UK and International Tax news
HMRC Issues Tax Return Reminder For Cryptoasset Users
Thursday 11th January 2024
HMRC is reminding cryptoasset users to check if they need to do a Self Assessment tax return.
With use of cryptoassets growing, HMRC is urging people to avoid potential penalties and check if they need to complete a Self Assessment tax return for the 2022/23 tax year.
HMRC advises that anyone with cryptoassets should declare any income or gains above the tax-free allowance on a tax return. In particular, tax may be due when a person:
- receives cryptoassets from employment, or if they are held as part of a trade, or are involved in crypto-related activities that generate an income
- sells or exchanges cryptoassets, including:
- selling cryptoassets for money
- exchanging one type of cryptoasset for another
- using cryptoassets to make purchases
- gifting cryptoassets to another person
- donating cryptoassets to charity
The deadline to complete a 2022/23 tax return and pay any tax owed is 31 January 2024.
HMRC has a useful online tool on GOV.UK if taxpayers are unsure whether they need to complete a tax return.
If you would like further information on the taxation of cryptoassets, please contact Keith Rushen on 0207 486 2378.
Contact Us