Tax on crypto transactions

Jeremy535897

Janin1992 said:

No, I did not submit 19/20 yet.

Yes, there are similar issues for that year. I need to declare about £13000 as income.

If I do not submit correction for 18/19 I will lose an opportunity to correct it.

I do not want to wait for HMRC to open investigation first. I was going to submit correction for 18/19 and then voluntary disclose that figures for 17/18 are also incorrect. I think I will have 90 days after disclosure to provide more information. At this point tax adviser can take over. What could possibly go wrong?

See my earlier post about a tax investigation specialist. You could make it worse by incorrectly computing the taxable amount, for one thing.

Sorcerer2018

So are you saying somebody paid you in BitCoin for services and this is your income. From HMRC (does this cover you scenario? -   Cryptoassets: tax for individuals - GOV.UK (www.gov.uk)

Individuals will be liable to pay Income Tax and National Insurance contributions on cryptoassets which they receive from:

• their employer as a form of non-cash payment
• mining, transaction confirmation or airdrops

dctrgre

Janin1992 said:

What could possibly go wrong?

Famous last words!

Although you can only amend your 18/19 return through the online system until 31 Jan, you will be able to correct it for at least 4 years after the end of tax year in question by writing to HMRC. You are already planning to do this for 17/18 so may as well do it at once.

It may be prudent to take the £100 penalty for 19/20, work with an adviser & be confident of getting that right first time.