Are you being nudged?
In November 2021 HMRC began sending letters out encouraging UK domiciled individuals to pay income tax and capital gains tax (CGT) on income and gains arising from crypto-asset holdings.
If you have received one of these ‘nudge’ letters you must act upon this. Letters are usually sent to individuals they deem a cause for concern, i.e. when your tax affairs don’t appear to be in order. HMRC may take further action if you don’t respond in receipt of the letter, it is important to be totally co-operative to protect yourself from failure to notify penalties.
Nudge letters could be used as a push in the right direction, giving you a chance to seek expert advice on the effects of investing in crypto-asset holdings. There are a number of complexities to crypto-asset holdings which you could unknowingly fall into the trap of, effectively initiating unintentional tax liabilities.
How can we help?
At Hawsons we have a dedicated team of tax experts at our Sheffield, Doncaster and Northampton offices. Our understanding of the complex issues with crypto asset holdings allow us to provide you with informed tax advice.
More from our tax experts
You can find all of our latest tax articles and tax resources here.
If you are looking for advice in a particular area, please get in touch with your usual Hawsons contact.
Alternatively, we offer all new clients a free initial meeting to have a discussion about their own personal circumstances – find out more or book your free initial meeting here. We have offices in Sheffield, Doncaster and Northampton.
Free initial meeting
Aaron Hemmington
Tax Partner, Northampton
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