How to do your Bake taxes in 2024
If you're looking for a straightforward way to calculate and report your Bake taxes, you've come to the right place!
Blockpit is a trusted cryptocurrency tax calculator used by hundreds of thousands of crypto investors worldwide to accurately track and optimize Bake transactions, and calculate gains, losses and income for tax purposes.
Simply sign up for free, import your transaction data and generate your fully compliant crypto tax report for Bake and more than 250,000 other crypto assets, exchanges and wallets in minutes!
Read on to learn everything you need to know about Bake and cryptocurrency taxation!
In June 2023 Cake DeFi was rebranded to Bake.
🤝 Bake is an official Blockpit partner.
#1 Bake Tax Calculator
🏆 Full Bake support
📈 Smart tax optimization and offsetting of losses
🇬🇧 Full support for UK tax regulations
Do I have to pay taxes when using Bake?
Yes, Bake gains and income are considered taxable transactions by HMRC.
Bake capital gains tax ranges from 10% to 20%, with an annual tax-free allowance of £6,000 for the 2023/24 tax year. Tax on income from Bake ranges from 0% to 45%, based on the total taxable income.
Read our complete 2024 guide Crypto Tax UK for more information.
Does Bake automatically deduct taxes?
No, as of 2024, Bake does not automatically deduct taxes from crypto trades.
Calculating crypto taxes can be challenging for crypto exchanges, as they do not have any knowledge of your off-exchange transactions on other platforms or wallets and are therefore missing crucial information required to calculate gains, losses and income.
However, Bake might still report your crypto transactions to your country's tax authority if certain criteria are met or if asked.
We highly recommend tracking and reporting all relevant crypto transactions on and off the exchange to prevent audits and fines.
Import Bake transactions into Blockpit
Blockpit offers advanced integrations to process Bake transaction data. Our guide explains how to add the Bake integration for portfolio tracking and tax calculation.
Step 1: Log in to your Blockpit account
Log into your Blockpit account here: Login. If you don’t have an account yet, please sign up first: Create Blockpit Account.
Step 2: Select "+ Integration"
After logging in, click on “+ Integration" in the top navigation.
Step 3: Select "Bake"
Select Bake from the integration creation dialog
Step 4: Follow the on-screen instructions
You can find a detailed Bake setup guide here: How to import Bake transactions
Step 5: Wait for the data import to finish
The data import can take several minutes, depending on the number of transactions. Have a look at the import scope description of our Bake integration in the meantime!
Import Bake transactions into Blockpit
Blockpit offers advanced integrations to process Bake transaction data. Our guide explains how to add the Bake integration for portfolio tracking and tax calculation.
Step 1: Log in to your Blockpit account
Log into your Blockpit account here: Login. If you don’t have an account yet, please sign up first: Create Blockpit Account.
Step 2: Select "+ Integration"
After logging in, click on “+ Integration" in the top navigation.
Step 3: Select the corresponding blockchain
In the appearing integration creation dialog, select the corresponding blockchain from the list.
Step 4: Follow the on-screen instructions
You can find a detailed Bake setup guide here: How to import Bake transactions
Step 5: Wait for the data import to finish
The data import can take several minutes, depending on the number of transactions. Have a look at the import scope description of our Bake integration in the meantime!
Which Bake transactions are automatically imported into Blockpit?
Blockpit auto-labels Bake transaction data based on country-specific gain, loss, and income tax categories, then processes them in alignment with your national tax regulations. As a result, Blockpit can distinguish automatically among these asset classes and Bake transactions:
Assets
✅ Fiat (EUR, USD, CHF, etc.)
✅ Crypto (Coins & Token)
✅ NFTs (NFT Collections)
✅ Commodities (Gold, Silver, etc.)
✅ Derivatives (Tokenized Stocks, Tokenized Commodities, etc.)
Transactions
✅ Deposits & Withdrawals
✅ Trades
✅ Earn
✅ Liquidity Mining Rewards
✅ Staking
✅ Borrow
✅ Lending
✅ Freezer
✅ Referral
✅ All transactions provided by Bake
Review Bake transaction data in Blockpit
Blockpit seamlessly merges and organizes your Bake transaction data. Once all data is imported, the following features ensure clarity and assist in verifying data accuracy:
- Identifying unmerged transfers
- Flagging unlabeled transactions
- Highlighting mismatched balances
- Pinpointing potential issues
- Filtering of assets and transactions
- Access to help center guides
For an in-depth overview of Blockpit's review capabilities, refer to: Troubleshooting
What does the Bake tax report look like?
Blockpit's popular crypto tax calculator creates the most comprehensive tax reports for Bake and more than 250,000 other crypto assets, exchanges, wallets and blockchains.
Additionally, Blockpit generates pre-filled tax forms for many countries for easy integration into your yearly tax return. Our tax reports also contain clear explanations in terms of legal interpretation for submission to tax authorities. So far, every tax report has been accepted by the tax offices without a complaint.
The tax report provides information about all of your crypto balances, realized profits and losses, and can be used as proof of origin with banks or tax advisors. It contains all relevant transactions of your account, always refers to the selected tax year and shows details such as time stamp, amount, asset, costs and fees of the individual transactions.
You can view some of our country specific crypto tax reports here: Blockpit Sample Tax Reports
Optimize & reduce Bake taxes with Blockpit
Depending on your tax residency, it is possible to realize profits and losses in order to optimize your taxes (offsetting of losses against gains & tax loss harvesting). Blockpit’s Tax Optimization Feature allows you to identify unrealized gains and losses as well as the holding period of your Bake assets.