Profit from Bitcoin - question about paperwork

javixeneize

Hi

i am about to sell some bitcoins and I have some questions about how to declare this to hmrc

in short, do I need to fill any tax form for this? I assume I need to pay taxes on the profit I had, right?

Linton

If you make more than £12300 profit from selling in a tax year then it should be declared and you should pay tax.  If you make less than the allowance you dont pay tax and only declare if you sold assts worth more than 4 X £12300=£49200 and are registered for Self Assessment.

See https://www.gov.uk/capital-gains-tax/work-out-need-to-pay

javixeneize

So if I earn £4000 for example, and what I sold was less than than £49k, I don’t need to pay taxes neither I have to fill any form, correct?

Linton

javixeneize said:

So if I earn £4000 for example, and what I sold was less than than £49k, I don’t need to pay taxes neither I have to fill any form, correct?

Correct assuming that those are your only capital gains in the tax year.