Celsius Bankruptcy: Enabling the tool → Configuring your rules
Disclaimer:
This article is intended as an informative piece. This is not accounting or tax advice. Please speak to a qualified tax professional about your specific circumstances before acting upon any of the information in this article.
Please note that the Celsius bankruptcy tool has only been designed to work with UK tax calculations.
Our Celsius bankruptcy tool enables you to generate a tax write-off within Recap aligned with key principles of exchanging contractual rights. This tool has been developed after months of collaboration with our accountant partners Andersen LLP and the CryptoUK working group.
If you would like to understand the potential tax implications in more detail please take a look at our detailed blog posts:
Before you start
To use the bankruptcy tool, you'll need the following in place:
The bankruptcy tool is only available on the Pro Plan.
Your Celsius account needs to be added as a Celsius exchange account - from the Accounts screen, click Add account, choose Upload Exchange Statements, then select Celsius. The bankruptcy setting will not appear on a Custom account.
Your Celsius transaction history needs to be imported into this account from a CSV file. Transactions entered manually in-app are not included in the bankruptcy calculation, even though the setting is visible. We have a guide here: Adding your Celsius account by CSV file.
Your distributions do not need a CSV file - you'll enter each one directly in the tool once it is enabled.
Enabling the Celsius bankruptcy tool
Once the requirements above are in place, you can view and use the bankruptcy tool by following these steps:
Step 1: Access Your Celsius Account
Go to the Accounts screen.
Click on your Celsius account.
Step 2: Enable Bankruptcy Rules
Click on the Settings tab near the top of the screen.
Toggle the Apply Bankruptcy Rules switch
Step 3: View Bankruptcy Tool
The bankruptcy tool will now be displayed.
For detailed instructions on configuring the various bankruptcy rules, please refer to this guide.