Recap, a new startup based at Sparkhouse in Lincoln, that promises to solve your issues relating to accounting for your cryptocurrency profits (and losses), has reached its next key milestone with the launch of its early access beta.
The Recap beta is a UK focused cryptocurrency portfolio tracking app, helping you tackle your tax situation.
Over the past six months, co-founders Dan Howitt and Ben Shepheard have focused on shipping a release which helps users account for their taxable events and generate comprehensive tax reports, while also adhering to their commitment of keeping cryptocurrency transactions private and secure.
This will set the stage for the main Recap product launch in April 2019, ahead of its push to the US market in May 2019.
The Recap app forms part of a comprehensive plan to make cryptocurrency accounting simple – according to latest statistics, US households owe around $25 billion in taxes related to cryptocurrency, while overall, cryptocurrency has an estimated 20 million+ users globally.
Recap beta feature set:
Automatic exchange integrations: currently for Coinbase, Coinfloor, Kraken and Bitstamp. If you only have taxable events in one or more of these services calculating your tax position for the year should be straightforward.
Custom accounts: where Recap doesn’t have an automatic integration you can create a custom account and manually enter transactions.
Tax reporting: for the features Recap has implemented it has applied the latest HMRC guidance on cryptoassets. At present, Recap supports calculating capital gains tax, inclusive of same day, bed and breakfast (30 day) and section 104 pooling.
Forks: a manual transaction can be added to represent a fork event in one of your accounts. The cost basis of the original asset is shared proportionally between the original and new asset based on their respective market values.
Upcoming beta features:
Dashboard: see your entire portfolio in one shot.
Tax page remodel
Tax tools: ability to tag transactions not subject to tax. Scenarios for this include reconciling errors and transactions which relate to someone else or a business.
New types of transactions: income and expenditure transaction types, mining, salary, spends and gifts.
Airdrop support: adding to tax calculations.
CSV imports: upload a CSV file into a custom account. Support for almost any exchange.
More automatic exchange integrations: Recap is currently looking at Bitfinex, Binance and Coinbase Pro. Let the team know what exchanges you’d like to see first at firstname.lastname@example.org
Tax support for other jurisdictions – starting with the US.
Cryptocurrency wallet integrations: Recap will track your wallet transactions and automatically classify them.
Transaction matching: intelligently match deposits, withdrawals and transfers across exchanges and wallets.
Cloud sync: seamlessly backup all of your transactions and access them from multiple devices.
Mobile app — iOS and Android app see your portfolio on the move.
Dan Howitt, Co-Founder of Recap told CityX: “The beta is free (for this tax year) and we hope it will help many UK cryptocurrency users deal with their tax affairs before the January 31 deadline.
“We ask anyone involved in cryptocurrency to provide us with feedback – we’re listening and will be adding features according to our users needs.
“It’s an exciting time here at Recap, we’re in the process of raising a pre-seed round to allow us to develop the product further and access the US market.”
For more information about Recap and access to the beta – sign up at here.