Very broadly, when you dispose of a crypto asset exchange token, such as Bitcoin, you may need to pay Capital Gains Tax (CGT) if you sell the token at a profit.
Equally, you may have to pay other taxes if you receive cryptoassets.
If you’d like a summary of the main tax implications from buying, selling and investing in cryptocurrency, please read our compressive guide, which covers the following topics:
- What is cryptocurrency?
- Where is cryptocurrency located for tax purposes?
- Do you pay tax on crypto gains?
- Crypto Capital Gains Tax rates
- Miscellaneous receipts
- Crypto miscellaneous Income Tax rates
- How much tax do I pay on cryptocurrency?
- When do you pay tax on crypto?
- Paying crypto tax as a business
The tax treatment of cryptocurrency is subject to change due to the evolving nature of the underlying technology and the tax authorities evolving interpretation of the tax rules. The facts need to be established before applying the relevant tax rules and TaxAssist Accountants are experts who can help you apply these complex rules to your particular circumstances.
TaxAssist Accountants Park Gate can provide a comprehensive crypto currency solution to individuals and businesses so your crypto taxes can be prepared quickly and efficiently.
Need help with your crypto tax?
Contact TaxAssist Accountants for a free, no-obligation consultation to get a fixed fee quote
Or contact usContact Us
Contact us to book your free video or face-to-face consultation to receive a proposal and fixed fee quote.
Frequently Asked Questions
If you have taxable income and/or gains from cryptoassets and cryptocurrency you'll need to report these on your self assessment tax return.
You'll need to ensure you're registered for self assessment by the 5th October after the tax year in which the taxable event occurred. For example, if you have taxable income in 2024/25 you must register by 5th October 2025, and file your tax return by 31st January 2025.
When it comes to cryptoasset events and transactions you need to be aware of potential tax implications. When you dispose of cryptoassets you may be subject to Capital Gains Tax. Where you trade cryptoassets as a business activity, and receive miscellaneous income you may also be subject to inome tax.
HMRC is able to gather data from third parties, including cryptocurrency exchanges and platforms. to build a picture of taxpayers' transactions. If you hold cryptocurrency, even if you are not actively making trasnasctions, it's important that you know if you should be disclosing this to HMRC. Speak to an accountant to assess whether you need to report anything.
Join us in three easy steps
Get in touch
Arrange a free consultation in person or via video with your local accountant. It’s an informal chat to get to know you and find out more about the help you are looking for.
Chat to an expert
We clearly explain the support available to you and are happy to act as business advisors in order to help you grow your business.
Get a fixed quote
Our fees are fixed and tailored specifically to each individual's needs, so that you only pay for the level of support and services that you require.
Choose the right accounting firm for you
Running your own business can be challenging so why not let TaxAssist Accountants manage your tax, accounting, bookkeeping and payroll needs? If you are not receiving the service you deserve from your accountant, then perhaps it’s time to make the switch?
Local business focus
We specialise in supporting independent businesses and work with 100,000 clients. Each TaxAssist Accountant runs their own business, and are passionate about supporting you.
Come and meet us
We enjoy talking to business owners and self-employed professionals who are looking to get the most out of their accountant. You can visit us at any of our 389 locations, meet with us online through video call software, or talk to us by telephone.
Switching is simple
Changing accountants is easier than you might think. There are no tax implications and you can switch at any time in the year and our team will guide you through the process for a smooth transition.