Crypto

Crypto

Disposed of crypto assets 💴

HMRC have files 📖 and information ℹ️ shared by the large currency 💵 💴 💷 exchange platforms and those trading with the Crypto and other currencies such as below

• Kraken
• Coinbase
• Exodus
• Binance
• Kucoin

The purchase of Crypto and other assets are not subject to any Tax

However, if there is trade and a profit is made even if not withdrawn from the Currency Exchange Platform this will have to be declared through a Self Assessment in the capital gains Section

Please note for the Tax Year 2024-2025 there is £3,000 Tax Exemption

Even if there is a CGT loss this should be noted on CGT Tax return section with losses to carry forward against any future CGT Profits

HMRC are sending nudge letters to Tax payers who they feel have been making gains but not declaring the gain to pay tax upon

Please remember coming forward and either on your own or the better option appointment of an Accountant or Tax Advisor to submit the CGT Gains or Losses will mean that an individual is legally compliant and paying any Tax liabilities

Prompted disclosure where you have been approached by HMRC who then discover that there was Tax Due for the period and prior periods will result in below

• Tax to pay 💰
• Late interest by law to pay on the tax due £
• Late penalty payments 😑
• Late penalties (Possibly can be appealed but will need a very strong 💪🏽 argument)

Further enquiries and investigations may take place if HMRC can prove that the gain was intentionally not declared and other income sources can also be assessed

If you have been approached or if you have been trading by making gains/losses but not reporting then we could assist you with this

Please feel free to contact

Tel: 01212852534

Web: www.secureaccountsltd.co.uk

#accountants #taxes #bookkeeping #vat #paye #selfassessment #corporationtax #accounts #companies #pension #investments #business #businessowner #SME #accountant #accountancy #director #soletrader #partnership #incorporation #taxadvice #Crypto