TaxBit and Polyconomic are built for completely different users. If you are a UK individual investor working out your HMRC position, the comparison is not really close — but it is worth explaining why, because TaxBit has significant brand recognition and investors sometimes encounter it while researching tools.
Feature comparison
| Feature | TaxBit | Polyconomic |
|---|---|---|
| Target user | US enterprise/institutional | UK individual investors |
| UK HMRC focus | Secondary market | UK-only |
| Individual pricing | High — enterprise tiers | Free to see gain, £49/yr Standard |
| Free to see full gain | Very limited | Yes — all years, no cap |
| SA108 output | Supported | ✓ Primary output format |
| Primary tax form output | US Form 8949 | SA108 |
| Suitable for UK retail | Rarely | Yes — built for this |
| Accountant access | Enterprise feature | Included |
What TaxBit does well — and for whom
TaxBit raised over $130 million in funding and built an enterprise-grade platform. For a US crypto exchange needing to produce 1099 forms for millions of customers, or a corporate treasury needing to track digital asset positions across multiple jurisdictions, TaxBit is genuinely capable. It has strong integrations with institutional-grade custodians and exchange APIs that individual investors will never use.
Which should you choose?
TaxBit is the right choice if you are a UK business operating as a digital asset exchange, institutional fund, or corporate treasury with US tax obligations and enterprise-scale transaction volumes. This is a small and specific use case.
Polyconomic is the right choice for virtually any UK individual investor — from someone who bought Bitcoin once to an active trader with thousands of transactions across multiple exchanges. UK HMRC rules are the only thing it does, which means they are done correctly by default rather than as an optional mode.
TaxBit has changed its retail offering multiple times. If you have seen references to TaxBit individual plans, verify their current availability — the product has shifted towards enterprise over time and some retail tiers have been discontinued.
A realistic cost example
A UK investor with 300 trades: TaxBit individual pricing (where available) typically exceeds the subscription cost of Koinly or CryptoTaxCalculator. Polyconomic shows the complete gain for free. If the report is needed for filing, Standard is £49/year. If the gain is below £3,000 and no report is needed, the Polyconomic cost is £0. The comparison with TaxBit enterprise pricing is not meaningful for retail use cases.
Frequently asked questions
Why do people compare TaxBit and Polyconomic at all if they target different markets?
TaxBit has significant brand recognition from its US fundraising and marketing. Investors researching crypto tax tools encounter it in search results and occasionally consider it before realising it is not designed for UK individual use. The comparison is worth making explicitly so investors can make an informed decision quickly.
Is TaxBit's UK HMRC implementation reliable?
TaxBit implements UK HMRC rules as part of its multi-jurisdiction support. Given that UK HMRC is not its primary market, the implementation may be less refined than UK-specific tools. For enterprise clients, TaxBit would typically be used alongside professional accounting support, which provides a check on the output.
Does TaxBit have any individual plans left?
TaxBit has moved primarily towards enterprise and business clients. Individual retail plans have been discontinued or significantly limited at various points. Check their current website for the latest position before spending time evaluating it as a personal option.
What if I am a UK-based business with institutional crypto holdings — should I use TaxBit?
For genuine institutional-scale requirements in the UK — exchange operations, corporate treasury, fund administration — TaxBit or similar enterprise platforms may be appropriate alongside professional accounting support. For a UK business holding crypto as an investment or using it for payments, standard tools plus an accountant are usually sufficient.
Can Polyconomic handle large transaction volumes — say 50,000 trades?
Polyconomic handles large transaction volumes. The Section 104 pool calculation is the same regardless of volume, and import processing is designed for accounts with thousands to hundreds of thousands of transactions. For genuinely institutional-scale operations, the question shifts to regulatory reporting obligations that go beyond individual tax returns.
Is TaxBit used by any UK accountants?
Some UK accountants at larger firms with US-facing clients use TaxBit. For a standard UK practice serving individual investors, Koinly, Polyconomic, or CryptoTaxCalculator are significantly more common and better suited to UK Self Assessment workflows.
Tool information accurate at time of writing.