Crypto and Digital Assets
Crypto is an area of increasing interest to HMRC and care is needed to ensure that you report your activity correctly, and certainly don't fail to report it at all.
Stepping into the world of crypto and digital assets can be complex and confusing.
From day one, our tax specialists can help you tackle your reporting so you don't get caught out. The rules around crypto and digital asset reporting are not straightforward and data from HMRC suggests that most crypto and digital asset users do not have financial advisors. Our specialists are up-to-date on the latest reporting methods and will ensure you are reporting correctly.
Crypto reporting how we can help:
Tax obligations
Ensure your cryptoasset reporting is compliant with the ever-changing UK regulations. Our team can complete your tax return showing the income, gains and losses that arise from your cryptoassets. Failure to report your income can incur interest and penalties.
Tax obligations
Tax advisory
Providing bespoke advice on upfront tax planning for individuals who may carry out any of the following: exchange or trade crypto assets, receive crypto as an income, purchase and sell NFTs, or need advice as to whether they are technically trading (i.e. are self-employed).
Tax advisory
Crypto disclosures
HMRC is cracking down on unreported income and gains by sending out 'nudge' or 'One to Many' letters and opening enquiries. Working together we will ensure your reporting is up- to-date before a letter may arrive, giving you the best starting point when dealing with HMRC.
Podcast
Crypto and Tax: Navigating the obligations of digital assets
Whether you're investing in cryptocurrency on the side or trading as your full-time profession, understanding the tax implications of your activities is essential.
In this episode, David Conway, Director, Professional Practices and Private Clients and Isabella O'Brien, Assistant Manager, Tax Disputes and Investigations, explore how HMRC views crypto assets, the importance of keeping accurate records, and why reporting your gains and income correctly is more important than ever.
Join us as we break down the key rules, common pitfalls and practical steps to help crypto investors stay compliant and avoid unexpected tax liabilities.
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