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Posted Thu, 13 Oct 2022 09:29:25 GMT by ZIELU95
Good morning :) I have a problem for which I cannot get a clear answer because after searching the internet and several consultations, I have contradictory information. I will try to briefly describe the situation. I work full-time in England, I'm not registered as self-employed (I don't have a UTR number) and I'm not registered with any LTD. On 02/01/2022 I opened an account on the Binance exchange, deposited 980F and converted it to BUSD 1300. I bought a few cryptos for the whole amount and put them on staking, after a few weeks I canceled staking and exchanged all cryptos back on BUSD with a loss, then buy others, which also only lost value. Summing up, from 01/02/2022 to 05/04/2022 I sold all cryptos or exchanged at a loss, I never went to FIAT, I interrupted the stacking I completely didn't really make a dollar on it (basically a wolf from a wallstreet heh). Now to the point, I learned that the CGT tax is in force only from 12.300F and self assessment must be completed when my profits exceed 1000F, I also obtained information that despite the losses or the same losses as in my case, I should document my FORM 8949 IRS transactions and there was probably another form of 1099-B. Ultimately my question is what should I do with my unfortunate transaction history for these 2 months. Should I apply for a UTR number and, despite the losses, do a self assessment or is it enough to document these transactions on these forms? Or is it possible to leave this story for the next tax year and use it to reduce the tax on any possible profits. Please be clear what I should do about it Best regards and have a nice day.
Posted Mon, 17 Oct 2022 14:17:31 GMT by HMRC Admin 17

There is no requirement to declare capital gains losses to HMRC. 

You would only need to do so, if you wanted the loss to be carried forward and set against a capital gain arising in a future tax year. 

The loss can be carried forward indefinitely. 

Capital gains losses can be declared either by completing a self assessment tax return or by writing to HM Reveue and Customs. 

Whcih ever way you chose to report the loss, a supporting calculation of the loss need to be submitted at the same time as the loss claim .

Thank you.

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