Wright Vigar partner with crypto tax calculation software in UK first
In a UK first, chartered accountants and business advisors Wright Vigar, has partnered with crypto tax calculation software Recap, to provide secure, tax calculations on their clients crypto portfolios.
Wright Vigar has been supporting crypto investors since 2018, with its client base increasing significantly, making them one of the UK's top firms specialising in crypto tax and accounting.
It chose to partner with Recap, the only UK-based crypto tax software, because it has privacy and security at its core, as well as automated portfolio tracking and HMRC compliant tax exports, according to a statement.
Recap is also significantly involved in helping shape tax policy through industry body CryptoUK, which Recap CEO and co-founder Daniel Howitt co-chairs its tax working group.
With Recap, Wright Vigar is able to support both sophisticated investors who want to handle their crypto data themselves and investors who want more support from their accountant to determine what their tax position is on their crypto portfolio.
Associate Tax Director at Wright Vigar, Louise Lane, heads up its crypto team. Speaking on its partnership with Recap she says, "Recap is an essential tool that I strongly recommend to all my crypto clients - both individuals and companies. As our client base in crypto has grown, the need for a secure tax calculation service has become a must have.
"We've tried every crypto tax calculator on the market and we come back to Recap every single time. Recaps commitment to being a UK focussed proposition ensures that complex tax issues like Marren v Ingles are correctly handled for capital rewards. It is a joy to partner with software developers who know the UK tax system inside out and are at the forefront of the emerging UK crypto tax rules."
Lane continues, "The only option we had before adopting Recap, was to use spreadsheets and work out the capital gains owed on crypto investments manually - it was extremely difficult and time consuming.
"A real frustration - especially as we worked with more and more crypto investors and wanted to free up our time to provide value-added tax planning advice instead. In 2022, the crypto market faced a turbulent time following the well documented collapse of FTX."
According to Lane, the market's challenges have presented a second chance for investors who missed the initial boom of cryptoassets like Bitcoin.
She adds, "There's a real opportunity right now for accounting firms in crypto. Investors who saw the highs of the market and felt they missed out are now investing while prices are lower. They need to be able to calculate their taxable events quickly and privately in line with market changes. Recap stood out to us because it continues to add new integrations to meet these changes and the privacy it affords was a real priority for us."
Speaking on partnering with Wright Vigar, Daniel Howitt, CEO and Co-founder of Recap says, "We know Recap must work for industry professionals including accountants. That's why we launched our accountancy portal where accountants like Louise can connect their clients' accounts or import their data into Recap to calculate their tax position instantly - without compromising the privacy and security of their clients cryptoassets.
"We're excited about our partnership with Louise and the team at Wright Vigar. We will be working closely with them over the coming months to ensure Recap continues to deliver the crypto tax solutions it needs to support clients."
