As Bitcoin enthusiasts and the accountant to Bitcoin businesses we thought it was about time we started accepting payments in Bitcoin ourselves. From today new clients can sign up to our awesome accounting services and use our new Bitcoin checkout system.
We’re using Coinbase to setup recurring monthly payments. As Bitcoin is still so volatile in these early days our prices are still in GBP so Coinbase will calculate the amount of BTC equivalent on each payment day. If you are an existing client and wish to pay in Bitcoin let your accountant know and we’ll set it up for you.
Why we like Bitcoin
Bitcoin and other crypto-currencies have huge potential to become the defacto currency of the internet. It has the ability to cut big banks out of the payment clearing process and significantly reduce costs for merchants as a result. With us using Coinbase the transactions fees are effectively 0%, this compares to GoCardless (who we use for Direct Debits and are much cheaper than old fashioned Direct Debit providers) of 1% and between 2% and 4% for credit cards.
HMRC Bitcoin Guidance
Last week HMRC, in a rare display of proactivity, issued guidance as to how Bitcoins are to be taxed. This probably put them at the forefront of global tax collectors in reacting to crypto-currencies. You can read the full guidance here, the main consequence was that instead of treating a Bitcoin as similar to a voucher they are now treating Bitcoin like any other currency. This has huge implications from a VAT perspective as it means Bitcoin exchanges don’t have to charge VAT on the sale of Bitcoins. It also provides a boost to the UK Bitcoin industry as it’s likely to attract future Bitcoin startups to setup in the UK.
It was really easy for us to setup a Bitcoin checkout on our site. If any clients would like help setting themselves up to accept Bitcoin we’d be happy to help. See you on the moon.