HM Revenue and Customs (HMRC) is reminding anyone with cryptoassets to check if they need to complete a Self Assessment tax return for the 2022-23 tax year.
Any crypto-related income and gains, above the annual tax-free allowance, must be declared on a tax return to avoid any potential penalties.
Tax may be due when a person
- Receives cryptoassets from employment, if they’re 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; and
- Donating cryptoassets to charity.
The deadline to complete a Self Assessment tax return is 31 January 2024.
For any queries on making a tax return for crypto-related income, please get in touch with your usual M+A Partners contact or email email@example.com