Tax Return UK - First Time

Hi all,

I completed the self assessment online (not yet submitted) and according to the questions answered, this section does not need completing. I do not ordinarily complete a self assessment, I have only done so this year due to getting into crypto.

Does this mean that you do not need to send a self assessment unless making a profit over the capital gains allowance?

If you sold crypto assets over the value of £49200 in the year or you made a gain over £12300 then you have to fill in a self assessment in. Otherwise its not required.

If you were doing a lot of trading you could easily exceed the £49200 limit but not exceed the gains e.g. if you bought and sold £5K of crypto 10 times in the year day trading you would have exceeded this limit.