Lincolnshire-based company, Recap, is making waves in the world of cryptocurrency with its recent success in securing a £300k grant from Innovate UK. This milestone achievement propels Recap into an exciting phase of expansion and innovation, as it gears up to revolutionize crypto asset management.
Recap specializes in crypto tax calculation services, offering a suite of solutions tailored for accountants and professional services.
With the support of the Innovate UK grant, Recap is poised to develop a pioneering, privacy-focused collaborative platform aimed at simplifying crypto tax calculations and client due diligence processes.
At the heart of this initiative lies a consortium of industry experts, including Hoptrail for source of fund analytics and top UK crypto specialist accountancy firms Andersen LLP and Wright Vigar.
With their combined expertise, Recap aims to enhance the platform’s capabilities in tracking and processing crypto asset transactions, while ensuring trusted source of fund checks during customer onboarding.
Daniel Howitt, CEO and co-founder of Recap, expressed his enthusiasm for the project, stating, “This grant is a testament to our dedication to innovation and our commitment to addressing the evolving needs of the Crypto industry.”
He emphasized the importance of assembling a team of ‘Crypto Tax Avengers’ to lead the charge in revolutionizing crypto asset management.
The 12-month project funded by Innovate UK is already underway, marking a significant investment in Recap’s growth trajectory.
Plans for expanding the team signal an exciting phase ahead, with Recap set to become a go-to solution provider for crypto tax and client due diligence.
Beyond financial gains, Recap’s ambitious drive aligns with its vision of contributing to the economic growth of Lincoln.
By fostering innovation and job creation, Recap aims to play a pivotal role in boosting the city’s digital hub, attracting more fintech and digital asset experts to the area.
Daniel concluded, “This investment represents the confidence and support we’ve garnered from Innovate UK, reflecting our dedication to innovation and strategic vision for the future of Recap and crypto asset management. We’re excited to make a lasting impact on Lincoln’s financial landscape.”
Recap is ideal for crypto investors who value privacy, simplicity, and accuracy in tax reporting.
Whether you’re an individual investor, a trader, or a business owner, Recap offers a tailored solution to meet your needs. By providing automated portfolio tracking, comprehensive tax calculations, and unparalleled privacy protection, Recap empowers investors to take control of their crypto assets with confidence.
For many crypto investors, calculating taxes can be a daunting task. With an ever-evolving regulatory landscape and the intricacies of crypto transactions, staying compliant with tax laws can feel like an uphill battle.
Moreover, concerns about data privacy and security add another layer of complexity. Traditional accounting products may not adequately address the unique needs of crypto investors, leaving them vulnerable to privacy breaches and regulatory scrutiny.
Recap provides a secure way to track your crypto portfolio, calculate taxes, and generate tax reports—all while keeping your data private and confidential. Here’s how Recap addresses the key pain points of crypto tax management:
Privacy-Focused Approach: Recap prioritizes user privacy, ensuring that your data remains confidential and inaccessible to anyone but you. With end-to-end encryption and a commitment to never track user activity, Recap provides a secure environment for managing your crypto assets.
Automated Portfolio Tracking and Tax Compliance: Say goodbye to manual calculations and sleepless nights worrying about tax compliance. Recap automates the process of tracking your portfolio and calculating taxes, giving you the freedom to focus on your investments without getting bogged down in complex tax details.
Support for Complex Transactions: Whether you’re involved in DeFi activities or trading NFTs, Recap has you covered. With support for a wide range of crypto transactions, including those on decentralized exchanges and complex DeFi scenarios, Recap ensures accurate tax reporting for all your activities.
HMRC Compliance: Recap is specifically designed to meet the tax reporting requirements of the UK, including compliance with HMRC guidelines. From capital gains to income taxes, Recap provides a full breakdown of your tax liability, helping you stay on the right side of the law.
User-Friendly Interface: Recap’s intuitive interface makes it easy to import data from multiple sources, connect your accounts in real time, and track your crypto wealth with precision. Whether you’re a seasoned investor or just starting out, Recap simplifies the tax management process for everyone.
