Hello,
I was introduced to crypto last year, and lucky enough I made some money less then 12,300 £ (profit)
I have generated my tax report via Koinly (amazing service).
My question is, do I still have to send report to HMRC ?
My gains before losses are higher then 30k but after losses I withdraw less then 12.300 £ (FIAT)
Hi @Ronys,
Assuming all of your net profits from crypto in the tax year were capital gains (rather than income from staking or carrying on a business), then you should not have to file a Self-Assessment tax return with HMRC for this reason alone as long as your net capital gains (capital gains less capital losses) in the tax year were less than the annual exemption of £12,300.
It does not matter what amount of fiat you ultimately withdrew. The analysis is based entirely on the net capital gains you realized from your crypto transactions, as determined by Koinly if you used the service correctly.
Hope this helps.
Hey Ronys,
I am sorry that I won’t be able to give you a specific answer here. It is beyond the scope of Koinly’s support team to give tax advice.
It’s best to reach out to a professional crypto-aware tax accountant on this. You can find a list we made of such accountants here.
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