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Posted Sat, 24 Feb 2024 18:13:18 GMT by Rhyviney
As the title suggests, does the income need to be reported via self assessment if the income is less than £12570? Currently I am a stay at home wife looking after my 3 kids (husband works full time) and this is an additional income stream we are looking at and trying to utilise my personal tax allowance of £12570 which is basically sitting idle for the last 3 years or so. Any replies is highly appreciated. Thanks.
Posted Tue, 27 Feb 2024 11:58:14 GMT by HMRC Admin 21 Response
Hi Rhyviney,
Yes it needs to be reported. it may be seen as a trade and therefore covered by personal allowances or if not trading then it is capital gains and the annual exempt amount for 23/24 is £6000. you cannot use a previous years allowances . further guidance is atCryptoassets Manual and associated links.
Thank you.

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