8. Backup copies stored securely
Next steps
Ready to help clients with crypto planning? Explore our adviser programme at /advisers or book a call at /book. Related reading: /insights/hmrc-inheritance-tax-cryptoassets-uk and /insights/seed-phrase-storage-best-practices-uk Back to Insights: /insights
Frequently Asked Questions
Do transfers between my own wallets matter?
Yes. Even if not taxable, they matter for audit trail and later reconstruction of your transaction history.
What if I used multiple exchanges?
Consolidate exports and keep a single master record that covers all platforms.
Do I need exact timestamps?
Best practice is date and time plus the valuation basis you used. Approximate times are better than no times.
Is this only relevant if I sell?
No. Swaps, spends and other disposals can all be taxable events that require documentation.
Does Bitzo file taxes for clients?
No. Bitzo coordinates evidence and recovery readiness. Tax work remains with the client's accountant or tax adviser.
Where should I start?
Start by exporting exchange history and logging self-custody transfers with TXIDs.
How does Bitzo verify trusted contacts?
Through recorded calls, rotating verification codes, and cross-referencing against documentation. Every step is logged with full audit trails.
Can incomplete records be reconstructed?
Often yes, using exchange exports and blockchain data. However, earlier documentation is always better and less expensive than later reconstruction.
Sources
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