RATE Group | Cryptocurrency: the unpaid tax bill HMRC is waiting to cash in
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Cryptocurrency: the unpaid tax bill HMRC is waiting to cash in

05 Sep Cryptocurrency: the unpaid tax bill HMRC is waiting to cash in

Posted at 21:56h in Cryptocurrency News by

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As Bitcoin nears its 10th anniversary, billions will have been made and lost by speculators and investors. However, many who have invested will have failed to declare any profits made to HMRC.

Paul Bricknell, tax partner for Manchester commercial law firm Kuits, warns that companies and individuals need to seriously consider registering to disclose their profits to HMRC in advance of its Requirement to Correct deadline on 30 September 2018, if they haven’t yet done so.

 

 

The landscape of cryptocurrency has substantially evolved in the last four years.

While revenue law and regulation has failed to keep pace with this, undisclosed taxable profits on cryptocurrency are now clearly in HMRC’s sights.

In view of this, any company or person who has profited from the investment in cryptocurrencies and not declared the profits in their tax return should now consider making a disclosure to HMRC.

How will HMRC know what profits I’ve made by investing in cryptocurrency?

Many…

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