HMRC sends warning to cryptoasset users

As the use of cryptoassets continues to grow HMRC is warning people to check if they need to complete a self assessment tax return for the 2022/23 tax year to avoid potential penalties.

Anyone with cryptoassets should declare any income or gains above the tax-free allowance on a tax return.

Tax may be due when a person:

  • receives cryptoassets from employment, 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.

Myrtle Lloyd, HMRC's Director General for Customer Services, said:

'People sometimes forget that information about crypto-related income and gains need to be included in their tax return. Some people affected may not have had to do a tax return before, so it is important people check.'

Internet link: HMRC press release

Home | Contact us | Site map | Accessibility | Help | Disclaimer |

© 2024 Batchelor Coop Limited. All rights reserved.


Registered to carry out audit work in the UK by the Institute of Chartered Accountants in England and Wales No. C001278265

Registered in England No. 2739117 | Registered Office: Batchelor Coop Limited, The New Barn, Mill Lane, Eastry, Sandwich, Kent CT13 0JW