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:
Enabling the Celsius bankruptcy tool
Please note that the bankruptcy tool is only available on the Pro Plan.
Once you have imported your Celsius CSV into your Celsius Recap account, you can easily 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 card.
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.