Decoding the UK Government’s Crypto Reforms: Impact and Overview
April 24th, 2024
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Learn how UK principles of taxation are applied to the fast-moving, ever-evolving world of Crypto, without the FUD of falling behind the times.
About Andy Wood
Andy is a practising barrister and tax advisor with decades of experience. His expertise has led him to appear on Sky News, on a range of podcasts and at Crypto events worldwide. He has been published in The Telegraph, The Times, and a range of financial magazines. He is passionate about sharing his knowledge, the latest information, and his best advice to his community of Crypto Tax Degens.
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E Book - real time updates
Quarterly update webinar
Annual conference
Monthly livestream
30 min appointment crypto accountant
4 hours per annum tax counsel
Access to exclusive tax planning guide
Access to exclusive estate planning guide
Discord / Telegram
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The new crypto tax bible
Learn the latest in Crypto tax information by subscribing to Andy Wood’s ever-updating eBook – ‘A Degenerates guide to UK crypto tax.’
Learn how UK principles of taxation are applied to the fast-moving, ever-evolving world of Crypto, without the FUD of falling behind the times.
Did you know that Andy wrote the first comprehensive UK tax guide to cryptocurrencies for professionals? Well, he did. Cryptocurrency and Other Digital Assets : Tax Law & Practice
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FAQ’s
Let’s shed some light on the most common questions people are asking about crypto tax in the UK. Looking for more information? Join the community or reach out to us.
1What is cryptocurrency tax in the UK?
Cryptocurrency tax in the UK refers to the taxes you may owe on your cryptocurrency transactions and holdings. It includes taxes on buying, selling, trading, mining, staking, lending (and plenty more) and even receiving cryptocurrencies.
2Do you need to pay tax on Crypto in the UK?
You do not need to pay tax on your cryptocurrency holdings in the UK until you dispose of them (i.e. sell, gift, or exchange them for other crypto). At that point, you will need to calculate and pay any CGT that is due on the gain made.
3How do I avoid paying crypto tax in the UK?
It is essential to stress that you cannot avoid paying taxes on cryptocurrency in the UK. Cryptocurrency transactions are subject to tax regulations, and attempting to evade taxes is illegal. Always follow the law and report your crypto activities to HMRC to ensure compliance and avoid legal consequences.
4Does HMRC know about my crypto?
HMRC (His Majesty's Revenue and Customs) has access to information about cryptocurrency transactions through various means, including exchanges and financial institutions. It's important to assume that HMRC has the capability to track your crypto activities, so it's best to report them accurately to comply with tax laws.
5How can I keep track of my crypto transactions for tax purposes?
Use cryptocurrency tax software or tools to record all your transactions. This will help you calculate your tax liability accurately.
Check out our latest reviews ranking the leading crypto tax software platforms to help you choose the right tool.
6When do I need to report my crypto taxes?
You should report your crypto taxes to HM Revenue and Customs (HMRC) annually by the tax deadline, which is typically January 31st for the previous tax year.
7How do I report my cryptocurrency gains and losses to HMRC in the UK?
You will need to report your cryptocurrency gains and losses to HMRC on your self-assessment tax return. This involves filling in the capital gains section of the tax return and providing details of the cryptocurrency transactions you have made during the tax year. It is important to keep accurate records of your cryptocurrency transactions, including the date of acquisition, the amount acquired, and the cost, as this information will be needed to calculate the gain or loss made.
8What if I make a loss on my crypto investments?
You can offset crypto losses against crypto gains to reduce your tax liability. Report the losses to HMRC to take advantage of this.
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