Koinly: Business Expense?

Hi, as a freelancer I received most of my income in crypto. As such I need to purchase crypto tax software such as Koinly to do my accounting. I solely use it for tax/book-keeping in relation to my income & self-assessment Would this be an allowable business expense, and if so would it go in box 28? Thank you

No one has any information on this?

Hi Clare,

Have a look at this link: 

Expenses if you're self-employed
 
It advises the stationery expenses includes "computer software if your business makes regular payments to renew the licence (even if you use it for more than 2 years)" 

BIM35805 also covers computer software.

BIM35805 - Capital/revenue divide: computer software: Tax Bulletin article

Thank you. 
 

Got it, thanks. I just realised I bought it after April 5th 2023 (I didn't really need it before then). Would that mean I can only claim it for 2023/24?

Hi Clare,
Yes, UK tax is charged on the arising basis.
As you purchased the software in 2023 to 2024, you can only claim the expense in that year, as that is when the expense arises.
You can still use the software for previous tax years, just not claim the expense in a previous tax year.
Thank you. 

Thank you for your help