HMRC is urging those with cryptoassets to check if they need to complete a self-assessment tax return, otherwise, they could face penalties.
With the deadline date for the 2022/23 tax year being the 31st of January 2024, those who still need to complete a tax return have just a few weeks to do so.
Anyone with cryptoassets must declare any income or gains above the tax-free allowance.
Individuals affected include those who receive cryptoassets from employment, if they’re held as part of a trade or are involved in crypto-related activities that generate an income; and those who sell or exchange cryptoassets.
This includes:
- 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
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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. With the Self Assessment deadline just a matter of weeks away, I am urging people not to put off completing it.
“Help is at hand – you can access a wide range of resources and support online, just search ‘help with Self Assessment’ on GOV.UK.”
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