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Posted Thu, 12 Jan 2023 18:37:41 GMT by anderssummers
Hello, I will be doing my first individual assessment. This is because I have done some consulting work and earned about £2,000 over the 22/23 tax year. This is something I do for extra income, and not part of my normal day job. Since this income is over my £1,000 trading allowance, I will be paying tax. However, I have also invested in crypto and made a loss of £5,000 during the same tax year. I have sold the assets. My question is, can I offset the tax due on my consulting work for the loss I made on my crypto purchase? If so, what evidence would I need to provide to HMRC? Would this have any negative implications (e.g. credit score, etc)? Thank you
Posted Tue, 17 Jan 2023 11:01:00 GMT by HMRC Admin 32

The crypto loss falls under capital losses and can only be set against future Capital Gains. You cannot set this against your self employment.

Thank you.

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