We are now only a few months away from the final Self-Assessment online tax return deadline on 31 January.
While many of you will be preparing the information required to accurately report your income and tax affairs, have you considered your investments in cryptoassets, like digital coins and tokens or NFTs?
If you have purchased and, more importantly, sold any cryptoassets in the last year you may need to report any gains, as well as losses, to HM Revenue & Customs (HMRC) and pay Capital Gains Tax.
With increased volatility in the markets in the last year, many people have increased their trading and could potentially be unaware of a significant tax bill.
What’s more, if you have been involved in mining or regularly trading cryptoassets, HMRC may view your gains as a form of regular income, which may require you to pay Income Tax instead.
The tax authority is getting much tougher when it comes to cryptoassets and has more resources than ever to access information relating to crypto transactions.
Tax related to cryptoassets is notoriously complex. To help you understand and deal with the ins and outs of how your activity in the crypto markets affects your tax position we have launched a new service – G + Co 3.0.
If you need help with your crypto tax affairs, speak to our specialists at G + Co 3.0.
