/ HMRC announce new disclosure campaign for crypto assets

HMRC announce new disclosure campaign for crypto assets

January, 2024

HMRC recently launched a new campaign targeted at crypto investors as part of a crackdown on tax evasion. They have introduced a new disclosure and payment service for taxpayers to voluntarily disclose and pay any unpaid taxes associated with cryptoassets.

Cryptoassets (also known as tokens or cryptocurrencies) include exchange tokens (for example, bitcoin), non-fungible tokens and utility tokens.

HMRC view the profits or losses incurred from buying and selling such cryptoassets as liable for capital gains tax. Only in exceptional circumstances would they recognise crypto trading as a taxable ‘business’ trade.

Many who own cryptoassets may not be aware of the tax obligations on these digital assets. This voluntary disclosure service provides an opportunity to put things right with potentially lower penalties than if HMRC discover the underpayment for themselves.

Such a discovery is likely to become easier for HMRC. Tax avoidance from using cryptoassets is a subject of international concern, and there are moves to require crypto platforms to share taxpayer information with tax authorities.

If you or anyone you know needs any advice or help in this area, please don’t hesitate to contact us!

Due to the overwhelming number of requests we are not accepting any more crypto enquiries at this time

PLEASE NOTE: OUR MINIMUM FEE FOR CRYPTO TAX SERVICES IS £1,000 + VAT

How we can help

We have an experienced team of crypto tax advisors familiar with the unique challenges relating to crypto trading and currency who can provide support with:

Calculating your taxable gains and losses
Your annual HMRC filing obligations
Undeclared crypto gains and disclosures
Tax planning to ensure that your cryptoassets are properly structured
Ensuring correct valuations are used for your cryptoasset disposals
Tax efficient structures for Non-UK domiciled individuals
HMRC tax disputes and investigations
Business start-ups in the cryptosphere

Need more advice from a Crypto specialist accountant?

We have a lot of information about the UK tax situation for Crypto and NFT on our website which you may want to read before getting in touch.

How we can help

We have an experienced team of crypto tax advisors familiar with the unique challenges relating to crypto trading and currency who can provide support with: