CGT disposal of assest in tax year and reporting to HMRC

Lionheart99

I wonder If I could check 3  things regarding which tax year a disposal of assest falls in for reporting purposes.

1/  If I buy an asset (cryptocurrency ) in  say may 2020, then sell it in may 2022 for a profit,

     as the tax year runs from april 5th 2022 to april 4th 2023, am I correct in saying that the

     profit falls into a the 2022-2023 tax year for reporting  - (if it exceeds the my allowance ) ?

2/ And that the time i must report this is usually the January following the end of that tax year

   ie, in this example Jan 2024 ?

3/ You do not need to alert HMRC if you calculate that your profits are under the allowance

     and therefore they dont attract cgt, (in this case you dont have to inform HMRC.

Have I got it right ?

Many thanks and best wishes to all on this board.

Jeremy535897

Almost. 1 and 2 are OK, although there is no need to wait until the following January to file a tax return), 3 is true unless total proceeds from selling assets subject to capital gains tax exceed £49,200 in the tax year, in which case you must declare them, whether there is any tax to pay or not.

Lionheart99

Thanks jeremy I truly apprecyate the help, so I can just file a normal tax return in say may 2023 ?

Thanks once again

Jeremy535897

If you have all the relevant information by then, yes.