Ebay Sole trader/ Self employed. Question on Crypto and interest

I submit every year for my ebay business. I just wondering if I need to start adding in info on Crypto and interest earned even though I will be below thresholds. As far as interest earned, I have never bothered with that as I haven't ever earned anything that I know of. Maybe a couple of quid from current accounts, it would have all been in ISA's but still nothing significant. Crypto, I had bought it before but not for the purpose of trying to profit, I would play poker with it and pretty sure overall I had always lost. However, this year I have earned interest out of ISA's, in some savings accounts (and on crypto). still well below the 1k threshold for interest. Also, As well as playing poker with crypto I started holding Crypto as I can get good interest on it, so I have about 13k crypto unsold assets, I have cashed out a couple of thousand but probably not at a profit, definitely no where near my 6k Capital allowance. if I did profit it would have been maybe £500 maximum on what I cashed out, but when taking into account the poker, I probably am still at a loss for the financial year. So my question is, do I need to try to calculate all this and add in to my tax return even though I am certain I have not gone over any limits? If so, how will it work with the crypto I lost playing poker? Thanks

Hi,

A Self Assessment tax return is designed so that you can declare your taxable worldwide income in it. This includes capital gains arising from the disposal of assets and bank or building society interest, even if below the thresholds.

Interest from ISAs is not taxable and should not be included in the tax return.  

Any winnings from gambling are not taxable, but interest or gains arising from the crypto is taxable.  

Any gains from the disposal of the crypto should be declared. Just as winnings from gambling are not taxable, tax relief on losses from gambling cannot be claimed.

Thank you.

 

Thank you. Couple of follow up questions with regards to gambling with crypto assets, I understand that the gambling side is not taxable. So, am I correct if I treat gambling like the following: Purchase Crypto with GBP... this is a aquisition of asset Transfer Crypto to the Casino... this is a disposal for tax purposes. (treating the same as if I purchased something with my crypto) Transfer winnings from the casino... this is an acquisition Transfer Crypto back to GBP... this is a disposal. Usually I will buy crypto minutes before sending it to a casino as this is the sole purpose of buying the crypto. So the aquisition and disposal will be within minutes so its kind of a pointless transaction for tax purposes I have used one of the new tools "Koinly" and dumped all my transaction in there to see my capital gains, I am currently at a £299 loss this year (but have unrealised gains as unsold) Another question is that last year, when I was purely moving money into crypto for gambling purposes, it has calculated that I made: A capital loss of £12.90 income £5.55 (I assume they did some kind of interest or cashback on it) cost and expense £1.66 So all very pointless figures, also would have been a negative impact overall to my earnings. But obviously I did not include any of this in my self assessment. Will it matter or can I just forget about it and start including stuff in this financial year (as this year I have held crypto for gaining interest & possible growth) Thanks

Hi ebaytrader,
From the figures mentioned you are below any taxable gain so you would not declare for that.
However, as you so have small losses that you could then carry forward, it is up to you if you want to amend the return to include the figures. any losses must be reported within 4 years so that you can then use them if required.
Thank you.