HMRC sends warning to cryptoasset users

    Simpson Wood
    21st February 2024
    Home » Categories » Tax » 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:

            o    selling cryptoassets for money

    O    exchanging one type of cryptoasset for another

    O   using cryptoassets to make purchases

    O   gifting cryptoassets to another person

    O   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

    Need Some Advice?

    Looking for some help or a little advice?

    Call today on 01484 534431 or fill in our enquiry form below, and we’ll call you back.

    Simpson Wood’s 2024 Golf Day

    Simpson Wood’s Golf Day was a smashing success this year, held at the picturesque Woodsome Hall on Thursday, 28th June. The event saw 32 enthusiastic competitors, organised into teams of…

    General Election – Tax Summary

    The General Election is now under two weeks away, so we thought it would be timely to summarise the tax positions of the main parties. These are proposals taken from…

    Advisory fuel rates for company cars

    New company car advisory fuel rates have been published and took effect from 1 June 2024. The guidance states: ‘you can use the previous rates for up to one month from…