CGT and Crypto money

Kattkinn

newbie here so please be kind

I’ve earnt £17000 on crypto and I want to know how I tell HMRC about the tax I need to pay.

Never done self assessment before

Woodstok2000

Follow the guide here:

https://www.gov.uk/guidance/check-if-you-need-to-pay-tax-when-you-sell-cryptoassets

Kattkinn

I haven’t actually sold them. I’ve gone through a broker and they are sending me the payment?

wmb194

https://forums.moneysavingexpert.com/discussion/comment/82107811#Comment_82107811

That's confusing; you sell them via your broker and that is when it arises for tax. Whether or not you then withdraw the proceeds to your current account is irrelevant. Of course I'm assuming you haven't fallen for a scam.

la531983

Sorry, why do you need a broker in order to sell crypto?

UKTaxHelper

On the how bit, you dont need a tax return for this at all. There's a real time capital gains service for non property gains, so you can report and pay without ever registering for self assessment. Deadline is 31 December after the tax year.

Kattkinn

https://forums.moneysavingexpert.com/discussion/comment/82108510#Comment_82108510

would you be able to send me a link please

DRS1

They probably mean this page

Report and pay your Capital Gains Tax: If you have other capital gains to report - GOV.UK

Have you actually got the money now?

UKTaxHelper

That's the right page DRS1 linked. Just check the 17k is your actual profit and not the whole payout, you only pay on what's left after taking off what you paid in. Then the first 3k of that is free anyway.