If you’re a UK taxpayer and you’ve traded crypto you need to report your crypto gains and any income.
Since most UK residents are taxed at source, many crypto investors have never had to file a Self Assessment Tax Return.
Your self assessment tax return is due by the 31st of January 2023, and the UK government has made it very clear that crypto investors need to report their investments to HMRC and pay taxes on them. HMRC needs both forms SA108 and SA100 filed to report crypto gains and income by the deadline – or you’ll be penalised.
This can leave UK crypto investors with a lot of questions. Like how do you report money made from crypto to HMRC? Or what is the HMRC tax form for crypto and what information does HMRC need about crypto assets?
- You need to file your Self Assessment Tax Return online with the HMRC by January 31st 2023.
- The deadline for paper tax returns is the 31st of October 2022.
- Any crypto investor who made more than £1,000 in crypto income or more than £12,300 in crypto capital gains must submit a Self Assessment Tax Return to HMRC.
In summary, here’s how to report crypto to HMRC as part of your Self Assessment Tax Return
- Calculate your crypto tax. You need to know your capital gains, losses, income and expenses.
- Register to file taxes online with the Government Gateway service by the 5th of October 2022 if you’re not already registered.
- Fill out the Self Assessment Tax Return (SA100). Report any income from crypto over in box 17.
- If you made crypto capital gains, check yes on box 7. Fill out the supplementary Self Assessment: Capital Gains Summary (SA108).
- Submit your Self Assessment Tax Return online to the HMRC by midnight on 31st of January 2023.
We are ready to help you
It may all sound straightforward, but knowing what to fill out can be tricky. Don’t worry – we can answer all of your UK crypto tax questions. We offer crypto tax consulting and can work with you to correctly report your crypto taxes to HMRC before the deadline.