HMRC sends warning to cryptoasset users

WRLO Accountants — Fri, 02 Feb 2024 09:28:34 +0000

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

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HMRC sends warning to cryptoasset users