HMRC issues new guidance
Please see HMRC’s guidance on cryptoassets to check you’ve declared everything correctly:
Check if you need to pay tax when you sell cryptoassets
Check if you need to pay tax when you receive cryptoassets
'Tell HMRC about unpaid tax on cryptoassets' is a service for customers who have identified a discrepancy that has led to unpaid tax in previous years and who want to make a voluntary disclosure.
If you have unpaid tax that relates to 2022 to 2023 or 2023 to 2024 tax year you will not be able to use the above service. Please follow the guidance at 'Report and pay your Capital Gains Tax'.
HMRC treats cryptoassets largely the same way as other assets. If you dispose of cryptoassets, you may have to pay Capital Gains Tax (CGT) on any gains that you make.
You make a disposal of cryptoassets whenever you:
Income tax and national insurance contributions may be due where you were involved in cryptoasset related activities that generate an income (for example, lending and staking of cryptoassets) or from an employment.
This can be a complex area of tax and you may want to ask an adviser for help. There’s also a detailed Cryptoassets Manual guidance tool.
If you wish to talk about this matter with HMRC, you can:
For more information, please search 'avoid and report internet scams and phishing' on GOV.UK.
You can download the HMRC app on your mobile to get information about your tax, income, tax codes, National Insurance and any benefits paid by HMRC.
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Watch ACCA UK's practitioners network webinar on cryptocurrencies
Read ACCA's technical article and factsheet on accounting for cryptocurrencies