Phone: 01242 260066 | Email accountants@mitchells.org

HMRC sends warning to cryptoasset users

10 Jan 2024

As the use of cryptoassets continues to grow HMRC is warning people to check if they need to complete a self assessment tax return for the 2022/23 tax year and avoid potential penalties.

Anyone with cryptoassets should declare any income or gains above the tax-free allowance on a tax return.

Tax may be due when a person:

  • receives cryptoassets from employment, if they are held as part of a trade, or are involved in crypto-related activities that generate an income
  • sells or exchanges cryptoassets, including:
  • selling cryptoassets for money
  • exchanging one type of cryptoasset for another
  • using cryptoassets to make purchases
  • gifting cryptoassets to another person
  • donating cryptoassets to charity.

The deadline to complete a tax return and pay any tax owed is 31 January 2024. HMRC says that those unsure whether they need to complete a tax return can check by using the free online tool on GOV.UK.

Myrtle Lloyd, HMRC's Director General for Customer Services, said: '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.'

Please contact us if you require any help or advice with self assessment.

Try a site search Tax returns, budget, pension, rates and allowances...

Contact details

Office: 01242 260066

Company Registration No: 4161638
Company Registered in England and Wales.
Company details
Mitchell Glanville Limited
Registered Address: 41 Rodney Road, Cheltenham, Gloucestershire GL50 1HX

Mitchell Glanville Limited regulated by the Institute of Chartered Accountants in England and Wales If, during the provision of professional services to you, you need advice on investments, we may have to refer you to someone who is authorised by the Financial Conduct Authority, as we are not. However, as we are licensed by the Institute of Chartered Accountants in England and Wales, we may be able to provide certain investment services where these are complementary to or arise out of the professional services we are already providing to you.

© 2024 Mitchells Chartered Accountants. All rights reserved. We use cookies on this website, you can find more information about cookies here.