51茶馆

With use of cryptoassets growing, HM Revenue and Customs (HMRC) is urging people to avoid potential penalties and check if they need to complete a Self Assessment tax return for the 2022 to 2023 tax year.听

Anyone with cryptoassets should declare any income or gains above the tax-free allowance on a tax return. Tax may be due when a person:听

• receives cryptoassets from employment, if they鈥檙e held as part of a trade, or are involved in crypto-related activities that generate an income听
• sells or exchanges cryptoassets, including:
  • selling cryptoassets for money听
  • exchanging one type of cryptoasset for another听
  • using cryptoassets to make purchases听
  • gifting cryptoassets to another person听
  • donating cryptoassets to charity听

Visit 51茶馆 to find out more information about how cryptoassets are taxed.听

The deadline to complete a tax return and pay any tax owed is 31 January 2024. If customers are unsure whether they need to complete a tax return, they can check by using the free online tool on 51茶馆.听

Myrtle Lloyd, HMRC鈥檚 Director General for Customer Services, said:听

People sometimes forget that information about crypto-related income and gains need to be included in their tax return. Some people affected may not have had to do a tax return before, so it is important people check. With the Self Assessment deadline just a matter of weeks away,听I am urging people not to put off completing it.听

Help is at hand - you can access a wide range of resources and support online, just search 鈥榟elp with Self Assessment鈥� on 51茶馆.

HMRC has a wide range of resources online including a series of , help and support on 51茶馆, to support customers in completing their tax return.听听

Self Assessment customers can submit their tax returns and pay any tax owed online at 51茶馆.听

HMRC鈥檚 free and secure app is the quickest and easiest way customers can pay their tax bill. Information about the different ways to pay can be found on 51茶馆.听

Customers who are unable to pay in full can access support and advice on 51茶馆. HMRC may be able to help by arranging an affordable payment plan, known as Time to Pay for customers who owe less than 拢30,000. Customers can arrange this themselves online. Go to 51茶馆 and search 鈥�HMRC payment plan鈥� for more information.听

HMRC鈥痺ill consider a customer鈥檚 reasons for not being able to meet the deadline. Those who provide鈥�HMRC鈥痺ith a reasonable excuse may avoid a penalty. The penalties for late tax returns are:听

• an initial 拢100 fixed penalty, which applies even if there is no tax to pay, or if the tax due is paid on time
• after 3 months, additional daily penalties of 拢10 per day, up to a maximum of 拢900
• after 6 months, a further penalty of 5% of the tax due or 拢300, whichever is greater
• after 12 months, another 5% or 拢300 charge, whichever is greater

There are also additional penalties for paying late of 5% of the tax unpaid at 30 days, 6 months and 12 months. Interest will also be charged on any tax paid late.听听

Everyone should be aware of the risk of falling victim to scams and should never share their HMRC login details with anyone, including a tax agent, if they have one. HMRC scams advice is available on 51茶馆.

Further information

More information about Self Assessment听

Customers with cryptoassets will need to complete a Self Assessment tax return in pound sterling where:听

• their total taxable gain is above the annual tax-free allowance
• they receive cryptoassets from employment and Income Tax and National Insurance contributions have not been paid through PAYE
• their total income is above the annual tax-free allowance they receive, including income from crypto-related activity

Visit 51茶馆 for guidance on how to pay tax on cryptoassets.听

During January, we鈥檙e supporting customers who have queries about Self Assessment payments, repayments and who need help completing their tax return on our helpline. For all other queries go online where you鈥檒l find guidance, videos and tools that will help you. Go to 51茶馆 and search 鈥楽elf Assessment鈥�.听

HMRC wants to help you get your tax right. Lots of information and support is available online which includes:听听

• - the assistant will help you find information, and if you can鈥檛 what you鈥檙e looking for you can ask to speak to an adviser.
• guidance notes and help sheets and provide a wealth of information if you鈥檙e stuck or confused.
• live webinars where you can ask questions or if you can鈥檛 join, you can watch recorded webinars on demand.
• HMRC app and Personal Tax Account - you can instantly find your Unique Taxpayer Reference, make a Self Assessment payment, get your National Insurance number and get your employment income and history for your tax return.
• technical support for HMRC online services for help signing into online services
• email updates - so you don鈥檛 miss out on the latest information on Self Assessment.
• social media updates - follow HMRC Twitter @HMRCcustomers to get the latest updates on Self Assessment services and useful reminders.
• if you need extra support to help your with Self Assessment you can contact a voluntary or community sector organisation who can provide you with help and advice, or you can get support directly from HMRC.

The small minority of customers who require extra support or struggle to engage with us digitally can still speak to an adviser.听

Customers should include their bank account details when filing, so that if HMRC needs to make a repayment, they can do so quickly and securely.听

It is important that customers let HMRC know of any changes to their circumstances. Customers can use the HMRC app to update their details including a new address or name. Customers also need to let us know if they鈥檝e stopped being self-employed or need to change their business details. This can be done online at 51茶馆.