Tax reporting 2021-2022

Hello, do I need to report if I made £2696.95 trading cryptocurrencies in the UK in 2021-22? Or can I not report my income of less than £12,500?

Hi @Yakiv_Redchenko, Pasted below is text from the HMRC website.

If your total gains are less than the tax-free allowance

You do not have to pay tax if your total taxable gains are under your Capital Gains Tax allowance.

You still need to report your gains in your tax return if both of the following apply:

  • the total amount you sold the assets for was more than 4 times your allowance
  • you’re registered for Self Assessment

There are different rules for reporting a loss.

The link to the web page is below. Hope this helps.

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