Report Your Crypto Taxes or Else: UK Govt Warns
U.K. Govt Urges Crypto Users to Report Taxes, Releases Guidelines
The U.K. government has asked crypto holders to voluntarily report unpaid taxes on profits made on cryptocurrencies like Bitcoin and NFTs. To make things easier, they released guidelines on how to declare these taxes.
Crypto users are required to disclose their crypto tax within 30 days after reporting to the Treasury. Missing this deadline can lead to penalties and efforts by the Treasury to collect the owed money.
The U.K. is making efforts to be a leader in crypto, therefore they have been clarifying their stance about crypto taxes since 2021. They provided a guide to assist in tax payments and now they have made crypto declarations to be separately made on tax forms.
