Taxation on small amounts of profit

krippo · 15 April 2022 at 11:43AM

Hi guys!

If I am gonna earn in this year small amounts of money of profit from crypto (like 100-200 GBP per year) do I need to report it to the HMRC?

Many thanks

Jeremy535897 · 15 April 2022 at 8:41PM

Normally the purchase and sale of cryptocurrency is a capital gains tax matter. If the total proceeds of all capital assets (including cryptocurrency) sold in a tax year is £49,200 or less, and the capital gains are £12,300 or less, you need not report the gains, even if you complete a self assessment tax return (if you don't have to complete one, all you need worry about is whether your total gains will exceed £12,300).