Phantom wallet has evolved from a Solana‑only wallet into a multi‑chain hub supporting Ethereum and other EVM networks. It gives you one place to hold tokens, trade, stake, and interact with DeFi or NFT platforms without switching apps.

What it doesn’t do is interpret your activity for tax purposes. Every staking reward or meme sell can count as a separate taxable event under UK law, and without structured records, you risk misclassifying disposals or missing staking income.

Many users believe that a non‑custodial wallet ensures privacy. But we all know blockchains are only pseudonymous: addresses aren’t tied to names, yet every action is public and permanent. Once your wallet connects to a fiat on‑ramp or KYC exchange, those records can be linked to you. HMRC’s analytics tools cross‑reference this data to check whether your declarations match your actual onchain history.

CryptoBooks integrates directly with Phantom to retrieve and reconcile your full transaction history across supported chains. It identifies taxable events, applies HMRC rules precisely, and produces a ready‑to‑file report for your Self Assessment. This guide explains how UK crypto taxation applies to Phantom wallet users, how to set up the connection, and how to minimise errors in your yearly reporting.

What your Phantom transactions mean for UK tax reporting

If you’ve used Phantom across Solana, Ethereum, Polygon, or Sui, your transaction history is already spread across multiple blockchains, each with its own logic, token standards, and data structures. You might have bought meme coins on Solana, staked assets on Polygon, claimed an airdrop on Ethereum, or flipped NFTs on Sui. But none of this is organised.

Phantom records what happens, not what it means. Leave it alone applying the correct accounting principles. It doesn’t tell you which swaps count as disposals, which tokens were acquired, what staking rewards should be treated as income, or how much you gained or lost overall. And if you’ve taken a loss - especially on volatile positions - failing to report it correctly means losing the chance to offset it.

Each protocol logs data in isolation. So when tax season comes, you’re left with fragmented records and the burden of turning them into a coherent, HMRC-compliant report. Mistakes aren’t invisible: HMRC can trace your onchain activity, and mismatches can trigger penalties.

That’s why we built CryptoBooks: to bring everything together automatically and help you report with clarity and confidence.

Step-by-Step: how to connect Phantom to CryptoBooks

Getting your Phantom transactions HMRC-ready starts with a simple connection process. Here’s how it works:

• Create your CryptoBooks account: sign up in a few clicks and create a free account, no card required;

• Go to Connections: look for the Phantom wallet, or alternatively select the blockchain networks you’ve used;

• Automatic transaction import: CryptoBooks then retrieves your complete onchain history for that address, including swaps, staking rewards, DeFi activity, airdrops, NFTs, deposits and withdrawals;

• Review and verify classifications: each transaction is automatically categorised according to UK HMRC rules. You can check that everything is correctly labelled and adjust manually if needed, before generating your report;

• Generate your UK tax report: CryptoBooks compiles your classified data into a ready‑to‑file Self Assessment report, ensuring accuracy and full HMRC compliance.

With CryptoBooks, you can stop worrying about spreadsheets, lost transactions, or misclassifying gains. Your MetaMask wallet stays under your control, while CryptoBooks handles the complex tax calculations for HMRC compliance.

All wallet imports, transaction classification, and previews are available for free, while the paid plan is only required to generate and download your official tax report.

Need a crypto tax refresher?

If you didn’t just use Phantom, remember: you must declare all your crypto activity across wallets and platforms, and HMRC expects it to be complete, consistent, and traceable. These guides can help:

• Crypto Tax in the UK: what you need to know (2025 Guide) - Understand HMRC rules on capital gains, income, and how to report them via Self Assessment

• How to Fill in Box 51 for Crypto Gains - Learn how to split gains before and after the 30 October 2024 CGT rate change, and avoid filing errors

• UK Crypto Staking Tax 2024/25: How to Report Rewards and Gains - Find out how staking rewards are taxed, how to report them, and how to apply the right allowances

CryptoBooks makes Phantom tax compliance simple

Using Phantom means operating across multiple chains, with activity often spread between DeFi, NFTs, swaps, and staking, but HMRC still expects one clear, structured report. Without a system to interpret those transactions properly, you’re left to reconcile it all yourself: values, dates, categories, and taxable events.

CryptoBooks automates that work. It connects directly to your Phantom wallet, imports your onchain history and applies HMRC tax logic to every transaction to accurately calculate your gains and losses and producing a prefilled report, ready for Self Assessment. To see how it works and start preparing your report, you can create your free CryptoBooks account.