HMRC cryptocurrency update
HMRC will reportedly start issuing ‘nudge’ letters to cryptocurrency investors as a way of encouraging people to check they have paid the correct amount of tax.
Investors with cryptoholdings are being urged to check if they have paid the correct amount of either capital gains tax or income tax on their holdings.
HMRC has the ability to send a data request to UK-based cryptocurrency exchanges and other financial institutes in order to gain a list of cryptocurrency holders.
A spokesperson for HMRC has said ‘Our letter asks cryptoasset holders to review their transactions to ensure that they are declared correctly. We have published detailed guidance to help our customers apply tax law to cryptoassets correctly.’
The letters will reportedly be sent out to investors next month.
Whether you are an individual or a business, we can ensure you are complying with tax regulations surrounding cryptoassets.
At STS (Europe) we can offer advice to ensure tax compliance when trading with cryptoassets. We can also assist with the completion of self-assessment tax returns and ensure all profits are taxed in the correct manner.
If you are trading with cryptoassets and would like to know how we can help ensure you are tax compliant, get in touch with us.
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