HMRC have started to send letters to holders of cryptoassets asking them to check that they have paid the correct amount of tax on their investments. HMRC have been gathering information on crypto investors over the last couple of years.
HMRC have said that they are taking an ‘educational approach’ as they seek to improve compliance for the crypto community, many people are not aware of their responsibilities to tax reporting.
The letter does not mean that you have done anything wrong but neither should the letter be ignored. If you have received a letter or want to check that you are correctly paying tax on your cryptoassets please contact us to discuss your situation with our crypto tax expert.