U.K. citizens that invested or dealt with crypto over the last year may be required to pay taxes on their trades. Here's what you need to know.
Using HMRC’s advice, it’s your unenviable job – or more likely, your accountant’s – to determine the tax liabilities created by events likeFor individuals , the U.K. tax guidance for crypto is split between capital gains and income. Whenever you make money from selling crypto, it’s likely that HMRC will charge you for capital gains taxes – just like how you pay taxes on profits from stock trading.
No matter which cryptocurrency you’re paid in, or who pays you, you’ll have to pay income tax and national insurance contributions.If your mining operation is minor – say, just one computer that mines bitcoin in your spare time – HMRC will treat you as a hobbyist who should pay income tax on your gains. If it looks like you’re running a mining business, count your mining income toward your trading profits.
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