Klaytn is a blockchain designed for Metaverse and GameFi, this can make calculating your taxes tricky. But the good news is that Cryptiony makes doing your Klaytn taxes simple. We have compiled a guide showing how to file Klaytn taxes in just a few steps.
Klaytn is the number one smart contract blockchain in South Korea and is currently expanding internationally. It focuses on metaverse and GameFi by providing dApps with all the necessary tools to build exciting projects on the network.
It can process up to 4000 transactions per second, which is much more scalable than Ethereum and makes it ideal for metaverse projects. It is easy for developers to migrate applications from other EVM chains to Klaytn as it is EVM-compatible.
Due to the nature of metaverse and GameFi, you will often have many transactions to calculate taxes for. Moreover, the UK has specific tax regulations for these areas that most accountants are unaware of.
On the other hand, Cryptiony is based on these regulations and can process all your transactions much faster than an accountant; and your first 500 transactions are free of charge!
With this in mind, the best way to calculate your Klaytn taxes is with the Cryptiony automated tax calculator.
The first step to calculating your Klaytn taxes is finding your wallet address, which is usually on the home screen of your wallet, or you will see it when you click “receive crypto” (it is the long alphanumeric string beginning with 0x). Then you can import your Klaytn transactions to Cryptiony. Follow the steps below to get started.
Sign up for Cryptiony.
From the Cryptiony dashboard, click transactions, then connect the wallet. .
Select Klaytn, then name the wallet and input your wallet address.
Select connect wallet.
To ensure we attribute all your transactions to the correct taxes, sync all your wallets and exchanges.
Although our software is accurate, it’s always best to double-check that all your transactions have been imported correctly. You can do this by clicking taxes on the left navigation bar, scrolling to the bottom of the summary and selecting the transaction list. Then you can ensure all your transactions are included and attributed correctly.
If your transactions have not been imported correctly, please visit our help centre.
Yes, HMRC usually taxes metaverse profits as Income Tax. However, there are also instances where HMRC could classify them as Capital Gains Tax. The good thing about Cryptiony is that you do not need to worry about attributing taxes, as our software does it for you.
To report your Klaytn taxes to HMRC, you need to generate a tax report from Cryptiony after you have imported your transactions. Once complete, download a HMRC Self Assessment sheet and attach the report. Finally, you submit your Self Assessment sheet to HMRC via their website or the post.
Yes, you will owe taxes to HMRC if you have an income stream from the Klaytn blockchain. This will likely be taxed as Income Tax, but it could also be Capital Gains Tax. Check out our UK crypto tax guide to find out more.