Those profiting in cryptocurrency urged to check if they need to complete self-assessment

Those who make a profit out of cryptoassets are being reminded that this could mean they are liable to complete a self-assessment tax return.

With the deadline date for self-assessment looming (31^st January), HMRC is urging people with cryptoassets to check if they need to pay tax on them, otherwise, they could face penalties.

Anyone with cryptoassets will need to declare any income or gains above the tax-free allowance.

Tax may be due for those who receive cryptoassets from employment, or if someone sells or exchanges cryptoassets.

Myrtle Lloyd, HMRC’s Director General for Customer Services, commented, “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. With the Self Assessment deadline just a matter of weeks away, I am urging people not to put off completing it.

“Help is at hand – you can access a wide range of resources and support online, just search ‘help with Self Assessment’ on GOV.UK.”

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