Moonbeam is a cross-chain layer 1 blockchain that connects the Ethereum and Polkadot networks. The Moonbeam blockchain has many uses, including staking, liquidity mining, trading and investing. With that in mind, this guide will show you how to report your Moonbeam taxes to HMRC quickly and easily.
Moonbeam is a cross-chain layer 1 blockchain that enables EVM dApps to launch on the Polkadot network. The network allows EVM wallets such as Metamask to connect to Moonbeam, effectively opening Ethereum Virtual Machine networks to Polkadot parachains.
This means you can enjoy EVM and Polkadot blockchain applications from one wallet, resulting in a much simpler user experience and a massive step forward for blockchain interoperability.
The fastest and easiest way to calculate your Moonbeam taxes is using the Cryptiony automated tax calculator. While you could attempt to calculate them manually or hire an accountant, both options are more inefficient. The complicated tax laws could even result in you filing your taxes incorrectly.
On the other hand, Cryptiony is based on current UK tax regulations and calculates your taxes accurately and automatically in minutes. But that’s not all; you can get started with Cryptiony risk-free, as your first 500 transactions are without charge.
With that in mind, the first step to calculating your Moonbeam taxes with Cryptiony is importing your transactions into the Cryptiony app. Then, once completed, you can generate a tax report to attach to your HMRC Self Assessment.
The only information you need to import your transactions is your wallet address. You can find this on your wallet home page or by clicking “receive crypto” from the wallet dashboard (it is the alphanumeric string starting with 0x).
Follow the steps below to import your Moonbeam transactions into Cryptiony.
Sign up for Cryptiony.
From the Cryptiony dashboard, click transactions, then connect the wallet. .
Select Moonbeam, 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, you can import your Metamask account to Cryptiony to calculate your Moonbeam taxes. The great thing about Moonbeam is that you can interact with the Polkadot network with an EVM address.
The easiest way to calculate Moonbeam taxes is with the Cryptiony software. With our app, you can generate a tax report in under 20 minutes and sleep well knowing it's accurate, as our software is based on the most up-to-date tax regulations.
After following the instructions in this guide, click generate a tax report from our app; then download a Self Assessment sheet from HMRC, attach the tax report, and submit it online or via post.