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    <p>The UK’s tax authority has issued crypto traders a polite reminder that they face a fine of up to £900 ($1,146) if they fail to submit a self-assessment tax return detailing their trades.</p>
    <p>In its reminder, His Majesty’s Revenue &amp; Customs (HMRC) reiterated that taxes are due when traders receive crypto from employment, either as part of a trade or via income from crypto-related activities.</p>
    <p>It also details how traders may be obliged to pay tax when they sell their crypto for fiat, swap it for other cryptos, or gift it.</p>
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       <p>With use of <a rel="noopener noreferrer nofollow" href="https://thebittimes.com/tag/crypto.html">crypto</a>assets growing, HMRC is urging people to avoid potential penalties and check if they need to complete a Self Assessment <a rel="noopener noreferrer nofollow" href="https://thebittimes.com/tag/tax.html">Tax</a> return this <a rel="noopener noreferrer nofollow" href="https://thebittimes.com/tag/month.html">month</a>.<br><br>News release here: https://t.co/voFvydaqVx</p>— HMRC Press Office (@HMRCpressoffice) January 9, 2024
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    <p><em>Read more: The <a rel="noopener noreferrer nofollow" href="https://thebittimes.com/tag/crypto.html">crypto</a> <a rel="noopener noreferrer nofollow" href="https://thebittimes.com/tag/tax.html">Tax</a> man is calling in the <a rel="noopener noreferrer nofollow" href="https://thebittimes.com/tag/uk.html">UK</a></em></p>
    <p>Traders have until January 31 to file their returns and failure to do so could see them incur an immediate £100 ($130) fine. However, if they fail to comply within a further three months, they could incur <strong>daily fines of £10 ($13) up to a maximum of £900</strong>, and even lose 5% of the amount owed or £300 ($380), whichever is the greater.</p>
    <p>HMRC’s director general for customer services Myrtle Lloyd said, “People sometimes forget that information about crypto-related income and gains need to be included in their tax return. Some people affected may not have had to do a tax return before, so it is important people check.</p>
    <p>“With the Self Assessment deadline <strong>just a matter of weeks away</strong>, I am urging people not to put off completing it.”</p>
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/uk-crypto-traders-could-face-900-fine-if-they-don-t-file-taxes-this-month-tbt76189.html">https://thebittimes.com/uk-crypto-traders-could-face-900-fine-if-they-don-t-file-taxes-this-month-tbt76189.html</a></p>

UK crypto traders could face £900 fine if they don’t file taxes this month

TheBitTimes

Other articles published on Jan 10, 2024

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