Self Assesment and Crypto - Late Disclosure

ric1982

Hi,

I got a query regarding not disclosing some of the income (not on purpose).

Basically during 2016-17 I have bought some crypto currency. It was quite a new thing at a time. I didnt do any trading during 2016-17.

During 2017-18, I sold Bitcoin and purchesed some Ethirum coins. Which from HMRC pov. counts as trading. Now I only did it a couple of time and forgotten about it. Didnt realise at the time that I need to declare to HMRC as it was only between crypto.

Now looking at this now, I think I made a loss in 2017-18 but regarless I needed to report it to HMRC.

Given the fact that I didnt made any profit and I didnt owe anything to HMRC interms of tax, how bad is it going to be if I try to report it as disclosure? It will be for Capital Gains Tax btw.

Any pointers/experince about disclosing this kind of stuff to HMRC after 3-4 years. Do they take it kindly or punish you hard? (It might be a novice question but I am getting sleepless nights because of this)

Thanks

Cook_County

HMRC currently have a crypto nudge campaign. This is because HMRC in common with several other tax authorities have acquired large quantities of crypto data. Do not reply directly to HMRC. Work only with a specialist that has handled many such nudge campaigns.

ric1982

Thanks,

How do you mean by nudge campain specialist? I am using an online software which gives me my CGT breakdown report for my crypto transactions for that year. The app is designed to do just that. Is that what you are talking about?

I am inclined to show this report to HMRC and just say "look I forgot about it and its genuine mistake,here's what it is." Is that sensible ?

Kernel_Sanders

The time limit for amending your online tax return for 2017-18 is 23.59 tonight. I doubt if they would take any action against you if you did it that way.