Crypto Alert: UK Self-Assessment Due Jan 31 - Export Trades & Report Gains

Deadline alert: UK self-assessment returns for the tax year 6 April 2024–5 April 2025 must be filed by 31 January. Don’t leave it to the last minute — rushing increases the chance of mistakes, missing paperwork and long waits for HMRC help. Why crypto investors should pay extra attention - HMRC is intensifying enforcement on “cryptoassets” (bitcoin, ethereum, NFTs) and new rules that came into force on 1 January make it harder to hide gains from UK and overseas tax authorities. - For the first time, the self-assessment includes a dedicated capital gains section for crypto gains and losses (boxes 13.1–13.8 on the capital gains tax supplementary pages). If you traded, sold, swapped, or disposed of tokens or NFTs in 2024–25, you will likely need accurate records and may need to report gains or losses. Practical checklist to get your return done (and right) 1. Set aside time now — avoid the last-minute rush and busy HMRC phone lines. 2. Use HMRC’s online checker if you’re unsure whether you need to file. 3. Gather paperwork: P60, P45, P11D, PAYE coding notices, investment tax certificates and employer records. For crypto: export transaction histories from exchanges and wallets, and compile records of purchases, disposals and fees. 4. Use the free HMRC app to find your Unique Taxpayer Reference, check employment income, set payment reminders and ask the digital assistant — often faster than searching paperwork or queuing on the phone. Income from side hustles, savings and when to register - Trading allowance: everyone has a £1,000 trading allowance per tax year. If your casual or freelance earnings (babysitting, dog walking, letting property, crypto trading treated as trading income) exceed £1,000 in 2024–25 you must register for self-assessment as a sole trader and file by the 31 January deadline. - Savings interest: with higher interest rates, more people now breach the personal savings allowance (£1,000 for basic-rate taxpayers, £500 for higher-rate taxpayers). Example: at 4% interest you can hold up to £25,000 tax-free as a basic-rate taxpayer, or £12,500 as a higher-rate taxpayer. ISAs and some NS&I products are tax-free and don’t count. - Use online calculators to check whether you owe tax on savings interest. Pensions — don’t miss relief you’re due - Net pay schemes: contributions are taken before tax and relief is automatic at your highest rate. - Relief at source schemes (personal pensions and some workplace plans): basic-rate relief is added automatically, but higher-rate taxpayers must claim the extra relief on their tax return. Example: if you personally paid £700 into a relief-at-source pension, enter £875 on the form (£700 ÷ 80 × 100) and HMRC will calculate the additional relief. - Note: Scotland has slightly different rules — check guidance if relevant. Child Benefit and high-earners - If you or your partner claim Child Benefit and either of you has adjusted net income over £60,000, the High Income Child Benefit Charge may claw back some or all of the benefit. Adjusted net income includes taxable income, savings interest and dividends minus certain pension contributions and gift-aid donations. Use HMRC’s child benefit tax calculator for an estimate. Gift aid — boost charities and reduce your tax bill - Charities can claim an extra 25p for every £1 donated via gift aid. Higher-rate taxpayers can claim additional relief on their tax returns. Example: a £100 donation is grossed up to £125; at 40% tax you can claim back £25. - Include all gift-aid donations (regular and one-off) on your return. Security and scams — stay vigilant - HMRC warns of a surge in self-assessment scams. It will never ask for personal or financial information by email or text, ask for details to claim a refund via email/text, or leave threatening voicemail about arrest or legal action. - Forward suspicious emails to phishing@hmrc.gov.uk and texts to 60599. If anything looks odd, don’t click links or share details — report it. Need help? - HMRC’s YouTube channel has short “how to” videos on viewing your calculation and using the app to make payments. - If your situation involves crypto complexity, large gains, or cross-border issues, consider specialist tax advice — good record-keeping and early action will save time and cost later. Bottom line: start now, get your records in order (crypto traders: export everything), use the HMRC app and calculators, and be mindful of scams. The 31 January deadline won’t wait. Read more AI-generated news on: undefined/news