"Our records indicate you may have foreign income or gains to declare" and recent crypto sale

SiestaPaul

Hi all, new to the forum and about to finalise my self assessment. This will be my 8th year or so doing my own self assessments and the above message popped up at the top of the page. 

This is the first time I've ever encountered this message. I dabbled in some cryptos years ago and sold them at a loss very recently. The transaction was via etoro (US site) and converted from USD. This is the only thing I can think of that could have triggered this message.

Has anyone had a similar experience? Not looking to evade tax (the crypto was a loss anyway), just want to make sure I submit things correctly.

laticsforlife

I don't see how it's a fishing exercise, clearly HMRC knew that the OP had some foreign transactions, and it reminds him to declare any profit from it - I guess it would be better for him to declare the loss even if he can't make use of it, as then he won't run the risk of someone having to open a tax enquiry on the basis of some info against no return info, after all as far as HMRC know he may have made £1m profit on his Crypto.

SiestaPaul

Thanks for the replies everyone. The clickable options in that section include but aren't limited to "Capital gains" and "Any other overseas income and gains" but I'm not sure which I should choose?

Jeremy535897

Capital gains. See https://www.gov.uk/government/publications/tax-on-cryptoassets/cryptoassets-for-individuals

Janin1992

Is it not too early to declare capital gains? OP sold crypto very recently, so I imagine capital gains/loss should be declared next year? No?

Jeremy535897

Janin1992 said:

Is it not too early to declare capital gains? OP sold crypto very recently, so I imagine capital gains/loss should be declared next year? No?

If the losses were realised after 5 April 2020, you are correct.