Recap

Recap came out of London in 2019, and you can tell it was built by people who actually deal with HMRC. Most crypto tax software comes from the US and uses FIFO or LIFO - methods that do not comply with UK tax rules. Recap does share pooling properly, which is the only method HMRC accepts for calculating your crypto cost basis. I first tried Recap when I realized Koinly was giving me incorrect figures for my UK return. The difference was significant - we are talking hundreds of pounds in miscalculated gains. Recap also understands the same-day rule and the 30-day bed-and-breakfasting rule, two quirks of UK tax law that trip up most software.

The first thing I noticed when logging into Recap was how clean everything looked. No cluttered dashboards. No confusing charts everywhere. Just a clear workflow: connect your accounts, review your transactions, generate your report. I appreciate this because crypto tax software can get overwhelming fast. Recap keeps things focused on what matters - getting your tax return done. The transaction list is easy to scan, and when something needs attention (like a missing cost basis), it highlights the issue clearly. One small annoyance: there is no mobile app. You have to use the web version for everything. For a tax tool you use once a year, this is not a deal-breaker, but it would be nice to check things on the go.

This is where Recap really earns its keep. The SA108 report it generates is formatted exactly how HMRC expects. I have used it for two tax years now, and both times the figures transferred directly into my Self Assessment without any reformatting. The Capital Gains Summary breaks down your disposals clearly - total proceeds, allowable costs, and gains or losses for each asset. It also separates your income from staking, airdrops, and mining, which goes on different parts of your tax return. What impressed me was how Recap handles the 30-day rule. If you sell crypto and buy the same asset back within 30 days, UK rules say you cannot use share pooling - you have to match the sale with that specific purchase. Recap catches these automatically. I tested it with a transaction where I sold ETH and rebought three days later. It correctly applied the bed-and-breakfasting rule instead of share pooling.

One feature I did not expect to use - but ended up loving - was the accountant access. My tax situation got complicated last year with some DeFi positions, so I brought in a crypto-savvy accountant. Instead of exporting data and emailing spreadsheets back and forth, I just invited her to view my Recap account. She could see all my transactions, the calculations, and the generated reports. She made a few manual adjustments directly in the system, and I could see exactly what she changed and why. This saved us both a lot of time. If you work with a tax professional, this feature alone might justify the Premium plan. Just make sure your accountant understands crypto - Recap does the calculations, but they still need to verify the tax treatment is correct for your specific situation.

Recap supports around 150 exchanges and 60 wallets, which covers most UK traders. I connected Coinbase, Kraken, and Binance without issues - the API sync pulled in all my historical data within minutes. MetaMask worked through wallet address tracking, though DeFi transactions needed some manual categorization. Here is where Recap shows its UK focus: it works great with exchanges British users actually use. But if you are heavy into obscure altcoin exchanges or complex DeFi protocols, you might find gaps. I had to manually import some transactions from a smaller exchange using CSV. The import worked, but it required matching columns correctly. Not difficult, just an extra step. For most people trading on major platforms, the integrations work well. Power users with dozens of wallets and exotic DeFi positions might want to check the supported integrations list before committing.

Recap pricing is reasonable for what you get. The free tier handles 100 transactions, which is enough to test the software properly before paying. I started on the Basic plan at 69 GBP per year, which covered my needs when I had under 1000 transactions. This year I upgraded to Standard at 119 GBP because my DeFi activity pushed me over the limit. Compared to competitors, Recap sits in the middle. Koinly is slightly cheaper for basic use, but Recap price is worth it if you need UK-specific compliance. The Premium plan at 199 GBP adds NFT support and direct tax advisor access, which some users will need. One thing I like: the pricing is per tax year, not per month. You pay once, get your report, and you are done. No recurring charges if you only need it for annual filing.

Let me be honest about where Recap falls short. First, it only works for UK and Ireland. If you move abroad or have tax obligations in other countries, you will need different software. This is by design - Recap focuses on doing UK taxes well rather than being mediocre at everything. Second, no futures or margin trading support. If you trade derivatives on Binance or other platforms, Recap cannot calculate those gains and losses. I learned this the hard way when it ignored my liquidated position. Third, no mobile app exists. You are stuck with the web interface. For a tax tool this matters less than a trading app, but checking your portfolio on the go is not possible. Finally, the integration count is lower than global competitors like CoinTracker or Koinly. If you use many obscure exchanges, double-check they are supported before buying a plan.

Pricing is where Recap needs to justify its value, especially when some competitors offer aggressive free tiers. Here is what each plan costs and which one actually makes sense for your situation.

The free tier covers up to 100 transactions, which is enough to get a sense of the platform but probably not sufficient for anyone who has been actively trading for a year or more. Even moderate traders easily accumulate hundreds of transactions across exchanges and DeFi protocols. Think of the free tier as a trial rather than a permanent solution.

Plan comparison:

For most users, the Standard plan at $119/year hits the sweet spot between capability and cost. It covers enough transactions for active traders and includes the features that matter most. The entry plan works for occasional traders, while the top tier is really for professionals or extremely active traders.

Is it worth paying for? Consider this: hiring an accountant who understands crypto typically costs 300-500 dollars per hour. Even the most expensive tax tool plan is cheaper than a single hour of specialized accounting help. If the tool saves you from a single mistake on your tax return, it has already paid for itself.

Cost-saving tips:

1. Start with the free tier to test compatibility with your accounts
2. Many tools offer discounts during tax season (January-April)
3. Annual plans are usually cheaper than monthly billing
4. Some plans cover previous tax years too, not just the current year
5. Check if your accountant already has a subscription that includes client access

One thing to watch: some tools charge per tax year, meaning you need to pay again each year even if you are using the same data. Others offer lifetime access for a one-time fee per year. Read the fine print on what exactly your subscription includes before committing.

Price vs value calculation: If you have 500 transactions and the tool costs 150 dollars per year, that is 30 cents per transaction for automated categorization, cost basis calculation, and tax form generation. Doing the same work manually would take hours. Even at minimum wage, the time savings alone justify the cost for most active traders. The real value is in accuracy - one incorrect cost basis calculation on a large trade could cost you far more in taxes than a year's subscription.

DeFi and NFT transactions are the most complex to track for tax purposes, and this is where many crypto tax tools either shine or fall flat. Here is how Recap handles the complicated stuff.

Recap supports DeFi transaction tracking, which covers activities like token swaps on decentralized exchanges, liquidity pool deposits and withdrawals, yield farming rewards, and lending protocol interactions. Each of these creates taxable events that need to be properly categorized. In my testing, straightforward swaps were handled correctly. More complex operations like multi-hop routing or flash loans sometimes needed manual review.

DeFi categories Recap tracks:

1. Token swaps (Uniswap, SushiSwap, PancakeSwap, etc.)
2. Liquidity pool entries and exits
3. Yield farming and harvest rewards
4. Lending deposits and interest (Aave, Compound)
5. Staking rewards (both on-chain and validator staking)
6. Airdrops and token claims

NFT tracking is included and handles purchases, sales, and royalties. The tricky part with NFTs is establishing cost basis - especially for minted NFTs, airdropped NFTs, or NFTs received through swaps. Recap attempts to automatically determine the acquisition cost based on the transaction, but I have found cases where manual adjustment is necessary, particularly for NFTs purchased on less common marketplaces.

Tax loss harvesting is a feature worth mentioning here. For DeFi users who trade frequently, identifying losing positions that can offset gains is valuable. Recap includes tax loss harvesting tools that scan your portfolio for unrealized losses you could strategically realize to reduce your tax bill.

The reality of DeFi and NFT tax tracking is that no tool gets it 100% right for every scenario. The on-chain data is complex, transaction types are constantly evolving, and tax rules differ by jurisdiction. Use Recap as your starting point, but always review the categorizations before filing.

The whole point of a crypto tax tool is generating accurate reports that satisfy tax authorities. Here is what Recap produces and how well the output works for filing purposes.

Recap generates tax reports for UK and Ireland. Each country has different tax forms and reporting requirements, so the tool adapts its output based on your jurisdiction. For US users, you get Form 8949 and Schedule D. For other countries, the equivalent local forms are generated.

Report types typically available:

1. Capital gains and losses report (the main one for most users)
2. Income report for staking rewards, mining, airdrops
3. Transaction history export for your records
4. Tax form-ready output (Form 8949, Schedule D for US)
5. Audit trail showing how each calculation was derived
6. Portfolio summary with cost basis tracking

CPA and accountant access is a feature I find genuinely useful. You can invite your tax professional to view your Recap account directly. This saves the back-and-forth of exporting reports, emailing them, and trying to explain crypto transactions to someone who might not be familiar with DeFi. Your accountant sees the same data you see and can make adjustments directly.

Cost basis methods are critical for tax accuracy. Recap supports Share Pooling and FIFO, and choosing the right one can significantly impact your tax bill. FIFO (first in, first out) is the default in most jurisdictions, but LIFO or specific identification might result in lower taxes depending on your situation. I recommend running calculations with different methods to see which yields the best result.

Report accuracy is the most important metric. In my testing, I cross-checked Recap's calculations against manual spreadsheet calculations for a subset of transactions. The numbers matched for straightforward buy-sell-trade scenarios. Where discrepancies appeared was in complex DeFi transactions and cross-chain transfers. Always review your report before filing - the tool is a starting point, not a replacement for careful verification.

One practical tip: generate your tax report early in the year, not on April 14th. Early generation gives you time to identify missing transactions, fix categorization errors, and consult with a tax professional if needed. Rushing through crypto tax reporting is how mistakes happen.

User experience can make or break a tax tool, especially for people who are already stressed about tax season. I have walked through Recap's entire workflow from signup to report generation, and here is my honest assessment of the experience.

Initial setup is where first impressions form. Creating an account is standard - email, password, maybe two-factor authentication. The real work starts when you connect your exchanges and wallets. Recap walks you through this with step-by-step instructions for each platform, which is helpful because every exchange has a slightly different API key creation process. The whole initial import took me about 30 minutes for 5 exchange accounts and 3 wallets.

The import process is mostly automated but not entirely hands-off. After connecting your accounts, the tool pulls your transaction history and attempts to categorize everything. This is where you will likely spend the most time - reviewing categorizations and fixing any transactions the tool could not automatically identify. Transfers between your own wallets are a common source of errors because they can look like sales to the tool.

The error detection features in Recap help catch common issues like duplicate transactions, missing cost basis, and misidentified transfers. This saves significant time compared to manually scanning through hundreds or thousands of transactions. The tool flags potential problems and lets you resolve them one by one.

Learning curve is moderate. If you understand basic crypto terminology (cost basis, capital gains, etc.), you can navigate Recap without much difficulty. Complete beginners might struggle with some concepts, but the tool provides explanations and tooltips throughout. I would estimate that someone with moderate crypto experience can go from zero to finished report in 2-4 hours, depending on how many transactions they have.

Things that could be better:

1. Transaction review can feel tedious with hundreds of items to check
2. Some error messages are too technical for average users
3. Loading times increase noticeably with very large transaction histories
4. Mobile experience lags behind the desktop web interface
5. Bulk editing transactions would save time for repeated corrections

Comparison with doing taxes manually: Before crypto tax tools existed, you had two options - either ignore crypto taxes (risky and increasingly prosecuted) or spend days building spreadsheets. I tried the spreadsheet approach for one tax year with about 200 transactions and it took over 15 hours. The same data set took Recap about 30 minutes to process including manual review. The time savings alone make the subscription worthwhile, before even considering the accuracy improvements.

One underappreciated feature is the ability to run your report multiple times as the year progresses. You do not have to wait until January to start organizing your transactions. Importing quarterly and fixing issues as they come up spreads the work over the year and means fewer surprises at tax time. I now import to Recap every few months to keep things current.

Crypto tax tools serve a wide range of users, and Recap fits some profiles better than others. Here is my breakdown of who gets the most value.

Casual holders (under 50 transactions/year): If you just buy and hold on one or two exchanges, Recap works fine but might be overkill. A simple spreadsheet could handle your needs. That said, even casual holders benefit from automated cost basis tracking as their portfolios grow.

Active traders (50-1000 transactions/year): This is the sweet spot for Recap. Manually tracking hundreds of trades across multiple exchanges is impractical, and the automation saves hours of work. The cost of a subscription is easily justified by the time savings alone.

DeFi power users (1000+ transactions): If you are farming yields, providing liquidity, and interacting with dozens of protocols, you need a tool that handles DeFi complexity well. Recap's DeFi support is solid enough for most scenarios. Power users should also budget time for manual review of complex transactions.

Tax professionals and CPAs: Recap offers CPA access features that make client collaboration straightforward. The ability to export standard tax forms saves accountants from manually interpreting raw transaction data.

International users: Your experience with Recap depends heavily on whether your country is supported. Tax rules vary dramatically between jurisdictions, and the tool needs to understand your specific country's requirements. Check country support before committing to a paid plan.

My bottom line: if you have more than a handful of crypto transactions, a dedicated tax tool is worth the investment. The cost of getting your taxes wrong far exceeds the cost of a subscription. Whether Recap specifically is the right choice depends on your transaction volume, DeFi usage, and geographic location.

Tax accuracy is ultimately what matters most - getting a number wrong on your tax return can lead to penalties, audits, or overpayment. Here is my assessment of how reliable Recap's calculations actually are.

Cost basis methodology is the foundation of accurate crypto tax calculations. Recap supports Share Pooling and FIFO, which covers the methods accepted by most tax authorities. Choosing the right method can significantly impact your tax bill. FIFO (first in, first out) is the default in most countries, but HIFO (highest in, first out) can minimize gains in a rising market. I recommend calculating with multiple methods to see which results in the lowest tax liability for your situation.

Where Recap gets calculations right: Straightforward buy-sell-trade sequences are handled accurately. If you bought BTC at one price and sold at another, the gain/loss calculation will match what you would calculate by hand. Simple transfers between your own wallets are also typically identified correctly (marked as non-taxable moves rather than sales).

Where mistakes are more likely:

1. Cross-chain bridge transfers can be misidentified as sales
2. DeFi yield farming with complex entry/exit transactions
3. Token migrations and contract upgrades
4. Airdrops where the cost basis should be zero but might be wrongly assigned
5. Internal exchange transfers that look like deposits from unknown sources

My verification process: After generating a report with Recap, I spot-check 10-15 transactions manually, focusing on the largest trades and any DeFi interactions. If those match my expectations, I have reasonable confidence in the rest. This takes about 30 minutes but catches the errors that matter most financially.

An important consideration: tax tools are only as accurate as the data they receive. If you have gaps in your import data (transactions on defunct exchanges, missing wallet addresses, P2P trades with no records), the tool cannot calculate correct cost basis for those assets. Garbage in, garbage out applies here.