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UK Income and Capital Gains Tax Calculator for Cryptocurrencies

Project description

PyCryptax

Pycryptax calculates income and capital gains using transactions and price data from CSV files which can include cryptoassets such as Bitcoin. Capital gains are calculated according to section 104 holding; 30-day bed and breakfasting; and same-day rules. Guidance is available through an HMRC publication online.

To install the program you must have Python 3. You can install using pip (remember to use sudo if needed):

pip3 install pycryptax

Alternatively you can run the following command in the project's root directory:

python3 setup.py install

After installation, the pycryptax command should be available and you may run pycryptax --help to view an overview of the usage. See below for more details on how to use the software.

Disclaimer

Do not rely on this software for accuracy. Anything provided by this software does not constitute advice in any form. The software is provided "as is", without warranty of any kind. Use at your own risk. See the LICENSE file for more details.

Providing Data

Transaction data for income and gains need to be provided in CSV files contained within particular directories. Prices are kept in ./prices, capital gain/loss trades in ./gains and income transactions in ./income. These directories should be found within the present working directory or the directory provided by the --dir command line option.

CSV files can be produced by any decent spreadsheet software. Spreadsheet software can be used to manipulate exported price, exchange and wallet data into the correct format.

Empty rows are allowed. Additional columns for comments etc. are allowed and ignored.

Please see the ./examples directory which contains an example of how data should be provided.

Price data

Inside the ./prices directory, CSV files containing price data for asset pairs can be provided. This price data is used to convert asset amounts into the reporting/account currency for which the tax calculation is being done (gbp by default).

Each file should be formatted as XXX_YYY.csv where XXX is the base currency, and YYY is the quote currency. For example btc_gbp.csv would contain the GBP prices of 1 bitcoin.

These files can be chained together to combine conversions. For example btc_usd.csv and usd_gbp.csv would allow conversion of bitcoin to GBP by converting to USD first. The software only allows conversions to be done through a single chain and they can only be done from the base currency to the quoted currency so gbp_btc.csv would allow conversions of GBP to bitcoin but not bitcoin to GBP.

Each file should contain a list of daily prices for the asset pair. If a price is not available for a specifc date, then the soonest earlier date available is used instead.

The price csv files should use the following columns:

Column Description
DATE The date of the price formatted as YYYY-MM-DD
PRICE A decimal number of the price of the base asset in the quoted asset

Income data

Transactions for all revenues (positive amounts) and expenses (negative amounts) can be provided under the ./income directory in as many CSV files as desired. The CSV files can be named anything as long as they end in .csv. Transactional data should be provided with the following columns:

Column Description
DATE The date of the transaction formatted as YYYY-MM-DD
ASSET The asset transacted, in the same format provided by the prices CSV filename
AMOUNT The amount of the asset received/debited (positive) or sent/credited (negative)
NOTE A note to be provided when outputing transactions

Capital Gain/Loss data

Trades between assets, and other acquisitions or disposals can be provided in the ./gains directory in as many CSV files as desired. The CSV files can be named anything as long as they end in .csv.

If one asset is being traded for another, then they should be provided on the same row. Sometimes assets are acquired or disposed without a counter asset. In this case, only the single asset should be provided and the other cells should be empty.

If you are selling or buying an asset against the reporting currency (GBP by default), then the amount of the reporting currency should be provided as a corresponding buy/sell asset like any other asset would. For example if you sold 2 bitcoin for £12,000, then put btc as the sell asset, gbp as the buy asset, 2 as the sell amount and 12000 as the buy amount.

Asset names should be in the same format as in the price CSV filenames.

Trades should be provided with the following columns:

Column Description
DATE The date of the trade, acquistion and/or disposal formatted as YYYY-MM-DD
SELL ASSET The asset being sold/sent/disposed, or empty if none
BUY ASSET The asset being bought/received/acquired or empty if none
SELL AMOUNT The amount of the SELL ASSET being disposed or empty if none
BUY ASSET The amount of the BUY ASSET being acquired or empty if none

Running Calculations

Please run pycryptax -h for usage details.

When running a calculation you must either be in the directory containing the prices, income and/or gains directories, or provide it using the --dir option.

Calcuations are done for a particular period of time. The start and end dates need to be provided in the YYYY-MM-DD format. For example, to calculate income for the 2009-2010 tax year in the ./examples directory:

pycryptax income 2009-04-06 2010-04-05 -d ./examples

The following actions are allowed:

  • income: Produces the revenue and expenditure for each asset and in total.
  • gain: Produces the gain and loss for each asset and in total. Also displays the status of the section 104 holding at the end of the calculation period.
  • txs: Outputs in CSV format each income tax transaction with revenue and expenditure calculations shown in the reporting asset (GBP by default).
  • disposals: Outputs in CSV format each disposal, including the calculated costs and proceeds which HMRC may ask for.

If you do not want to report calculations in GBP or have named GBP something other than gbp, then the --reportingcurrency option can be used to specify a different asset.

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1.0.0

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