The Association of Taxation Technicians (ATT) has issued a reminder to individuals that income or gains realised on cryptocurrencies in 2017/18, whether through investment or trading, may need to be notified to HMRC by 5 October 2018.
HMRC’s most recent guidance on cryptocurrencies is contained in Revenue & Customs Brief 9/2014. The ATT says HMRC is in the process of updating its guidance, which the ATT hopes will be published in time for individuals to use of when completing tax returns by the 31 January 2019 deadline.
Individuals who made cryptocurrency transactions before 6 April 2017, but who have not yet advised HMRC of their income or gains, should consider if they also need to file returns for previous years.
Jon Stride, co-chair of the ATT’s technical steering group, said: ‘As the number of people prepared to consider involvement in cryptoassets, and the number of different types of cryptoassets, has increased dramatically over the last few years, so has HMRC’s interest in this area. While the tokens themselves are not tangible, trading or investing in them can generate some very real tax liabilities which HMRC will want to know about’.
It is particularly important that people keep adequate records of the transactions that they have made. ‘Some trading platforms only keep details of transactions made in the last six months’, Stride warned.
The Association of Taxation Technicians (ATT) has issued a reminder to individuals that income or gains realised on cryptocurrencies in 2017/18, whether through investment or trading, may need to be notified to HMRC by 5 October 2018.
HMRC’s most recent guidance on cryptocurrencies is contained in Revenue & Customs Brief 9/2014. The ATT says HMRC is in the process of updating its guidance, which the ATT hopes will be published in time for individuals to use of when completing tax returns by the 31 January 2019 deadline.
Individuals who made cryptocurrency transactions before 6 April 2017, but who have not yet advised HMRC of their income or gains, should consider if they also need to file returns for previous years.
Jon Stride, co-chair of the ATT’s technical steering group, said: ‘As the number of people prepared to consider involvement in cryptoassets, and the number of different types of cryptoassets, has increased dramatically over the last few years, so has HMRC’s interest in this area. While the tokens themselves are not tangible, trading or investing in them can generate some very real tax liabilities which HMRC will want to know about’.
It is particularly important that people keep adequate records of the transactions that they have made. ‘Some trading platforms only keep details of transactions made in the last six months’, Stride warned.
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