My crypto taxable gains for years 2015 to 2020 are well below the £12K personnal allowance for each years. Its only 2020 to 2021 that the taxable gains have gona up a lot.
Does anyone know how you go about filing tax returns for the last 5 years to HMRC. I’d rather do it without an accountant and just use koinly.
I don’t use an accountant as its relatively simple to do yourself via filling in the online self assessment forms.
If your gains are under £12300 or your sold less than £49200 of assets (4 * £12.3k) in a tax year then there is no need to declare anything to HMRC. If your trading its very easy to exceed the £49200 limit as all you have to do is buy and sell £12300 of crypto four times within a tax year. I would not submit anything to HMRC if I was under these limits as its a waste of time and effort.
The deadline for submitting your tax return for the 20-21 tax year is 31st January so if you Haven’t already done it and you owe tax you will probably get a fine when you submit it and have to pay the tax owed.
Go to this website and register for self assessment Register for Self Assessment - GOV.UK (not sure what process is now but when I did this years ago it took a week or so to get login as they post info out to you.
The biggest pain is collecting the information you need to fill in the self assessment. If your tax situation is simple e.g. you are employed and its your only source of income along with your crypto gains then all you will probably need is a copy of your P60 and your Koinly tax report.
You answer loads of questions on form (most should be no apart from you are employed and you have capital gains) you then fill the numbers from your P60 into the employment section and the numbers from the Koinly report into the capital gains section and submit. Your supposed to supply calculations for you CGT so I just attach the Koinly Complete tax report as well as the Koinly HMRC summary to my self assessment.
The above shouldn’t take your more than a few hours. I have slightly more complicated tax situation so it normally takes me a day to collect all the info I need for the forms and than about an hour to fill them in.
Adrian
This topic was automatically closed 60 days after the last reply. New replies are no longer allowed.