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Board Legal
Re: cryptocurrency tax for UK citizens
by
twito1231
on 03/03/2021, 19:21:21 UTC
Quote from: JuicyFruity on March 01, 2021, 11:52:14 PM
Quote from: twito1231 on February 26, 2021, 07:59:14 PM
thank you for the reply!

so for example - I started in January 2021. and by April 6th 2021 if my Capital gains isn't above 12.3k. Then I do not need to pay taxes nor fill a form. And this RESETS? (ignoring the past transactions)
 
From April 5th 2021 it be essentially a new year and I got the refreshed allowance of 12.3k for April 5th 2021 - April 6th 2022?
 but yet I will need to hand in the assessment form before January 31st 2022?? but that would ignore jan 2022 - april 2022?? slightly confused, but appreciate any help given.

Or would my first next assessment form will be given after April 6th 2022 and prior to January 31st 2023?

thank you for your time!


You've made mistakes in your example. If you're starting trading cryptocurrency in January 2021 then any income you've made from the first trade until 5th April 2021 is something you've got to make a note of and declare to HMRC whether it shows profits or losses.

Remember for year end April 2021 (which is April 6th 2020-April 5th 2021) you've got to file your self assessment by January 31st 2022.

So this means, no matter what value my gains are (under capital gains), I will still need to report it?
Post
Topic
Board Legal
Re: cryptocurrency tax for UK citizens
by
twito1231
on 26/02/2021, 19:59:14 UTC
thank you for the reply!

so for example - I started in January 2021. and by April 6th 2021 if my Capital gains isn't above 12.3k. Then I do not need to pay taxes nor fill a form. And this RESETS? (ignoring the past transactions)
 
From April 5th 2021 it be essentially a new year and I got the refreshed allowance of 12.3k for April 5th 2021 - April 6th 2022?
 but yet I will need to hand in the assessment form before January 31st 2022?? but that would ignore jan 2022 - april 2022?? slightly confused, but appreciate any help given.

Or would my first next assessment form will be given after April 6th 2022 and prior to January 31st 2023?

thank you for your time!
Post
Topic
Board Legal
Re: cryptocurrency tax for UK citizens
by
twito1231
on 26/02/2021, 16:38:29 UTC
Hi,

Thank you so much for an in-depth information regarding tax. I really want to fully understand as this is new to me and don't want to make a mistake.

For the tax year - What is defined by? do i pick the dates or it's simply from 1st Jan to 31 dec? or april to april?