Crypto Income: UK HMRC SA100 Box 18 Query

Tax Questions
#1

Hi All,
I am wondering what to enter into box 18 ‘Total amount of allowable expenses’ (page TR 3) as the Koinly guide doesn’t help with this.
Here’s my scenario:
I have earned £1400 GBP in staking/interest rewards over the tax year and the
miscellaneous tax allowance is £1000 GBP.
However, my basic rate of income is 0% (i’m kinda retired/unemployed), so I’m not liable for any tax on my crypto income earnings.
What figure (if any) do I put in box 18, anyone?

#2

Hi There,

I believe you just put £400 (as you need to subtract the £1000 miscellaneous income allowance.

From the Gov website:
From 6 April 2017 receipts from self-employment and miscellaneous income of £1,000 or less are exempt from tax and do not need to be reported on a tax return. Individuals with total receipts of more than £1,000 can elect to calculate their taxable miscellaneous income by deducting the allowance of up to £1,000 instead of those expenses that had to be spent to earn this income. If, however you have already claimed part or all of your £1,000 trading income allowance against self-employed income then it is the unused amount, if any, that can be deducted to determine the taxable miscellaneous income.

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#3

Thank you kindly for replying.
If I consider my ‘total receipts’ to be crypto capital that I have staked on exchanges for rewards/earnings, would I not just put £1000 as my allowable expense in the box maybe?

#4

Hi @Phun_Gyi,

You should put £400 in box 17 Other taxable income as you can deduct the full £1,000 allowance from your miscellaneous income of £1,400.

You should not enter any amount in Box 18 Total amount of allowable expenses because you have claimed the allowance in Box 17.

Per SA100 Instructions: If you use your £1,000 trading income allowance against your miscellaneous income or self-employment income do not include any amounts you had to spend to earn this miscellaneous income in box 18

Finally, you should make a note in box 21 of the £1,000 amount of the trading income allowance claimed against your miscellaneous income. Box 21 is Description of income in boxes 17 and 20

3 Likes
#5

Thank you Mark & Anthony.
That sounds like a winner to me. :+1:
Cheers!

#6

@Mark_DesLauriers , MVP right there!

Thanks a lot for sharing your thoughts on the more specific tax questions, really valuing your input :slight_smile:

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#7

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