Recap a cryptocurrency accounting platform, founded and developed by two Lincoln based software engineers has secured a £135,000 grant from the Government’s Innovate UK ‘Transforming accountancy…with AI and data’ fund.
Recap seeks to solve the issue of preparing an accurate tax position on the numerous trades across multiple platforms and exchanges that is so common when investing in cryptocurrencies such as Bitcoin, Ethereum, Litecoin and thousands more. Each time a coin is bought, sold or traded for another currency a taxable event occurs which could mean you’re liable for paying capital gains tax or indeed lowering your tax position if you’ve lost money.
For many this meant a laborious process for an accountant of hunting though thousands of trades to be able to put a figure on a self assessment tax return which was accurate and would stand up to scrutiny. Recap allows a crypto investor to merely import all their trades from the exchanges, in complete privacy, for the Recap software to determine what profits or losses have been accrued within the tax year.
After a highly successful beta launch in the UK, Recap has set its sights on the looming US tax deadline and are pushing to have a US version of the product ready. Co-founder and Director Daniel Howitt said: “It’s exciting times here at Recap, we have an ambitious backlog of work to deliver by March. The US tax deadline for the 2018 tax year closes mid-April..and we want Recap to be available way ahead of this deadline, meaning we need to internationalise the product, design and build a US capital gains tax engine”.
Recap are currently raising £150,000 in their first seed raise to combine with the grant providing £285,000 to invest into five full time hires to continue the development of the software as a global solution to a relatively new problem. Daniel added:
“These funds will allow us to enter the US market, release our 1.0 version of the product and actively market Recap in both the UK and US”
To find out more, visit the website here: www.recap.io