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Unpaid tax from cryptocurrency transactions targeted - Dunhams News Blogs

Unpaid tax from cryptocurrency transactions targeted


Posted on: 22-08-2024

Small Business? don’t get hit by unpaid tax.

Unexpected Big Business may owe tax.

Unpaid tax from cryptocurrency transactions targeted

Small Business interest in Unpaid tax from cryptocurrency transactions targeted - Dunhams News Blogs

HMRC is writing to individuals who may need to pay tax on the disposal of cryptoassets such as Bitcoin. Why might tax be due and what should you do if you receive a letter?

HMRC is currently writing to individuals who have disposed of cryptoassets because the tax treatment is widely misunderstood and therefore tax may have been underpaid.

For more help see our Accounting Services Page

Most will understand that tax may be due if there is a capital gain once cryptoassets have been sold for cash. However, each time a cryptoasset is disposed of a capital gain may be triggered. This would include the following events:

Big Business Interest in Unpaid tax from cryptocurrency transactions targeted - Dunhams News Blogs

In certain circumstances, income tax and NI may be payable. If you receive such a letter from HMRC, you must take action within 60 days even if no tax is due. If you submitted a tax return, the return should be amended where possible. If you did not submit a tax return, or the deadline has passed, you should use the dedicated disclosure service to inform HMRC. 

Unpaid tax from cryptocurrency transactions targeted

Further guidance on taxable cryptoasset transactions can be found here.

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If you would like any assistance with any of these points.

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