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Posted Mon, 13 Nov 2023 19:00:25 GMT by
Hi, Please can you answer these question to confirm my options in the self assessment tax report 2022-2023. Please do not refer me to another link as I have reviewed all this but it is still a bit confusing. If you can answer by using the same numbers as the questions. Thanks 1. Is Crypto defined as Other property, assets and gains? 2. Is Crypto staking/airdrops/interest treated as Miscellaneous Income? If yes, the allowance for this is £1000 no matter if you are basic or higher tax payer? 3. Is HMRC accepting Negligible value claims on Terra Luna (LUNC) and UST (USTC) coins in 2022-2023 tax year? 4. If #3 is yes, Can I claim to set loss against income (miscellaneous income)? so I will fill the info in box from section "Losses and Adjustments": Income losses of 2022-23 set against gains: (optional) ? Otherwise, should I include the negligible value in the box: 2022-23 Capital losses - other information Losses available to be carried forward: (optional) ? 5. In 2021-2022 tax year I didn´t do a self assessment report as the gains were lower than the personal allowance. If I had in 2021-2022 a Profit from selling crypto of £1800 and a loss of £580. Then, can I carry forward the losses I didn´t use (£580), as the gains are lower than the allowance of that year? or can I only report this from previous year when P&L (Profit - Losses) is negative? Please, be clear in this question as is where I have more doubts. 6. If question #5 is yes to use total losses (£580 in this example), Do I need to fill this information in the box from "Losses and Adjustments " : 2022-23 Capital losses - other information Losses available to be carried forward: (optional) 7. If #6 is Yes, then this will be the total of losses between crypto and listed shares and securities from 2021-2022 and previous years PLUS 2022-2023 total losses? Can I include the total amount of fees paid as well right? In this question, again I need to clarify that if my gains (in this and previous year) are always lower than personal allowance of each year, I can use the total losses (not the P&L)? 7.a. BTW, there is not a box asking about what previous year I am using to claim losses, where should I specify this? 8. As I am claiming negligible value and also losses, I guess that in the box below I should select MUL (Multiple Claims) ? Are you making any claims or elections? (optional) If you are making any claims or elections, select the relevant code: (optional) 9. Is HMRC accepting Negligible value claims on NFTs that lost almost all their values? or do I need to dispose them? 10. I didn´t use the internal calculator from the Tax form. What is the minimum information required by the HMRC to be available in any attached files? I have the transaction history in .csv files, but what do you need these files to have included? or you just want a summary of the total gains, losses, P&L, etc for each year? should be uploaded as a .pdf? Thanks for your time
Posted Wed, 15 Nov 2023 15:26:26 GMT by HMRC Admin 5 Response
Hi

This customer forum is not designed to provide individual tax advice.  
You will need to contact the self assessment helpline 0300 3200 3310, so that we may support your enquiry.

Thank you

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